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.