Attracting customers is an integral part of marketing, but retaining them is even more important. This can be achieved through several means including understanding the behavior of current and future customers and the environment. In addition, recognizing changes in the market environment allows the firms to capitalize on marketing opportunities or prepare for threats in the market.
Understanding of the market environment requires the firms to be conversant with current market trends, technology developments and competitors’ strategies. Therefore, this paper seeks to analyze customers’ current and potential behaviors and the market environment, as well as they affect marketing strategies.
In order to successfully market their products firms need to understand both the behavior of current and potential customers and the influence of the marketing environment. In understanding the current customers’ behavior, marketers are able to do an analysis of their buying trends. This also helps to recognize the prevailing needs of the customer and hence produce products that satisfy target customers’ needs. It is also very important to be aware of the consumer buying process so as to influence the choice of the consumer. In doing so, it is paramount to understand that the buying process consists of several stages, all of which are of great interest to marketers (Thomas, 1995, p.248). ...Show more