Carlton Target Market

LO.3: 3.1, 3.2 and 3.3

3.1 Meaning of Market

Market is a medium through which goods and services are exchanged. As stated by Baker (2007, p130) the geographic location and the collection of products are normally used to identify the organisations that operate in the market. However, market is not necessarily a physical place as internet and auction sites are all examples of market which does not require physical contacts between the sellers and the buyers before transactions can take place. Market could be classified as local, national, international or global. With local market, the target market is normally restricted to a small area or region within a country. The national, the target is to reach potential customers throughout the country and international market extends

- Difficulty in recruiting the right staff: According to C & IT state of the industry report (2014, p9) 84% of the companies surveyed indicated that recruiting the right people with the requisite industrial experience is a major challenge.

- Low barriers to entry: Limited amount of capital required to enter the market as can be seen in the case of Carlton Company Ltd £15,000 was used to commence the business.

- Overcrowded UK Airports: The main UK airport, London Heathrow, is highly overcrowded thereby discouraging some international organisations to hold their events in the UK.

- Long payment terms: Payment terms in the industry according to the C & IT (2014, p8) report has been stretched to the extent that 60 days has become the accepted norm with some companies even stretching it more further to 90 days

However, notwithstanding the threats envisaged in the event management market in the UK, the opportunities presented is very appealing especially the growth potentials, which Carlton Company Ltd needs to, take advantage of to expand its