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STONE COLD DEAD IN THE MARKET

By Bruce Marcus
July 09, 2013

Ok, everybody talks about marketing, and markets, and how to reach them ' but has anyone stopped to define what a market really is?

We all tend to take for granted that when we use the term marketwe all mean the same thing. But let the conversation go further, and we quickly discover that the term means different things to different people. ' ' ' ' ”

And yet, there is probably no exercise more vital to successful marketing, nor so frequently overlooked, as defining a market. Without that definition, all marketing activities are either clich's or exercises in futility. For example, do companies in declining or static industries define a market in the truest sense? Is a market an abstract idea ' a place or a bunch of people who buy something? Is a market a reality, or an academic abstraction?

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