STUDY GUIDE BMMK5103 Marketing Management 21 Topic 2: Analysing Market Learning Outcomes By the end of this topic, you should be able to: 1. Describe the meaning of market demand and how to estimate current and future demand; 2. Analyse the market environment; 3. Distinguish between consumer market and business market; and 4. Discuss the various strategies to be a market leader and to compete effectively.
STUDY GUIDE BMMK5103 Marketing Management 22Focus Areas and Assigned Readings Focus Areas Assigned Readings Kotler, P., & Keller, K. L. (2006). Marketing management(12th ed.). New Jersey: Prentice Hall. 2.1 Market Demand Chapter 3, pp 107-108. 2.2 Estimating Current Demand Chapter 3, p 110. 2.3 Estimating Future Demand Chapter 3, p 112. 2.4 Analysing the Macro Environment Chapter 3, pp 96-106. 2.5 Understanding the Consumer Market Chapter 6 pp 173-177. 2.6 Understanding Buyer Behaviour Chapter 6, pp 188-195. 2.7 Understanding Business Market Chapter 7 pp 205-212. 2.8 Understanding Business Behaviour Chapter.7 pp 217-223. 2.9 Understanding Strategies for Market Leader Chapter 11 pp 321-326. 2.10 Competition Strategies Chapter 11 pp 327-330. Content Summary This topic highlights the main features in the analysis of marketing of any product or service. 2.1 Market Demand The marketer’s first step in evaluating marketing opportunities is to estimate total market demand. Market demand for a product is the total volume that would be bought by a defined customer group in a defined geographical area in a defined period in a defined marketing environment under a defined marketing programme.
STUDY GUIDE BMMK5103 Marketing Management23There are eight types of demand, which are: (a)Negative demand– Consumers dislike the product and may even pay a price to avoid it. (b)Non-existent Demand– Consumers may be unaware or uninterested in the product. (c)Latent Demand– Consumers may share a strong need that cannot be satisfied by an existing product. (d)Declining Demand– Consumers begin to buy the product less frequently or not at all. (e)Unwholesome Demand– Consumers may be attracted to products that have undesirable social consequences. (f)Irregular Demand
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