Assigment:2 Define Market

market. 1. n. A group of consumers sharing certain demographic or geographic characteristics to whom products are offered or sold. For example, a travel agent might say, "My market is upscale retirees in the Houston metropolitan area." 2. v. To use a variety of methods and channels to promote and sell a product or service.

Types of markets
Although many markets exist in the traditional sense such as a marketplace there are various other types of markets and various organizational structures to assist their functions. The nature of business transactions could define markets.

Financial markets
Financial markets facilitate the exchange of liquid assets. Most investors prefer investing in two markets, the stock markets and the bond markets. NYSE, AMEX, and the NASDAQ are the most common stock markets in the US. Futures markets, where contracts are exchanged regarding the future delivery of goods are often an outgrowth of general commodity markets. Currency markets are used to trade one currency for another, and are often used for speculation on currency exchange rates. The money market is the name for the global market for lending and borrowing.

Target market
A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise.[1] A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables of product, place(distribution), promotion and price are the four elements of a marketing mix strategy that determine the success of a product in the marketplace. Once these distinct customers have been defined, a marketing mix strategy of product, distribution, promotion and price can be built by the business to satisfy the target market

Market segment
Definition
An identifiable group of individuals, families, businesses, ororganizations, sharing one or more characteristics or needsin an otherwise homogeneous market. Market segmentsgenerally respond in a predictable manner to a marketing orpromotion offer.

Types of goods: permitted and prohibited for selling by hawkers i) If public streets and pavements are to be used by hawkers for their trade, this is then only for the sale of convenience goods. The Supreme Court states that : a) Vending of costly items such as electrical appliance, video and audiotapes was not to be allowed. It was observed that ordinarily hawkers are only supposed to deal with articles of immediate requirement and/or `convenience shopping. b) the small trader on the sidewalks can considerably add to the comfort and convenience of general public, by making available ordinary articles of everyday use for a comparatively lesser price." ii) Based on the above, the following categories are recommended for goods that are sold by hawkers: Category A) convenience goods that will be permitted in hawking zones these are all items or services that are required on daily basis, by people, on their way to and from their home and workplace. Category B) Other goods that will be permitted to be sold by roving hawkers and in hawking plazas these are all items or services that are used by people, frequently, but not on an urgent basis; therefore, either the customer may go to the hawking plaza to avail of the goods / services as desired, or the hawker may roam from street to street to offer the same. Category C) Food items that require cooking: In the interests of safety and hygiene, cooking of food is prohibited on public streets and footpaths. Hence those hawkers cooking and selling food items (as listed) are recommended to integrate themselves with shops, establishments, co-operative societies, etc. where possible, while following all other relevant rules applicable. No licenses, either in hawking plazas or roving licenses will be given for cooking and selling food. Category D) Prohibited Goods: These goods are banned from being sold anywhere on the streets, pavements, hawking plazas, etc. as they do not fit into the category of convenience

goods, or essential and cheap goods/ services that is the basic requirement for allowing hawkers.

Needs,Wants and Demands

Marketing definition is based on three main terms needs, wants and demands these terms sometimes create some confusion in readers mind. This tutorials will discuss the needs, wants and demands in detail to making things easy.

Needs
Human needs are states of felt deprivation.Needs are the basic requirements of human being, without these basic requirements like food, cloths and shelter no one can live life in this world. The extended form of needs are health and education which for sure every on basic need in todays world but they come after food,cloths and shelter. Marketers play no role in creating needs, they are natural default requirements of every human being. Organization already know the needs there is no requirement for any research work to develop product which covers the needs of human beings.

Wants
Wants are the form human needs take as they are shaped by culture and individual personality. Wants are marketed by marketers in such a way that everyone feel these wants should be mandatory part of life. We can take the examples of telephone, Internet, different variety of foods and clothing these all come under umbrella of human wants. For Example, Any person can eat food to feed himself, but he want to eat fast food, fried rice and Chinese food. Cloths are required for a person to cover himself but we can see people wearing jeans, suit just because of culture influence.

Demands
Demand is want backed by buying power, human being have unlimited wants but resource are limited in the world. Its not possible that each human being get the desire things in the world. Wants are wishes of human, buying power will convert these wants to demand. For Example, Willingness to buy BMW is want but if you have the buying power then it becomes demand. Manager and marketers always focus on people wants and demands to do that they conduct in depth research using number of different tools such as surveys, interviews, observation and others. Thats the reason CEO of huge company like Wal-Mart visit store to have a check on customer, talk to them, observe them to understand their needs and Wants.

