Analysing business markets

Zandu balm business markets

Business market is a conglomeration of all the organizations that acquire, produce, sell goods and servies.

Social factors:

Zandu balm belongs to pharmaceutical industry and it belongs ot pain relief balms category.
In this industry most of the buying takes place through necessity and impulse or as a precautionary measure. This industry benefits depends on providing better health to the customers. The demand is non-elastic most of the times as it is related to their well bein. The person will pay for it depends on his need overlooking its affordability. Because if affected he know it will affect his other works. Major criteria is to earn loyal customers. As most of the people wont take take chance as it pertains to their health

Demographic factors:

The business market for Zandu balm is all over india. Its wide distribution channels ensure the supply of the product even in remote areas. Irrespective of seasons there is demand for this product. The age ranges from children to old people irrespective of age.

Economic factors:

Economic factors also effect the industry interms of competetion. When economic crisis is there affordability affects its market share. People ternd to move towards other substitute products may be competetors who offer lower price products. As they cannot deny the buying they have to buy to satisfy their requirement.

Psychological factors:

In an industry loyalty is mainly due to psychological factors. When a customer get accoustomed to the product he will develop some sort of psychological bonding with it. Zandu balm successfully created that bonding over 100 years with its effective formula and branding.