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· Determine the needs of their customers through market research · Analyze their competitive advantages to develop a market strategy · Select specific markets to serve by target marketing · Determine how to satisfy customer needs by identifying a market mix
Successful marketing requires
timely and relevant market information. An inexpensive research program, based on questionnaires given to
current or prospective customers, can often uncover dissatisfaction or possible new products or services. A marketing strategy identifies
customer groups which a particular business can better serve than its target competitors, and tailors product
offerings, prices, distribution, promotional efforts, and services toward those segments. Ideally, the strategy
should address unmet customer needs that offer adequate potential profitability. A good strategy helps a
business focus on the target markets it can serve best.
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"We now accept the fact that learning is a lifelong process of keeping abreast of change. And the most pressing task is to teach people how to learn." -- Dr. Peter Drucker, Austrian-born American management consultant, educator |
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