Lecture 6 Marketing (Target Markets & Market Segmentation) The Marketing Concept:- - Rather than being product focused a well managed business is what the customer wants (customer focused). - The business is directed towards serving existing potential customers while making profit. - Example: Chrysler a automobile manufacturer who went bust due to making their products inefficient which customers (general public) are not satisfied and therefore demand of their products decreased rapidly. Target Markets:- Who exactly is the customer? Cant sell to everybody The SPECIFIC group of people, the business targets as the most likely intended customers. Market Segmentation:- Marketers divide world into smaller and smaller groups of SIMILAR people.