Marketing Is dynamic!

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?

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?

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

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.