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This question is about what a marketing internship does.
What is a product market?
A product market is a potential group of customers who all share similar demands or needs for a specific kind of product or service. Product markets are defined on the basis of various factors, including:
Consumer demographics
Income levels of consumers
Purchasing behavior of consumers
Particular features of a product
Geographic location of certain consumers
For example, the product market for mobile phones is a market that consists of every potential consumer that is interested in a mobile phone or smartphone, regardless of the particular brand name that is attached to the phone or the specific kind of model. Then within this specific product market, there will be submarkets based on factors like:
Operating system preference
Price and price range
Smartphone screen size
Companies must understand the elements of a product market because it is critical to developing effective marketing methods, and ultimately launching and selling new products. When organizations determine the specific interests, preferences, wants, and needs of target consumer groups, they can then tailor their products and marketing messaging to this end.
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