Market:
Actual or conceptual place in commercial world where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter. Markets include mechanisms or means for (1) determining price of the traded item, (2) communicating the price information, (3) facilitating deals and transactions, and (4) effecting distribution. Market for a particular item is made up of existing and potential customers who need it and have the ability and willingness to pay for it. All markets, ultimately, consist of people. Also called marketplace.
Marketing:
Marketing is the process by which companies create customer interest in goods or services. It generates the strategy that underlies sales techniques, business communication, and business development.It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.Marketing is used to identify the customer, to keep the customer, and to satisfy the customer.
Marketing is defined by the American Marketing Association (AMA) as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."The term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. Seen from a systems point of view, sales process engineering views marketing as"a set ofprocesses that are interconnected and interdependent with other functions, whose methods can be improved using a variety of relatively new approaches."
The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably." A different concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value.In this context, marketing is defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating a competitive advantage.
Marketer:
A marketer is someone who seeks a response attention ( on a purchase, a vote, a donation) from another party, called the ‘prospect. If two parties are seeking to sell something to each other, we call them both marketers.
Market place:
A marketplace is the space, actual, virtual or metaphorical, in which a market operates. The term is also used in a trademark law context to denote the actual consumer environment, ie. the 'real world' in which products and services are provided and consumed. It is a location where goods and services are exchanged.
Meta Market:
Meta Market is a web-based market centered around an event or an industry, rather than a single product. These are markets of complementary products that are closely related in the minds of consumers, but spread across different industries. The web allows us to match producers' desire for economies of scale, and consumers' desire for variety of choice to satisfy a set of needs
Meta market is a place, where everything connected with a certain market can be found. Let’s say a car selling meta market would be a website, that sells cars but you will also find car parts there, add-ons for cars, colors for cars, mechanics reviews and many more.
So meta market of a certain market is a market, where you can find everything about that market and everything about markets that are strongly connected to that market.
Market space:
A virtual marketplace such as the Internet in which no direct contact occurs between buyers and sellers.
Swot analysis:
SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective. The technique is credited to Albert Humphrey, who led a convention at Stanford University in the 1960s and 1970's using data from Fortune 500 companies.
A SWOT analysis must first start with defining a desired end state or objective. A SWOT analysis may be incorporated into the strategic planning model. Strategic Planning, has been the subject of much research.
1.Strengths: attributes of the person or company that are helpful to achieving the objective(s).
2.Weaknesses: attributes of the person or company that are harmful to achieving the objective(s).
3.Opportunities: external conditions that are helpful to achieving the objective(s).4.Threats: external conditions which could do damage to the objective(s).
Internal and external factors:
The aim of any SWOT analysis is to identify the key internal and external factors that are important to achieving the objective. These come from within the company's unique value chain. SWOT analysis groups key pieces of information into two main categories:
Internal factors – The strengths and weaknesses internal to the organization.
External factors–The opportunities and threats presented by the external environment to the organization.
Strengths:
A firm's strengths are its resources and capabilities that can be used as a basis for developing a competitive advantage. Examples of such strengths include:
1)Patents
2)Strong brand names
3)Good reputation among customers
4)Cost advantages from proprietary know-how
5)Exclusive access to high grade natural resources
6)Favorable access to distribution networks
Weaknesses:
The absence of certain strengths may be viewed as a weakness. For example, each of the following may be considered weaknesses:
1)Lack of patent protection
2)A weak brand name
3)Poor reputation among customers
4)High cost structure
5)Lack of access to the best natural resources
6) lack of access to key distribution channels
Opportunities:
The external environmental analysis may reveal certain new opportunities for profit and growth. Some examples of such opportunities include:
1)An unfulfilled customer need
2)Arrival of new technology
3)Loosening of regulations
4)Removal of international trade barriers.
Threats:
Changes in the external environmental also may present threats to the firm. Some examples of such threats include:
1)Shifts in consumer tastes away from the firm's products
2)Emergence of substitute products
3)New regulations
4) Increased trade barriers.
The Swot Matrix:
A firm should not necessarily pursue the more lucrative opportunities. Rather, it may have a better chance at developing a competitive advantage by identifying a fit between the firm's strengths and upcoming opportunities. In some cases, the firm can overcome a weakness in order to prepare itself to pursue a compelling opportunity.To develop strategies that take into account the SWOT profile, a matrix of these factors can be constructed. The SWOT matrix (also known as a TOWS Matrix) is shown below:
S-O strategies pursue opportunities that are a good fit to the company's strengths.
W-O strategies overcome weaknesses to pursue opportunities.
S-T strategies identify ways that the firm can use its strengths to reduce its vulnerability to external threats.
W-T strategies establish a defensive plan to prevent the firm's weaknesses from making it highly susceptible to external threats.
Define:
Exchange: - means to give goods or services and to get goods or services of equal value in return. Exchange is synonymous with barter.
Transaction:- a transaction is a sale when money is received in return for the goods or services.
Or
It is the trade of values between two or more parties. A transaction involves at least two things of value, agreed- upon conditions, a time of agreement and place of agreement.
Transfer:- A changing of ownership, such as real estate, a security or a financial account, from one party to another.
Goal Formulation:-
Goals are “what” a business unit wants to achieve.
First perform a SWOT analysis.
Next, formulate goals with specificity as to time (by when it will be performed) and magnitude or quantity (by how much it will be changed). An organization will normally have a mixture of goals.
Order your goals from broad to specific categories: for example from increasing net earnings by 20%-dansk- to increase revenues by 15% and reduce expenses by 12 % in certain areas.
Confirm that your goals relate realistically to the results of the SWOT analysis performed.
Examine your goals to make sure they are not at cross purposes with one another. For example, short term versus long term goals; sales goals versus profit goals; high growth versus low risk; development of new products versus deepening existing markets.
This process is often called Management by Objective or MBO.
Trademark:-
A trademark or trade mark is a distinctive sign or indicator used by an individual, business organization, or other legal entity to identify that the products or services to consumers with which the trademark appears originate from a unique source, and to distinguish its products or services from those of other entities.
A trademark is designated by the following symbols:
1) ™ (for an unregistered trade mark, that is, a mark used to promote or brand goods)
2) ℠ (for an unregistered service mark, that is, a mark used to promote or brand services)
3) ® (for a registered trademark)
Patent:- Exclusive rights granted by federal govt. to manufacture and sell a patended machine or device or to use a process for 17 years.
copyright: Copyright is a set of exclusive rights granted to the author or creator of an original work, including the right to copy, distribute and adapt the work. Copyright does not protect ideas, only their expression or fixation. In most jurisdictions copyright arises upon fixation and does not need to be registered. Copyright owners have the exclusive statutory right to exercise control over copying and other exploitation of the works for a specific period of time, after which the work is said to enter the public domain. Uses which are covered under limitations and exceptions to copyright, such as fair use, do not require permission from the copyright owner. All other uses require permission and copyright owners can license or permanently transfer or assign their exclusive rights to others.
