MARKETS, PRODUCTS AND MODERN MARKETING

PRE-READING

I. MARKET

Think of the term ‘market’ in economy. What does it mean?

Clue: The market, the free market and market economy describe an economic system where prices, jobs, wages etc are not controlled by the government, but depend on what people want to buy and how much they are willing to pay.

Market

I. Now study word combinations with ‘market’ and find their Russian equivalents.

market	forces pressures	the way a market economy makes sellers produce what people want, at prices they are willing to pay
place	producers and buyers in a particular market economy, and the way they behave
prices	prices that people are willing to pay, rather than ones fixed by a government
reforms	changes a government makes to an economy, so that it becomes more like a market economy

II. Complete the TV reporter's commentary with words from the box.

prices economy pressures place forces reforms

In China, all economic activity used to be controlled by the state. Prices were fixed by the government, not by buyers and sellers in the market (1)....................... But in the last 20 years there has been a series of market (2)........................ that have allowed people to go into business and start their own companies. Market (3)........................... are determined by what buyers are willing to pay, rather than by the state. There are still state-owned companies that lose a lot of money. Until recently, they have been protected from market (4).........................., but market (5)......................... will eventually mean that they close down. Of course, the market (6)...........................has its losers: those without work, and victims of crime, which used to be very rare.

Companies and markets

You can talk about the people or organizations who buy particular goods or services as the market for them, as in the 'car market', 'the market for financial services', etc. Buyers and sellers of particular goods or services in a place, or those that might buy them, form a market.

I. Study word combinations and examples with ‘market’ and find their Russian equivalents.

If a company:

enters penetrates	a market	it starts selling there for the first time
abandons gets out of leaves	it stops selling there.
dominates	it is the most important company selling there.
corners monopolizes	it is the only company selling there.
drives another company out of	it makes the other company leave the market, perhaps because it can no longer compete.

II. Use the correct form of the words in brackets to complete the sentences.

1.European films do not export well: European movies barely....................... (abandon/corner/penetrate) the US market.

2. In the 1970s, Kodak.......................... (corner/enter/leave) the instant photography market, until then.......................... (abandon/dominate/ penetrate) by Polaroid.

3. The Hunt brothers tried to fix silver prices and to.......................... (corner/enter/leave) the silver market, ......................... (enter/drive out/monopolize) all competitors.

4. In the 1940s, MGM.......................... (abandon/get out of/monopolize) the market on film musicals. But by the late 1950s, Warner Bros had also started buying film rights to musicals.

III. Study more word combinations and examples with ‘market’ and find their Russian equivalents.

'Market' is often used in these combinations:

market	growth	In the late 1990s, Internet use was doubling every 100 days. Market growth was incredible.
segment	Women are a particularly interesting target for the Volvo V70. They are an important market segment for Volvo.
segmentation	The Softco software company divides the software market into large companies, small companies, home office users, and leisure users. This is its market segmentation.
share	Among UK supermarkets, Tesco sells more than any of the other chains. It has the highest market share.
leader	Tesco is the market leader among UK supermarkets as it sells more than any of the other chains.

IV. Replace the underlined expressions with words from the table above. You may need to add a verb in the correct form.

I'm Kalil and I'm marketing manager for CrazyCola in a country called Newmarket. In this market, we (1) sell more than any other cola. In fact, we (2) have 55 per cent of the market. (3) Sales are increasing at seven to eight per cent per year. There are two main (4) groups of users: those who drink it in cafes, bars and restaurants, and those who buy it to drink at home. Of course, many users belong to both groups, but this is our (5) way of dividing our consumers.

Competitors and competition

Companies or products in the same market are competitors or rivals. Competitors compete with each other to sell more, be more successful, etc.

The most important companies in a particular market are often referred to as key players.

Competition describes the activity of trying to sell more and be more successful. When competition is strong, you can say that it is intense, stiff, fierce or tough. If not, it may be described as low-key.

The competition refers to all the products, businesses, etc. competing in a particular situation, seen as a group.

I. Read this description of a language training market. Answer the questions.

In Paris, 500 organizations offer language training to companies. However; 90 per cent of sales are made by the top five language training organizations. The market is not growing in size overall. Organization A has 35 per cent of the market, and faces stiff competition from B, which has about 25 % of the market, and from C, D and E, who each have 10 %, but who are trying to grow by charging less for their courses.

1. How many competitors are there in this market?

2. Is competition in the market strong?

3. Who is the market leader?

4. Who are the two key players?

5. Who mainly makes up the competition, from the market leader's point of view?

6. If one competitor increases its market share, can the others keep their market share at the same level?

II. MARKETING

Marketing definition

Read the passage about marketing and answer the question: Why do you think marketing is an important point not only for business but for non-profit and governmental organizations as well?

Marketing is the process of interesting potential customers and clients in your products and/or services.

The key word in this marketing definition is " process"; marketing involves researching, promoting, selling, and distributing your products or services in order to satisfy customer needs, so as to make a profit.

It's a huge topic, which is why there are tomes written on marketing, and why you can take a four-year marketing degree. But essentially marketing involves everything you do to get your potential customers and your product or service together.

The name of the game in marketing is attracting and retaining a growing base of satisfied customers.

Companies point out how the special characteristics or features of their products and services possess particular benefits that satisfy the needs of the people who buy them.

Non-profit organizations have other, social, goals, such as persuading people not to smoke, or to give money to people in poor countries, but these organizations also use the techniques of marketing.

In some places, even organizations such as government departments are starting to talk about, or at least think about their activities in terms of the marketing concept.

The four Ps

The four Ps are

product: deciding what to sell

price: deciding what prices to charge

place: deciding how it will be distributed and where people will buy it

promotion: deciding how the product will be supported with advertising, special activities, etc.

A fifth P which is sometimes added is packaging: all the materials used to protect and present a product before it is sold.

The four Ps are a useful summary of the marketing mix, the activities that you have to combine successfully in order to sell.

To market a product is to make a plan based on this combination and put it into action. A marketer or marketeer is someone who works in this area. (Marketer can also be used to describe an organization that sells particular goods or services.)

I. Read the article and answer the questions.

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