Marketing is one of the most important parts in the process of launching and selling a product. In service and manufacturing company, there is always a marketing office where generate a group of professional marketers. With people who do not know more the field of marketing, it is quite difficult. If you are interested in this topic, you should continue to read the following parts of this article. In the article, I will provide you with some useful marketing knowledge including what marketing is, types of market and tips to carry on a successful marketing campaign.
What is marketing?
- Marketing is called a process to communicate with consumers to show off the value as well as unique features of the product, brand or service; we call these features unique selling points. It is surely that the purpose of marketing is to promote and sell as many as products or services of the brad as possible.
- To market a product, there are a lot of things you need to concern about including target markets, target customers. The first thing you have to do is doing a market research which allow you to get know and understand best about the market you are going to enter and the customer you are targeting. You also can understand your customer behaviors as to make a specific plan for each type of customer.
- It is studied that marketing is the combination of a society’s material requirements and its economic patterns of response. A successful marketing is able to create a long term relationship between the brand, product’s manufacturer or service providers and the customer. In other word, it is the process to make as many loyal customers as possible.
- It is not easy to market successfully a new product, it is required a lot of techniques and skills. However, above all, you have to learn basic knowledge in this field.
Types of market
There are 5 types of markets classified in terms of structure: perfect competition market, monopoly market, oligopoly market, monopolistic completion market and monopsony one. Before you start a business or a marketing campaign, you have to understand very clear about the market you are entering. The information below will let you know fundamental knowledge about 5 types of market.
- Perfect competition market. As many other markets, perfect competition market consists of many different buyers and sellers. In some classic theories, the number of sellers and buyers in perfect competition market system is uncountable. This provides businessmen both challenges and opportunities to compete each other in terms of price and product and service quality. On the behalf of consumer or customers, they also receive a great deal of benefits from this type of market system. They will have a lot of choices to pursue. Therefore, it is easier to you to gain a great deal.
- Monopoly market: monopoly market is the opposite form of market to perfect competition market system. In this type of market, there is only one producer or service provider dominates the market of the product or service. As a result, the one who gains the most benefit is monopolist. They are able to control the price and the whole market segment. However, there revenue is also limited by the willingness of customers to buy their product because of the price they offer.
- Oligopoly market: oligopoly market has many similarities to monopoly one but the number of producer or service provider is a bit more. Therefore, this is more competitive. By this way, disadvantage of monopoly market somehow is solved. For instance, the price decreases and there is multiple choice for the customers.
- Monopolistic competition market: monopolistic competition market is considered combination of the first two types of market mentioned above. As a result, it has both feature of perfect competition market and monopoly market. Surly, this type of market will provide customer with a wide range of choices with competitive price. For instance, if it is music market, there will be a lot of different artists, however, it is impossible for them to replace each other. It is because each of them has a unique feature or unique selling point if it is a product.
Monopsony market: the number of suppliers and buyers are the points to differentiate monopsony market with other types of market. In this market, there is only one supplier of a particular product or service; however, the buyers still have a significant power to determine the price of this product.