Need. In the context of marketing, this means a sense of lack of something for the future buyer. For example, a lack of self-realization, which is where the search for a suitable field of activity begins.
Demand. This is a need supported by purchasing power. This means that a person, in addition to a great desire, also has the means for its embodiment.
Product. It is a product or service that satisfies a need or need. In our example, the product can be musical instruments, software, hardware, recording studio services, and so on.
Trade or transaction. It is a commercial exchange of value between business and consumer. For example, buying a microphone and transferring money in exchange for this product.
Market. This is a collection of existing and potential buyers of the product. For example, musicians, producers, studios, concert organizers, clubs are existing buyers, and people whose need has not yet grown into need and demand are potential buyers.
Market segment. It is a well-defined group of buyers within the market with different needs and characteristics from other groups. The methods of communication between business and customers, and the types of products offered, and their price tags also depend on segmentation. Segments can be determined by the level of readiness to purchase, interest in a certain group of goods, location, and other characteristics.
Suppliers. These are people or companies in the marketing system who are provided by other companies with the necessary resources. For example, a company that brings quality used musical equipment from the United States and sells it at affordable prices in Eastern European countries.
Competitors. Legal entities or individuals competing with other business structures or entrepreneurs at all stages of organizing and carrying out business activities. For example, two headphone manufacturers Sony and Razor, or instrument sellers MuzTorg and MuzLine.
Mediators. These are legal entities or individuals who help manufacturing organizations promote, sell and deliver their products to consumers. For example, a musical instrument store is an intermediary between a manufacturer and a customer.
Consumers. These are persons who have the opportunity and the right to purchase goods.
Range. These are all products sold by the company, divided into groups, types, types, grades, sizes and brands. The assortment differs in breadth (number of product groups) and depth (number of models, brand types in each group).
Trademark. It is a sign, symbol, words, or a combination of these that help consumers distinguish the goods and services of one brand from another.
Competitive advantages. These are the advantages of one company over other rival companies in a particular niche. They are measured by economic indicators – additional profit, higher profitability, market share, sales volume, etc.