MKT 320F Lecture Notes - Lecture 2: Millennials, Sales Promotion, Target Market
Document Summary
Chapter 4: the marketing environment - sections (4. 1 - 4. 8) Perhaps the most important decisions a marketing manager must make relate to the creation of the marketing mix. Target market: a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges. Managers must alter the marketing mix because of changes in the environment in which consumers live, work and make purchasing decisions. Although managers can control the marketing mix, they cannot control elements in the external environment that continually mold and reshape the target market. Understand current customers: you must first understand how, where, what and when they buy. Identify the most valuable customers and understand their needs: an organization must understand what drives customer loyalty and then take steps to ensure that those drivers are maintained and enhanced.
