The Exchange Relationship

According to our text, “the market consists of individuals and organizations that are interested and willing to buy a particular product to obtain benefits that will satisfy a specific need or want, and who have the resources such as the time or money to engage in such transactions (Mullins et. Al, 2008). Companies then present a certain marketing plan to sell their goods and services often times the needs and demands of others are not similar in nature and therefore make distribution a challenging process. No product or services is standardized to a particular market. Often time’s individuals are looking for the most profitable means to obtain goods and services. Those who desire to benefit from various products or services may need to consider looking into other various brands, or inexpensive items to satisfy the end result.

Markets then become segmented when people are relatively set on their needs or wants and the products they desire to obtain. Often the benefits are different for those who desire the same products. The seller of a product should try to determine a multitude of tasks in an effort to define a target market (p. 13). The first consideration should be addressing customer “needs” and “wants” that are not being satisfied by the competition, make a determination as to which product appeals to the customer in a specific segment, third, identify the benefits relative to demographics, life-style, sex, age, and various other traits and lastly, position the product of service in an effort to obtain the competitive advantage.

For example, the retail industry continues to maintain a cutting-edge in branding and could present a difficult task for selling certain items. Urban apparel is trendy clothing and is recognized in many areas. The line of urban apparel has so many options to choose from and is currently a buyer’s paradise. However, when one has decided for whatever reason not to conduct research these items can be tough to sell....