In your own words, define a market? How can market research help an entrepreneur identify a market?
In my own thinking, a market is either a virtual, such as online platform, or physical position where potential and actual buyers are present and sellers are ready to satisfy the needs of such buyers. In a market, an entrepreneur needs to conduct a market research since it is only through the research they will be able to collect relevant data concerning the market needs. Through market research, an entrepreneur will be able to identify a market as it provides an opportunity to spot a gap.
Describe social media marketing and mobile marketing.
Social media marketing is the use of new technologies such as the social media to promote goods and services. Due to the high traffic witnessed in the social media such as Twitter, Facebook, YouTube and LinkedIn, different entrepreneurs have used the opportunity to identify their products with their prospective clients. Mobile marketing, on the other hand, is the use of portable devices such as smartphones, personal digital assistant, and laptops to promote an existing or a new product in the market. An advert, for instance, that appears on the mobile devices will be created that is accessible to the target market anywhere anytime.
Market segmentation is defining factors that differentiate different customers in a market from the rest. In other words, not everyone in the market have the same needs, therefore, before venturing into a market, it is important to conduct a segmentation process where you assess the customer’s needs. Demographics are important during segmentation as it helps an entrepreneur understand the age set, sex and social status of the market. Finally, the benefit variables will help the entrepreneur spot the gaps that have not been fully satisfied in the market which can assist in identifying a business opportunity.
