Apply a marketing strategy (target market, develop marketing mix).
is a set of processes for creating, communicating, and delivering value to customers and
for improving customer relationships. It includes everything that organizations do to satisfy
The philosophy of satisfying customers’ needs while meeting organizational profit goals is called
and guides all of an organization’s marketing activities.
To apply this approach, marketers need a
—a plan for doing two things: selecting
a target market and then (marketing mix) implementing strategies for creating, pricing, promoting,
and distributing products that satisfy customers’ needs.
is a specific group of consumers who are particularly interested in a product, would
have access to it, and are able to buy it.
To identify this group, marketers first identify the overall market for the product (from the
, or both).
Then, they divide the market into
—groups of customers with common
characteristics that influence their buying decisions.