Market and strategies

 

Market and strategies

 

In each segment of life, the main factor which we all do is demand like, small kids demand for toys and games , teenagers demand for gadgets , Students demand for best education at possible , Jobless people demand for employment . So, there are lots of demand in our surroundings.

But do we ever thought that where we can demand for all this. It’s Market where we all can demand for all these things.

 

 

Market is a place where one can enter and fulfill all its demand and desires. Just one has to look for there desires and demand. This is how Consumer can fulfill all his needs and can attain maximum level of satisfaction. This is the view-point of Consumer.

 

And, Market knows that consumer can only fulfill there all demand here only, so they all are bound to enter .And, As the demand for a commodity increases the price of a commodity also increases. This is how Producer can maximize his profit. This is the view-point of Producer.

 

But wait market is very vast and more than one shop can sell the same items. So if the producer of one shop increases the price and it doesn’t suits to the consumer’s budget. He/she can move to the next shop which provides the same item accordingly .

 

So, this is a kind of loss for a producer that item is also not sold even consumer/customer is also gone. Now, it arise to new terminology    … MARKET STRATEGIES

 

Market Strategies :

 

What a producer can do to increase his sale along with his profit margin ?

a)    Good Customer service : Consumer can buy the goods even at the expensive prices also when the service provided by the producer or the company satisfies the consumer.

 

b)   Uniqueness : Consumer is such the unit of society which can be attracted very easily.  Producer can sell as simple product also at a price which he wants just by doing simple modification of unique idea. Like , A simple white handkerchief costing Rs.30 can be sold for Rs.50 just by simple modification . like making strips on it,  putting the signature of celebrity on it.

 

c)    Eye catching schemes :   We all know that all the consumers in the entire world are rational, means that they all want more satisfaction in less price . So, more and more of customer’s can come and buy .Like if the seller/producer put the scheme of sale or buy 1 get 2 etc. Then, more of people will come to the shop, where the single piece shirt costing 1500 Rs. There on sale similar shirt with double piece will cost 2500 Rs. This is more profitable as profit is also more and sales is also more.

 

d)   Proper Promotion : Today ’s generation is more fascinated by the promotion done by celebrities. Like , if a shirt is costing Rs.300 but not promoted that much but if a shirt costing Rs. 800 even but promoted properly by some celebrity. The sale of the second shirt which is promoted properly will be purchased more than the other one.

 

e)    Guarantee on products : Consumer wants quantity as well as quality, faith and reliability is the most important factor in the business. So, If the seller/producer sell their products with a guarantee. Then, the consumer will never see the price . Everyone wants best quality products no matter how much expensive that is.

 

So, these are some Market strategies which market can use to run its business in a long-run and also can be in the competition with other for a long time.

 

Market as well as Seller/Producer must be SMART :

S = Specific

M = Measurable

A = Attainable

R = Realistic

T = Timely

 

If a Market of a business wants to increase , then it has to focus on 4 factors or 4 P ’s :

1)    Promotion

2)   Product

3)   Place

4)   Price

 

v Promotion : Market knows that youth generation get more fascinated by the style and way of promotion done by the company/Business .Suppose if Salman khan is wearing the shoes costing 4500 Rs. Then the general public will never focus on the cost they will be like if he is wearing then we also. This act is often done my most of the public (approx 40%).

 

v Product : If a business provides the best quality product. Consumer wants the goods of best quality no matter what is the cost. It is that it is costly but good quality is being provided . So, it is assumed that it is a kind of one type investment for a consumer.

 

v Place : It is one of the important factor to decide where to establish its branches an business. Suppose if a multi national company or MNC is established in the urban area then it could not run it efficiently although it would create more employment but if we talk about the profit margin then it will be meagre. But if the same company is established in an urban area like metropolitan city. Then employment rate will also increase as well as profit will also increase. So, it is more profitable for business as well as general public.

 

v  Price : As the consumer is rational and also prefer monotonic preference, means more goods give more satisfaction to the consumer .So, this factor is responsible for that only if price will be less then consumer will be attracted more and buy more of goods and if quality also satisfied the consumer then he/she will become the regular customer of your, because they are getting all their demand and desires fulfill at your place.

 

Desires of Consumer in the market while purchasing product :

 

1.     Want a proper variety/choice in product

2.    Want to gain complete satisfaction from it

3.    Want to buy more and more in less amount

4.    Want to get the best quality product

5.    Want everything to be purchased on reasonable price

 

So, these all were some market strategies and factors which can be minded when someone wants  to run the business. Market is very vast so at the same time it becomes very difficult to compete with others. In order to compete with others you have to move on the track which is out of the league. So, one can use these business or market strategies to run the business.

 

“To give something unique first make something unique ”