Markets and market orientation

commodity market target market indication market share market leader   market niche

товарний ринок цільовий ринок ознака, свідчення; показник частка ринку компанія, яка займає про-відне становище на ринку ринкова ніша, невеликий сегмент ринку для збуту певного товару

market segment dominate (v)   respond (v)   market-driven / market- led / market-oriented approach desire

сегмент ринку заволодівати, цілком поглинати; панувати відповідати; реагувати, відгукуватися (на щось) з ринковою орієнтацією   підхід бажання; прагнення

 

A market for a product is the people or organizations who buy it or may buy it, or an area where it is sold. There exist different types of markets: street markets, shops and supermarkets, markets for services (e.g. restaurants), financial markets, commodity markets (e.g. coffee, grain, cotton, etc).

A company's or product's target market is a group of consumers a company aims to sell its products to, for example children, housewives, fishermen, etc.

As an indication for the success of a business market share is often used which is the proportion of sales that a company or a product has in a particular market. The market leader is the company or product with the biggest share.

The part of a market consisting of consumers with similar characteristics is called market segment. Ways in which a market might be segmented include age, income, lifestyle, geographical location.

A market niche is a small, specific segment of the market, often dominated by small firms selling some kind of goods.

Companies quick to respond to the needs of a market are market-driven, market-led or market-oriented. A market-oriented approach to developing a product is one which puts the desires of the consumer at the centre of the decision about what to produce.

To make decisions about products companies do a market research which is the collection of information on markets, products and consumers; on what people need, want, and buy; how and when they buy and why they buy one thing rather than another.

1 What do we call a market for a product? 2 What types of markets do you know? 3 What is a target market? 4 What is a market share? 5 When can the company be called the market leader? 6 What is a market niche? 7 What companies are market-driven? 8 What do companies do a market research for? 9 Imagine you are setting up your own business. What target market would you choose? Why?

1 Match words that have a similar meaning:

share respond market-driven income desire indication housewife aim product

 

output target homemaker sign reply wish earnings market-led segment

 

2 The words in the box frequently occur after "sector". Find combinations that mean:

 

1) the company that sells the largest amount of a specific commodity in a particular area; the brand or make of goods that sells the most; 2) the price of a raw material, product, service, etc. that is charged in a free or competitive market; 3) study carried out by a company before launching a new product, into the needs, lifestyles, incomes, etc. of potential buyers; 4) the percentage of the total sales of a certain product in a

particular area or country obtained by one company; 5) that part of a market which consists of consumers with similar characteristics; 6) a pattern or change in buying and selling activities; 7) the act of obtaining a larger market share by increasing advertising, promotion, etc. 8) an economic system in which individuals and firms are free to enter and leave markets at will.

 

3 Match the words and phrases in the box with the correct definition: 1) a group of consumers for whom a business has designed a product and marketing strategy; 2) the bond markets, stock markets, etc. that accept money and turn it into equity instruments; 3) a course of action, a way of handling a situation; 4) to have the most important place or great influence; to have or use power or command over; 5) a company that produces goods that it said that they need them; 6) a large sell-service store offering food

knows will sell because buyers have and general household items.

 

4 Choose the correct word from the box to complete the gaps. Translate the sentences into Ukrainian

 

a market economy, dominates, market-oriented, market price, market trends, market share, the market leader (2), market research, market niche.

 

1)... helped us design our products to sell better. 2) Sony is... in hi-fi equipment. 3) The computer company has a 25%.... 4) Companies need to produce new products to keep up with.... 5) He was forced to sell below the current... to make a quick sale. 6) A... approach to developing a product is one which puts the desires of the consumer at the centre of the decision about what to produce. 7) As in many other Japanese industries,... at home, Toyota, is not the strongest exporter. 8) Gillette... the business in the USA. 9)... is one where things are bought and sold freely and not under government control. 10) My company has its own..., selling to fishermen and hunters.

 

5 Fill in the missing prepositions: (against, to, about, of, in (2), because of, for)

 

... most consumer goods, producers have become market-oriented... growth... competition and the increasing knowledge... consumers... what is available.

Products, such as cookers, cars, televisions, have to be attractive... the customer to sell... competitors as all the products now perform their basic functions... a similar way. Service industries like banking and insurance have also become more market-driven.