PRINCIPLE OF MARKETING CHAPTER 01

 WHAT IS MARKETING ?
- Marketing is engaging customers and managing profitable customer relationships.
The two fold goal of marketing is to attract new customers by promising superior
value and to keep and grow current customers by delivering value and
satisfaction.Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large.
- Marketing is a social and managerial process by which individuals and organizations
obtain what they need and want through creating and exchanging value with others.
In a narrower business context, marketing involves building profitable, value laden
exchange relationships with customers.
 Define marketing and outline the steps in the marketing process.
Marketing is the method via way of means of which groups create price for clients
and construct robust purchaser relationships with the intention to seize price from
clients in return. The advertising and marketing method includes 5 steps. The first 4
steps create price for customer. First, entrepreneurs want to recognize the market
and purchaser needs and wants. Next, entrepreneurs layout a purchaser-pushed
advertising and marketing method with the intention of getting, keeping, and
developing target customers. In the 1/3 step, entrepreneurs assemble a advertising
and marketing software that simply provides advanced price. All of those steps
shape the premise for the fourth step, constructing worthwhile purchaser
relationships and developing purchaser delight. In the very last step, the business
enterprise reaps the rewards of robust purchaser relationships via way of means of
taking pictures price from customers.
 Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts.
Outstanding advertising businesses visit remarkable lengths to find out about and
recognize their customers` needs, wants, and demands. This knowledge facilitates
them to layout want-pleasing marketplace services and construct fee-weighted
down purchaser relationships through which they could seize purchaser lifetime
value and more proportion of purchaser. The end result is expanded long-time
period purchaser fairness for the firm. The center market principles are needs,
wants, and demands; marketplace services (products, services, and experiences);
value and satisfaction; change and relationships; and markets. Wants are the shape
taken through human desires whilst fashioned through way of life and man or
woman personality. When sponsored through shopping for power, desires to come
to be demands. Companies deal with desires through placing forth a value
proposition, a fixed of advantages that they promise to customers to meet their
needs. The value proposition is fulfilled via a marketplace offering, which can provide
purchaser fee and satisfaction, ensuing in long-time period change relationships with
customers.
 Discuss customer relationship management and identify strategies for creating
value for customers and capturing value from customers in return.
Customer relationship management is the process of building and maintaining
profitable customer relationships by delivering superior customer value and
satisfaction. Customer engagement marketing aims to make a brand a meaningful
part of consumers` conversations and lives through direct and continuous customer
involvement in shaping brand conversations, experiences, and community.
The marketer's purpose is to construct the proper relationships with the proper
clients. In go back for developing cost for focused clients, the employer captures cost
from clients within side the shape of income and client equity. In constructing client
relationships, accurate entrepreneurs realize that they can not cross it alone. They
have to paintings carefully with advertising companions outside and inside the
employer. In addition to being accurate at client dating control, they have to
additionally be accurate at associate dating control.
The purpose of client dating control and client engagement is to supply excessive
client equity, the entire mixed client lifetime values of all the employer's clients. The
key to constructing lasting relationships is the introduction of advanced client cost
and satisfaction. Companies need to now no longer handiest collect worthwhile
clients however additionally construct relationships with a purpose to maintain them
and develop their "proportion of customers." Different sorts of clients require special
client dating control strategies.
 Describe the major trends and forces that are changing the marketing
landscape in this age of relationships.
Dramatic changes are occurring in the marketing arena. The virtual age has created
interesting new methods to find out about and relate to person clients. As a result,
advances in virtual and social media have taken the advertising global through
storm. Online, mobile, and social media advertising provide interesting new
possibilities to goal clients extra selectively and have interaction them extra deeply.
Although the brand new virtual and social media provide big potential, maximum
entrepreneurs are nevertheless getting to know a way to use them effectively. The
key's to mixture the brand new virtual techniques with conventional advertising to
create a easily incorporated advertising method and mix.
In latest years, advertising has emerge as a prime a part of the techniques for plenty
not-for-earnings organizations, which includes colleges, hospitals, museums, zoos,
symphony orchestras, foundations, or even churches. Also, in an more and more
more smaller global, many entrepreneurs are actually linked globally with their
clients and advertising partners. Today, nearly each company, massive or small, is
touched in a few manner through international competition. Finally, today`s
entrepreneurs also are reexamining their moral and societal responsibilities.
Marketers are being known as directly to take extra obligation for the social and
environmental influences in their actions.

