A market is defined as all people who share similar needs and wants and who have the ability to purchase given products.
The consumer market consists of consumers who buy goods and services for personal use. The industrial, or business-to-business, market includes businesses that buy products and services for use in their operations.
Market share is a firm's percentage of the total sales in a given market.
A target market is the group of people identified for a specific marketing program.
The four Ps of the marketing mix are product, place, price, and promotion. Marketing decisions and strategies for the four Ps are based on the target market.

Key Terms:
Market
Consumer Market
Industrial Market
Market Share
Target Market
Customer Profile
Marketing Mix

Objectives

*Describe the concept of market
*Differentiate consumer and industrial markets
*Describe market share
*Define target market
*List the components of the marketing mix