A market orientated business finds out what potential customers will want before making the product which reduces the risk of failures, however on the other hand a product orientated business makes the product without asking the public or their potential customers and the business just expects the product to do well which is an extremely risky procedure for the firm because it can lead to a loss. A firm can tell how well it is doing in the market by finding out what the market share is for its firm.
Market share is the sales achieved by one firm (or brand) as a proportion of the total sales in a market as a whole.
Marketing is the management process of anticipating, identifying and satisfying customer’s requirements profitably.
Marketing has many different stages and different methods to it.
Product refers to the actual good or service, and it shows the stages of product development and packaging.
Price is the method of pricing the method or good e. skimming, penetration pricing, cost-plus pricing method etc.
Marketing activities can then be specifically targeted at those areas only.
There are three ways to segment a market: Type of personality; type of interests; options e. fashion conscious (trendy), animal lovers, environmentalists, sporty etc.
This is because my resturant is going to be mainly aimed for families as well as couples.
I have decided this because I have noticed that in the resturants especially the indian rsturants which are already in Ilford have mostly all of their customers who are with their family or a couple who have come out for a lovely romantic dinner.