Introduction to Marketing

Marketing is the process of finding out what consumers want, and then satisfying their requirements.  This is achieved by:

• Carrying out market research to find out what customers want;
• Researching and developing products for different target markets;
• Setting a suitable price for the products (cover costs/make a profit);
• Deciding where and how to sell (‘place’) their products;
• Deciding how to promote the products.

Marketing is important to organisations in the private, public and third sectors of the economy.  If customers’ wants and needs are not satisfied, they will source products from rival organisations and/or voice their complaints as consumers, taxpayers, supporters or donors.

Market Share

An organisation’s market share refers to the percentage of the current market it holds eg a 50% market share means half of all current customers.  An increase in market share is achieved by attracting customers from competitors through better marketing activities.