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People satisfy their needs and needs with various kinds of goods. A product is anything that can be offered on the market to meet needs or requirements. Usually, the word product refers to a physical object, such as a car, TV, or a bar of soap. However, the concept of a commodity is not limited to physical objects; anything that can satisfy a certain need can be called a commodity. Goods include services, that is, any goods or actions that are also offered on the market, but which do not have a material expression and do not lead to ownership of anything. The service sector includes banking institutions, airlines, hotels, and repair shops. In a broader sense, products also include places, organizations, activities, and ideas. Consumers decide which shows to watch on TV, where to go on vacation, which organizations to support with contributions, and which ideas to accept. Thus, the term commodity includes material goods, services, and a number of "things" that help meet the needs and needs of people. If sometimes it seems that the product does not quite fit the meaning, you can replace it with others - for example, a means of satisfaction, resource, or offer.

Many sellers make the mistake of paying more attention to the physical goods they sell than to the benefits they can bring. Sellers feel that they are offering a product, not a solution to a problem or a need. The meaning of a commodity as a physical product is not so much in its possession as in the benefits it can bring. We buy food not to look at it, but to satisfy our hunger. We buy a microwave oven not to admire it, but for cooking. The rig manufacturer believes that the customer needs a drill, when in fact the customer needs a well. Such manufacturers are liquefied from "marketing myopia". They are so passionate about their product that they focus on existing needs and miss the needs that lie at the heart of the needs. They forget that a physical product is just a tool for solving consumer problems. In such manufacturers, problems start every time a new product appears on the market that meets the same needs, but to a greater extent or at a lower price. A consumer with the same needs will want to get a new (better or cheaper) product.


5. markets


A market is a combination of existing and potential buyers of a product. These buyers have common needs or requests that can be met by the medium of exchange. Thus, the size of the market depends on the number of buyers who need a product, have the resources to make an exchange, and are willing to offer these resources to make an exchange for the product they need.

Initially, the term "market" meant a place where buyers and sellers could exchange their goods. Economists use the term "market" to refer to a collection of buyers and sellers who make transactions for the purchase and sale of certain types of goods; there is, for example, a real estate market or a grain market. Marketing specialists, however, view sellers as representatives of production, and buyers as representatives of the market. Sellers and buyers are United by four streams: sellers deliver goods, services, and messages to the market; in return, they receive money and information from buyers. The internal cycle shows the exchange of money for goods; the external cycle shows the exchange of information.

The modern economy is based on the division of labor, in which each producer specializes in the production of a certain product, receives money for it and uses it to buy everything necessary for production. Accordingly, the modern economy consists of many markets. The producer turns to the resource market (raw materials market, labor market, foreign exchange market), acquires resources, turns them into goods and services, sells them to an intermediary, who passes them on to the consumer. the consumer sells his labor and receives a salary for it, which he spends on paying for goods and services. The state also participates in market relations, while playing several important roles at once. It buys goods from the markets of resources, producers and intermediaries; it pays them; it collects taxes from these markets (including the consumer market); it provides necessary public services provided by state institutions and public enterprises). Thus, the economy of each country and the economy of the entire world is a complex set of markets that are linked by exchange processes.

In developed countries, the market is perceived not only as a place where the seller and buyer really meet. Thanks to modern means of communication and transportation, a merchant can advertise his goods in the evening on TV, take orders from thousands of consumers by phone, send goods by mail the next day, without making physical contact with customers.

In business, the term "market"is used to refer to a group of consumers United by a certain characteristic.

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