Marketplaces, Market spaces

and Meta markets
• Marketplaces are physical markets or shops or
stores
• Market Space is an electronic information
exchange environment in which the constraints
of physical boundaries are eliminated.
• Meta market is a place where a cluster of goods
and services which are closely interrelated with a
certain market can be found.
Core Marketing Concepts
 Core Marketing Concepts
• Needs: the basic human requirements such as
for air, food, water, clothing, and shelter
• Wants: specific objects that might satisfy the
need
• Demands: wants for specific products backed
by an ability to pay

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EDUCATION, INC.
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 Types of Needs
STATED

REAL

UNSTATED

DELIGHT

SECRET

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EDUCATION, INC.
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 Types of Needs
Type of Need Definition
Stated What the customer asks for

Real What the stated needs actually mean

What the customer also expects but does

Unstated
not ask for

Needs that are not essential but would

Delight
delight if met
Secret
Needs that the customer does not express,
often intangible in nature
 Types of Needs
Type of Need Examples
Stated The customer wants an inexpensive car.
The customer wants a car whose operating
Real
cost, not initial price, is low

The customer expects good service from the

Unstated
dealer

The customer would like the dealer to

Delight
include an onboard GPS system
Secret
The customer wants friends to see him or her
as a savvy consumer
Target Market
 Definition
• The American Marketing Association (A.M.A),
defines the target market , as "the particular
segment of a population in which the retailer
focuses on its marketing expertise to satisfy that
need, with the purpose of achieving a particular
utility".
• Target Market “consists of a set of buyers who
have common needs and/or characteristics to
those that the company or organization decides
to serve”.
 Contd….
• Target markets consist of consumers who
exhibit similar characteristics (such as age,
location, income, and lifestyle) and are
considered most likely to buy a business's
product or service.
• Target markets can be broken down into two
categories: primary and secondary target
markets
 Contd…
• Primary target markets are those market
segments to which marketing efforts are
primarily directed
• Secondary markets are smaller or less vital to
a product's success.