Key Customer Markets

Marketing management is the art and science  of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Consumer markets: Companies selling mass consumer goods like cosmetics, soft drinks, air ticket etc. Brands strength depends on developing a superior products & packaging, ensuring its availability, & backing it with engaging communications & reliable services.

Business markets: Companies selling business goods & services often face well trained & well informed professional buyers who are skilled at evaluating competitive offerings. Business buyers buy goods to make or resell a product to others at a profit.

Global markets: Companies selling goods & services in the global marketplace face additional decisions & challenges. They must decide which countries to enter, how to enter, how to adapt their product & service features to each country, how to price, & how to communicate with the different people.

Nonprofit/Government markets: Companies selling their goods to nonprofit organizations such as churches, universities, charitable organizations, & government agencies need to price carefully, because these buyers have limited purchasing power. Lower selling prices affect the features & quality. Much government purchasing calls for bids, & buyers often favor the lowest bid.

Marketing Environment

The micro environment consists of the forces close to the company that affects its ability to serve its customers – the company, suppliers, marketing channel firms, customer markets, competitors, & publics.

The macro environment consists of the larger societal forces that affect the whole microenvironment – demographic, natural, economic, technological, political, & cultural forces.