A market can simply be defined as an place for buying and selling. According to Longman English dictionary, it is a time when people buy and sell goods, food etc, or the place, usually outside or in a large building, where this happen. Therefore an organization market can be defined as the people or customer it sells to as well as buys from.
Most mistake business organizations that produces or manufacture commodities make, is in determining their market. They consider the general public as their market, distributing their products everywhere they can reach. Such actions are understood as trying to have a strong hold in the market but there are flaws in this system.
The organization using this system, put lots of resources to work which involves more capital, more transport, more workforce and many other things to ensure that their objective are accomplished. Whereas an organization that determines or know it's market won't have the need to spend too much resources in other to see that it's objective are accomplished.
How to determine your market
Determining the market is not a difficult task, it depends on few things like;
- What the organization produces.
- The kind of service they render.
- Who are the end-user of the product or the receiver of the services.
- What category of age grade use the product.
- What market demands the product the most.
- The settings of the market.
- The environment that makes up the market
Benefits of determining and knowing your market
1) Saves resources: The business organization won't have to spend much of its resources to accomplish it's objective because since it already aware of it's market, all that is needed is to make a budget that covers every expenses to the distribution of its product.
2) Market would be happy: An organization that knows it's market would find it easy to keep them happy by providing their basic needs of the product. They (organization) don't have to worry of meeting to the entire demand of supplying everywhere, when they are aware of the market they have to make supplies to.
3) Distributes product to the right users: The organization would supply their product to the people that needs them the most rather than supplying to where they are not needed, which helps to increase demands as well as supplies.
4) Brings the organization and it's market together: The organization would have a close relationship with its market; knowing what they desire and expect from them. They will be able to know the opinions of the market about the product as well as the organization.
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