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Market And Customer Analysis

Consumer and Business Market:

As stated by Jacobs (2017), consumer market refers to the creation and selling services and products to the individual buyers. It is different from the process of selling the services or goods to the businesses. On the other hand, the business market seems to be the marketing practice of business people. It mainly includes five different kinds of markets. They are business to business, industrial, professional services, financial services and government. Therefore, it is understood that the primary difference in between these two markets is that the consumer market deals with only the customers and on the other hand, the business market is related to the businesses.

Market Type:

It mainly includes five different kinds of markets. They are business to business, industrial, professional services, financial services and government. Therefore, it is understood that the primary difference in between these two markets is that the consumer market deals with only the customers and on the other hand, the business market is related to the businesses.

Market Type:

Figure 1: Different Market Types

(Source:Moons et al. 2017)

A market can be sub-divided by its customers' capabilities. These divisions can be named as potential, available, qualified, target and penetrated. Moons et al. (2017) have commented that the potential market refers to the customers those are interested in buying the product. For example, if Lakme has decided to re-launch their sunscreen lotion by adding some extra features, therefore they would identify the potential customers those would be eager to buy it. Now, this is needed to understand that all the willing customers would not be able to buy the product. It is related to their social and financial status. Therefore, the company would choose from them and target the available customers those are interested and financially capable. Chonget al. (2017) have made an argument in this regard that all the financially capable customers would not be the target of the company. It should focus on some other factors as well. For example, most of the aged women may not show interested in buying the lotion in spite of they have the capability. Therefore, the youth should be targeted. Hence, the target has been fixed up. Now, this is another step where the company should also focus. Some buyers are also there those are already using the product of the company. They are known as the penetrated type. Lakme should develop such strategies thus the information should be reached to them as well. That is why the marketing analysis is needed as to get proper and authentic information regarding the above mentioned market types. This should also be considered as the primary data.

Customer Need:

Understanding the needs of the customers is highly important. For instance, before starting the improvement in the product, Lakme has conducted a market research which has identified that the customers need something different from an extra rather than the existing sunscreen lotions on the market. Baumgarthet al. (2017) have opined that understanding as well as meeting the needs of the customers are two basic factors to become successful in the business. It should be mentioned that collecting this information should be considered as the primary data in the market analysis. 

Market Growth:

Butollo and Ten Brink (2017) have described market growth as the increment in demand for a specific product or service in the market. While gathering information about the market growth for a company, therefore both the secondary and primary data should be needed. With the help of the primary data, the marketers would get direct information about the market. On the other hand, the secondary data those can be found in several business magazines, websites and newspapers would provide the statistical data related to it.

Influences on the Consumers:

Lazzariniet al. (2017) have stated that several factors are responsible for influencing both the business and individual customers. For the individual customers, the personal choices matter a lot along with that they use to take the suggestion from the peer groups. Other than that, their social and cultural status has also a significant impact on it. On the flip side, the business customers usually do not consider their choices. That is why they try to consider the choices of all their customers. Other than that, they use to be influenced by the industry growth, size, resources and the relationship with the suppliers. Problems in any one factor among them would hamper the businesses as well.