 UNDERSTANDING THE MARKEPLACE & CUSTOMER NEEDS

All advertising and marketing efforts are made for attracting customers, serving
advanced cost and shooting go back cost for the purchaser in a advanced recurring
than the competition within side the market who're in opposition with the identical
motive. So, knowledge the purchaser, the market and their behaviour is vital for any
advertising and marketing choice and action. Marketing pundits and experts have
tested the purchaser, the market and the manner it behaves in situations. They have
recognized and recounted that there are 5 core concepts customer and marketplace
that needed to be mastered;
 NEEDS
The most basic concept of marketing is human needs. Needs is a state of felt
deprivation such as basic physical needs.. This includes basic physical needs for food,
clothing, warmth and safety. social needs for belonging and affection; individual
needs for knowledge and self-expression. Marketers did not create these
requirements. They are a major part of human cremation.
 WANTS
A need is a product preferred via way of means of a client that isn't required for us
to survive. So, need is the exact opposite of need, that's vital for our survival. Wants
aren`t everlasting and it often changes. As time passes, humans and place alternate
needs alternate accordingly. Wants are directed via way of means of our
environment closer to attaining positive desires. Therefore, human`s needs may be
numerous relying on every individual`s perception, environment, culture, and
society. For example, an Indian desires meals however he can also additionally need
a Dosa or Paratha at the same time as an American can also additionally need Burger
or a Pizza.
 DEMANDS
Wants turn to be Demands when a customer is willing and having the ability to buy
that needs or wants. The basic difference between wants and demands is desire. A
customer may desire something but he may not be able to fulfill his desire.
Consequently, for people, who can afford a desirable product are transforming their
wants into demands. In other words, if a customer is willing and able to buy a need
or a want, it means that they have a demand for that need or a want. 
 Market offerings.
Consumers’ needs and wants are satisfied through market offerings. A market offer
is a combination, mixture, or combination of physical products, services,
information, ideas, or experiences offered to the market to satisfy a need or desire.
Examples of market proposals across. Market services are not restricted to bodily
merchandise. They additionally encompass services – sports or advantages supplied
on the market which can be basically intangible and do now no longer bring about
the possession of anything. Examples encompass banking, airline, hotel, tax
preparation, and domestic restore services. More broadly, marketplace services
additionally encompass different entities, consisting of persons, places,
organizations, information, and ideas.
Many dealers make the error of paying extra interest to the unique merchandise
they provide than to the advantages and reviews produced through those
merchandise. These dealers be afflicted by advertising and marketing myopia.
Marketing Myopia is the mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products.
They are so considering their merchandise that they consciousness handiest on
current needs and lose sight of underlying purchaser needs.
 Value and satisfaction
Consumers commonly face a vast array of services and products that would fulfill a
given need. How do they select amongst those many marketplace services?
Customers shape expectancies approximately the fee and pleasure that diverse
marketplace services will supply and purchase accordingly. Satisfied clients purchase
once more and inform others approximately their accurate experiences. Dissatisfied
clients regularly transfer to competition and disparage the product to others.
Marketers ought to be cautious to set the proper stage of expectancies. If they set
expectancies too low, they will fulfill individuals who purchase however fail to draw
sufficient consumers. If they set expectancies too high, consumers could be
disappointed. Customer fee and patron pleasure are key constructing blocks for
growing and coping with patron relationships.

 Exchanges and Relationship

Marketing takes place whilst humans determine to fulfill want and desires via
trade relationships. Exchange is the act of acquiring a preferred item from a
person via way of means of presenting some thing in return. In the broadest
sense, the marketer attempts to result in a reaction to a few marketplace
presenting. The reaction can be extra than genuinely shopping for or buying and
selling merchandise and services. Marketing includes movements taken to
construct and preserve suitable trade relationships with goal audiences
concerning a product, service, idea, or different item. Beyond genuinely
attracting new clients and growing transactions, corporations need to hold
 clients and develop their businesses. Marketers need to construct robust
relationships via way of means of continuously handing over advanced client
value.
 Markets
The ideas of change and relationships result in the idea of a marketplace. A
marketplace is the set of real and capacity customers of a product or carrier. These
customers percentage a specific want or need that may be glad via change
relationships.Marketing manner handling markets to result in worthwhile purchaser
relationships. However, growing those relationships takes work. Sellers need to look
for customers, pick out their needs, layout proper marketplace offerings, set fees for
them, sell them, and save and supply them. Activities which includes purchaser
research, product development, communication, distribution, pricing, and carrier are
middle advertising and marketing activities.
 Marketing management
Marketing management is a process of controlling the marketing aspects, setting the
goals of a company, organizing the plans step by step, taking decisions for the firm,
and executing them to get the maximum turn over by meeting the consumers'
demands. It coordinates advertising efforts across all platforms to promote the
brand's image and attract as many potential customers as possible. Marketing
management also involves reflecting on the impact of past marketing campaigns and
customer outreach efforts, using customer feedback and sales trends to refine
marketing plans. company as a whole. It aims to streamline the way a company
builds relationships with its customers and connects its products and services with
those who can benefit from them.
 Marketing Management Orientations
There are five alternative concepts under which organizations design and carry out
their marketing strategies: the production, product, selling, marketing, and societal
marketing concepts.
 Production Concept
The Production Concept is perhaps the perfect of all Marketing Concepts. It is pretty
much generating and does now no longer spend plenty attempt on understanding
some thing approximately the customers. It follows the concept that customers will
favour merchandise which are to be had and quite affordable. Therefore, the
intention of the agency is to enhance manufacturing and distribution efficiency. The
Production Concept is one of the oldest orientations. It may match in a few cases,
however involves the hazard of focusing an excessive amount of at the personal
operations and dropping sight of the actual goal of marketing and satisfying
customer needs and building relationships. The best example of the production
concept is Vivo, the Chinese smartphone brand. Their phones are available in almost
every corner of the Asian market. You can walk into any phone shop in Asia and can
walk out with the latest and greatest smartphone from Vivo.

