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Marketing

Marketing is constantly evolving, focusing on individual customer needs and preferences. A customer can be an individual or a group, and understanding target markets is essential for businesses. These are specific groups whose needs a company aims to satisfy. Cultivating relationships with customers—whether in short-term transactions or long-term loyalty—is key to success. Research indicates retaining current customers is less costly than acquiring new ones. Businesses often maintain these relationships through follow-ups, incentives, loyalty programs, and personalized communication, fostering satisfaction and lasting loyalty.

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Marketing

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Presentation Transcript

  1. Marketing Is dynamic!

  2. Customer-focused • Customer – an individual or group who buys products • Examples – individuals, groups • Target market – the specific group of customers whose needs a company will focus on satisfying • How can potential customers be grouped? • Examples of target markets • Think of something you purchased recently. How did that product meet your needs and wants?

  3. Relationships • Is based on the relationship between the buyer and the seller • Some relationships are short-term • Some relationships are long-term and lead to more satisfied and loyal customers • Examples of product loyalty • Research has shown that it is less costly to keep a current customer than to get a new customer. • Why do you think that would be true?

  4. More about relationships • Many businesses focus on developing and maintaining relationships with their customers. • Contact customer after the sale • Is product working properly, meeting the needs • Problems can be worked out quickly • Sales people might send birthday cards or incentives • Send notices of sales and special “LOYAL CUSTOMER” events • Many businesses reward repeat customers with discounts or free products • Frequent flier points • Kroger coupons

  5. international • People around the world are linked by phone, fax, internet, and travel • You can buy foreign products in many stores in the US • US products are for sale in many foreign countries • Through the internet, people can buy products from anywhere in the world.

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