Project Report on Retail Industry

INTRODUCTION TO MARKETING Several definitions have been proposed for the term marketing. Each tends to emphasize different issues. Memorizing a definition is unlikely to be useful, ultimately, it makes more sense to thinking of ways to benefit from creating customer value in the most effective way, subject to ethical and constraints that one may have. The 2007 definition offered by American Marketing Association is listed below in several points. * A main objective of marketing is to create customer value. * Marketing usually involves an exchange between buyers and sellers or between other parties. * Marketing has an impact on the firm, its suppliers, its customers, and other affected by the firm’s choices. * Marketing frequently involves enduring relationship between buyers, sellers, and other parties. * Processes involved include “creating, communicating, delivering, and exchanging offerings.”

MARKET A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want. A simple definition will state that a market is a public place where buyers and sellers make transactions, directly or via intermediaries. It is an arrangement that allows buyers and sellers to exchange goods. The market definition begins with the total population and progressively narrows. Beginning with the total population, various terms are used to describe the market based on the level of narrowing: * Total population * Potential market- those in the total population who have interest in acquiring the product. * Available market- those in the potential market who have enough money to buy the product. * Qualified available market- those in the available markets who legally are permitted to buy the product. * Target market- the segment of the qualified available market that the firm has decided to serve (to serve the market).