Sensing Opportunity Week 1

Sensing Opportunity Week 1 - Sensing Opportunity...

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Sensing Opportunity: Relationship and Strategy The Marketing Process Defining Wants and Needs The Importance of Marketing Study Tools The Marketing Process The marketing function is fundamental to the survival and growth of every company. Successful marketing  carefully follows a highly-defined process to build relationships with customers. The first step is to simply  be aware of your environment. What segments of the market are your competitors going after? What  segments are being under-served? What does the political, social, and economic environment hold that  presents either challenges or opportunities? Let's assume that you are the owner of a small car repair shop. By analyzing your environment, you sense that the neighborhood around your shop has become much more prosperous in the past few years. And while several new shops have opened catering to foreign luxury cars, others with no specific target market have closed. By checking the traffic in front of your shop you see a lot of BMWs drive by. You have a loyal but small following. After your analysis of the environment, you take the next step and decide to select that small group of  BMW owners as your target market. Your next step is to find out as much as you possibly can about this  segment. As a group, how much money do they make? Where do they work? Do they own their homes?  How many cars do they typically have? After finding the answers in online databases, you feel  comfortable that you can get a sizable market share by pouring your entire marketing budget into  promoting to this small group of potential customers. But you still feel the need to know more about this 
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This note was uploaded on 11/27/2009 for the course BUSN 319 taught by Professor Framan during the Summer '09 term at DeVry Cincinnati.

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Sensing Opportunity Week 1 - Sensing Opportunity...

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