Question

1. Is the market a social thing? Please discuss the development of the market along with the development of society! (explain min. 300 words)

Answer 1

• Firstly I would like to explain the meaning of social market

Meaning- Social marketing enables you to develop products, services and communications that fit people's needs and motivations.

In simple words we can say,

market is one of a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) in exchange for money from buyers. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and resource allocation in a society. Market development is a strategic step taken by a company to develop the existing market rather than looking for a new market. The company looks for new buyers to pitch the product to a different segment of consumers in an effort to increase sales.

Yes, market is a social thing, because the success of market is totally depends upon social relations.

• Development of market

The development of a marketing strategy involves the isolation of a target market segment, a set of clear-cut goals, a fair amount of consumer research, and the implementation of initiatives aimed at getting the word out.

1. Identify Target Markets

Target markets are those segments of the population that the small-business owner deems to be potential customers. A variety of criteria ranging from income level, to age, to geographic location can be used to determine these targets, depending on the product or services you sell.

Your marketing strategy should be designed to address these markets first and foremost. For example, Forbes suggests that if a company's goal is to reach millenials, digital messages should be succinct, eye catching and engaging.

The remainder of the market can also be addressed with a separate undifferentiated marketing strategy in an attempt to leave no stone unturned if you so desire. Your target markets should be specific to your type of business and should be discerned through market research and experience.

2. Set Measurable Goals

Clear-cut goals are an essential part of marketing strategy development. Your small-business goals should consist of distribution and financial mile-markers that will gauge the success or failure of your marketing strategy, and will help you to know when you've hit on the right strategy for you.

Goals and projections should be based on customer and market research, starting with past performance, and factoring in the changes that additional marketing efforts and promotions will bring. If your marketing strategy fails to reach the goals you've set, alterations to the plan and additional investment may be required to right the ship.

3. Conduct Marketing Research

Don't be left in the dust when it comes to digital marketing. Data mining from multiple online sources and Artificial Intelligence allows you to zero in on your customer's likes, dislikes and buying behavior, according to Markets Insider. Once you have this information, you can select the most effective media channels to disseminate your message.

4. Sometimes surveying your own clients is the best way to get a firm handle on who your marketing targets should be. For example, if you notice that 80 percent of your sales are made to members of the legal profession, your number one target market should be lawyers and paralegals. Market research is also a key part of marketing strategy development, even though it deals with larger generalities than you may be used to.

For instance, you find through research that 78 percent of luxury cars sold in your area are sold to homeowners and only 22 percent to renters. If you own a luxury car dealership, you know that your marketing strategy should be directed at people who have their own homes. Research helps to eliminate wasted efforts and fine tune your marketing so it hits the targets that will mean the most to your company's success.

5. Evaluate and Adjust

The development of your marketing strategy does not end once the campaigns hit the market. It is an ongoing process that requires constant evaluation and adjustment to be successful. If economic factors or changing trends cause sales to suffer, your marketing can be altered to take up some of the slack.

If your product line changes or your market position shifts, your marketing strategy will have to change along with it to ensure that the initiatives you produce are relevant to the current situation. Marketing strategies cannot be developed and left to run on autopilot. If they are to be successful they must remain in a state of constant evolution.

Development of Society

The development of society in science and technology during the last century achieved remarkable advances in industrial and energetic efficiency, communication multimedia, biomedical, and agricultural sciences, among other advances. These signify growing pressures to the environment to obtain raw material and resources to supply the industry and satisfy the demand in products and services by the world population. Together with that it is remarkable the success in the generation of new technologies making possible more energetic efficiency, the wide use of renewable energy, safer and renewable use of water, new recycling technologies, and environmentally friendly designs, products, and services. But ignorance about these achievements and apathy to turn it into practical actions affect sustainability.

Sustainability is a concept that is necessary to understand in all its complexity and dimensions. The problems of sustainable development begin with global climate and environmental problems and extend to cultural and socioeconomic aspects such as poverty, social inequalities, among others, all of them connecting and interacting and conforming a real structural pandemic ill of modern societies. To face and creatively promote palliative and solving approaches we need to educate not only a highly qualified and capable engineer but a person with plenty of creativity, responsibility, ethics, and the character of a truly transformational leader (Myers & Beringer, 2010). In this contest, the formation of identity, sense of belonging, character, and culture are irreplaceable complements to the adequate cross-disciplinary academic curriculum.

I hope this information will help you ?