Assigment:1 How to promote newly open resort(paradise resort) How to Create a Marketing Plan for a Hotel
Peter Drucker is considered to be the ultimate guru when it comes to marketing and management concepts. He said, "Marketing is the distinguishing, unique function of the business." Running a hotel is more than just cleaning and booking a room. You need to establish a clear and thorough marketing plan to distinguish your hotel from the others in your area. The competition amongst hotels is stiff, as many are usually located in the same section of town. Once you sit down and start creating your marketing plan, you may brainstorm that one special "light bulb" idea that will make your hotel stand out from the rest.
Difficulty:

Moderate

Instructions
Things You'll Need
1. o Paper Pen or pencil

1
Write down the four P's of marketing at the top of your marketing plan for reference. These are: price, promotion, product and place. This will help you understand that the marketing of your hotel is more than just deciding what advertisements to place. Delete this line from your final marketing plan before you present it to other parties.

2
Discuss your overall goal for the hotel and your current status. For example, "Our goal is to achieve a minimum 80 percent occupancy rate during busy seasons, and 60 percent in off seasons. We are currently at 40 percent and 20 percent, respectively."

3
Identify your target customer(s). Is it a business traveler or families with kids who vacation? Is it a mixture of both? Use the location and theme of your hotel to decide who is most likely to book your rooms. If you are located near a ski resort, your customers most likely will be adventure seekers, outdoor lovers and skiers.

4
Decide on a marketing message to reach each target audience that you identified in Step 3. For instance, "A comfortable hotel for budget travelers" or "An ultra-luxurious get away for lovers."

5
Determine the average per night price that you will charge your hotel guests and write this into your marketing plan. You can establish a range of prices that will apply across all of your market segments.

6
Discuss any changes and renovations that you need to make to your hotel to make it more attractive to the segments that you identified. The hotel itself is your product---what enhancements can you make to grab the interest of your target customer? For example, maybe you need to establish a free WiFi service if your main customer is a business traveler. Discuss the strengths and weaknesses of your hotel and how improvements can be made.

7
Decide on an overall strategy for reaching each marketing segment that you identified in the last step. What do those people read? What sites do they visit online? How often do they travel? Do they search endlessly for a good price, or just book the first hotel that looks pretty in a picture? Do they call in hotel reservations or book online? For instance, if your target audience is thrifty and technologically savvy, they will most likely go to a website like Priceline.com or Hotwire.com to book a room. If you run a luxury hotel that will serve customers that do not care about price, seek to reach customers through arrangements with travel agencies that serve wealthy segments.

8
List all of the activities, advertisements and promotional ideas that you will implement to reach the customers in each segment you identified. These should be well-defined action steps that you will take toward reaching the customer. For instance, "establish an account with Hotwire," "hire a web designer to develop out our site," "solicit hotel reviews." Consider the place and promotion element of the "four Ps" of marketing here.

9
List the marketing budget to go along with this plan. List each cost next to the action steps in the previous step to clarify where your dollars will be going. Estimate the cost of renovations and other hotel costs that you decided on in Step 6.

10
Establish a plan of action for how you will respond to the competition. For instance, if the competition mimics your strategies, discuss how you will modify your plan to maintain an advantage.

11
Re-evaluate your marketing plan every year or two to keep your ideas fresh and account for changes in the market.

Advertising Research
Market research and market intelligence play an important role before, throughout and following the life of a direct mail or advertising campaign.
There is much that market research can do to improve and to measure the effectiveness of promotions.

When advertising is at the initial development stage, market research can obtain input from the potential target audience through exploratory research. As the ad begins to take shape, we capture the reactions of the audience in order to refine the campaign and ensure it is completely on message. And once the advertisement is released, we obtain further feedback as well as measuring awareness rates and effectiveness.

Branding
Studies have shown that on average around 5% of a company's stock value derives directly from the company's image.
Companies with a strong image or reputation attract more customers, retain more customers, and attract better employees. In short, branding is a key means of achieving differentiation. By communicating a clear and distinctive message and delivering against that message, the supplier can increase customer loyalty, sales revenue, prices, and ultimately profitability.

