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Managerial Marketing - Term Paper Example
Pages 10 (2510 words)
A marketing manager is faced with the heavy problem of making the business profitable and successful despite the competition. If he doesn't have the mastery of two key marketing concepts, target markets and customer satisfaction, chances are the business will be swept away by the wayside…
Retention of the customers is a system which must be mastered because it is the key to success and profitability.
Businesses start with dreams of financial independence and financial security. No business can ever start to germinate and soar to success without a good idea, a business plan, sufficient capitalization and mastery of at least two aspects of business, human resource management and marketing management. This paper zeroes in on marketing management
Target market is defined as the specific groups of customers that a business entity aims to capture (www.entrepreneur.com/encyclopedia/term/82498.html). Today, there is stiff competition in practically all kinds of business so it is imperative that to capture these target markets, there be target market strategies. It is also important that these target markets be identified, a process called market segmentation and a market niche be established (Daly,2001,p.50). To do this, an earnest research should be conducted to identify who these people are who have needs and wants that can be met by the services or the products of the
business entity. If the business has already been started, then research begins with one's own existing customers. ...
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