Now advertisement through SMS space

New Delhi: Corporate houses are planning to target personal SMS messages to grab more revenue at lower service costs for subscribers. The developers of the application say that it can be deployed in both GSM and CDMA networks and it will deliver operators the ability to increase revenues through opt-in advertising. The new technology, to be demonstrated at the upcoming 3GSM Congress in Barcelona, is developed by San-Francisco based Amobee Media Systems, while Dublin-based Anam Mobile is the technology provider. So what is the benefit for the end-users? Subscribers who choose to receive advertising messages will have their network charges lowered. "In countries like India where texting is very popular the concept will attract new mobile customers as well as facilitate greater use of texting," PTI quoted Glenn Murray, Anam Mobile saying.

This new medium could act as a new measurable advertising channel for brands and provide mobile users the ability to communicate more for less. "Text messaging has the greatest network traffic beyond voice so therefore the greatest potential to enhance revenues from advertising sources. The network cost of implementing the solution is relatively low compared to the revenue potential," Murray added. The promoters say the ads can be made to be relevant to the content of the message using key words, or the locations of the sender and recipient. Since it will be an 'opt-in' option, the levers are in the hands of the consumer. He could opt for an advertisement in the SMS messages he is getting for a lower price or get a message at a normal rate without an advertisement. 'In-game' advertising is already being to bring the down the costs of mobile games to encourage cell-phone users to download more games and play them on their phones. The success of the concept depends upon the individual operator and the subscribers who will opt in, but for the penny-pinching Indians, it is just another medium to save a few more bucks.

Internet marketing
Internet marketing, also known as digital marketing, web marketing, online marketing, search marketing or e-marketing, is the marketing (generally promotion) of products or services over the Internet. Internet marketing is considered to be broad in scope because it not only refers to marketing on the Internet, but also includes marketing done via e-mail and wireless media Digital customer data and electronic customer relationship management (ECRM) systems are also often grouped together under internet marketing Internet marketing ties together the creative and technical aspects of the Internet, including design, development, advertising, and sales. Internet marketing also refers to the placement of media along many different stages of the customer engagement cycle through search engine marketing (SEM), search engine optimization (SEO),banner ads on specific websites, email marketing, and Web 2.0 strategies In 2008, The New York Times, working with comScore, published an initial estimate to quantify the user data collected by large Internet-based companies. Counting four types of interactions with company websites in addition to the hits from advertisements served from advertising networks, the authors found that the potential for collecting data was up to 2,500 times per user per month.

Radio advertisement
Commercial radio stations make most of their revenue selling airtime to advertisers. Of total media expenditures, radio accounts for 6.9%. Radio advertisements or spots are available when a business or service provides valuable consideration, usually cash, in exchange for the station airing their spot or mentioning them on air. The United States Federal Communications Commission (FCC), established under

the Communications Act of 1934, Federal Communications Commission regulates commercial broadcasting, and the laws regarding radio advertisements remain relatively unchanged from the original Radio Act of 1927, enacted to deal with increasing problems of signal interference as more and more stations sprung up around the country.

Television advertisement
A television advertisement or television commercial, often just commercial, advert, ad, or adfilm (India)is a span of television programming produced and paid for by an organization that conveys a message. Advertisement revenue provides a significant portion of the funding for most privately owned television networks. The vast majority of television advertisements today consist of brief advertising spots, ranging in length from a few seconds to several minutes (as well as programlength infomercials). Advertisements of this sort have been used to promote a wide variety of goods, services and ideas since the dawn of television. The effect of commercial advertisements upon the viewing public has been successful and pervasive.
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In many countries, including the United States, television campaign advertisements are considered indispensable for a political campaign. In other countries, such as France, political advertising in television is heavily restricted, and some, like Norway, completely ban it.

Social network advertising

Social network advertising is a term that is used to describe a form of Online advertising that focuses on social networking sites. One of the major benefits of advertising on a social networking site (facebook, myspace, friendster, bebo, orkut...and many others) is that advertisers can take advantage of the users demographic information and target their ads appropriately.

The Social Network Advertising Market

eMarketer predicts that $2 Billion will be spent this year (2008) on social network advertising worldwide and that this market will continue to grow - reaching $3.8 billion in spending by 2011 . However, a large portion of this spending is predicted to be coming from the US market. As Internet usage continues to grow in other parts of the world, and social networks continue to proliferate , advertising dollars on social networking sites outside of the US will begin to play a major role. There have been many claims that Social Network Advertising will revolutionize the online advertising market. Most famously, founder of facebook Mark Zuckerberg, announced that "For the last hundred years media has been pushed out to people, but now marketers are going to be a part of the conversation."
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No doubt social network advertising is a significant new way of reaching customers,

but the market is far from being mature.