 Product Concept
The product concept holds that consumers will favor products that offer the most
quality, performance, and innovative features. Here. Marketing strategies are
focused on making continuous product improvements.
Product quality and improvement are important parts of marketing strategies,
sometimes the only part. Targeting only on the company’s products could also lead
to marketing myopia.
For example, suppose a company makes the best quality Floppy disk. But a customer
does need a floppy disk? She or he needs something that can be used to store the
data. It can be achieved by a USB Flash drive, SD memory cards, portable hard disks,
etc. So that the company should not look to make the best floppy disk, they should
focus on meeting the customer’s data storage needs. When you think of high-quality
products, Apple will be one of the top ones. Their products are so good that they set
industry trends and standards. Logitech makes very high-quality computer products
such as keyboard, mouse, and webcams. These high-quality products are priced
higher, but people still buy, and they get almost free advertisement from
independent reviews.

 Selling Concept
The Selling Concept is, as the name indicates, all about selling, which involves
aggressive selling to any customer. It is of minor importance who this customer may
be, why he might need the product, which usually automatically leads to a short-
term customer relationship. Consequently, the Selling Concept takes on an inside-
out perspective, starting with the existing products and focusing on finding
customers for these. In other words, it is all about selling what the company makes,
following the idea that consumers will not buy enough of the company’s products
unless it undertakes a large selling and promotion effort. There are industries where
this concept holds and often is the only solution.

 Marketing Concept
The Marketing Concept, which isn't always to be pressured with the general subject
matter of Marketing Concepts, is the primary technique that may really fulfil the
wishes of a advertising and marketing strategy: constructing worthwhile long-time
period relationships via way of means of maximizing value for the customer. It is set
understanding the want and desires of goal markets and handing over pride higher
than competition do. Consequently, the Marketing Concept takes on an outside-in
perspective, beginning with the customer needs, and aiming to locate the proper
products for the customer. In different words, rather than the product-centred
`make and sell` philosophy, the Marketing Concept is a customer-centred
`experience and responds` philosophy.In contrast to the above-explained concepts,
the Marketing Concept yields more customer value by creating lasting relationships
with the right customers, which is based on customer value and satisfaction.
 Societal Marketing 
The societal marketing concept holds that a company should make good marketing
decisions by considering consumers’ wants, the company’s requirements, and
society’s long-term interests.The motive of the societal advertising idea is likewise to
fulfill the desires and necessities of clients earlier than making any profit. But the
emphasis of this idea is to make the business enterprise fulfil social obligations for a
sustainable destiny within side the long time. The advertising approach of groups
and organizations need to encompass each clients and society as well. The concept
of the societal advertising idea is that groups need to fulfill the wants and needs of
clients, however this goal need to be aligned with the long time hobby of society. For
example, Coca Cola is the top soft drinks company, and Coca-cola is also committed
to the social-environmental responsibilities by providing products across the world
regardless of their ethnicities.
 Marketing process
The first four steps of the marketing process focus on creating value for customers.
The company first gains a full understanding of the marketplace by researching
customer needs and managing marketing information. It then designs a customer-
driven marketing strategy based on the answers to two simple questions. The first
question is “What consumers will we serve?” (market segmentation and targeting).
Good marketing companies know that they cannot serve all customers in every way.
Instead, they must focus their resources on the customers they can best serve and
most cost-effectively. The marketing strategy question is "How can we better serve
our target customers?" (distinguish and locate). Here, the marketer describes a value
proposition outlining the values that company will provide to win the target
customer. Once the marketing strategy has been chosen, the company now builds an
integrated marketing program - made up of the combination of the four elements of
the marketing mix, the four Ps - that turns the marketing strategy into real value to
customers. The company develops services that deliver products and creates a
strong brand identity for them. It prices these offers to create real customer value
and distributes the offers to make them available to target consumers. Finally, the
company designs promotion programs that engage target customers, communicate
the value proposition and persuade customers to act on the market offering.
Perhaps the most important step in the marketing process involves building value
laden, profitable relationships with target customers. Throughout the process,
marketers practice customer relationship management to create customer
satisfaction and delight. They engage customers in the process of creating brand
conversations, experiences, and community. However, in creating value and
customer relationships, businesses cannot go it alone. He has to work closely with
marketing partners both inside the company and throughout his marketing system.
So in addition to practicing a good customer relationship management and
customer-engagement marketing, firms must also practice good partner
relationship management. The first four steps in the marketing process create value
for customers. In the final step, the company reaps the rewards of its strong
customer relationships by capturing
value from customers. Delivering superior customer value creates highly satisfied
customers who will buy more and buy again. This helps the company capture
customer lifetime value and greater share of customer. The result is increased long-
term customer equity for the firm.

CHAPTER 02
 Explain company-wide strategic planning and its four steps
Strategic making plans units the level for the relaxation of the company`s making
plans. Marketing contributes to strategic making plans, and the general plan defines
advertising's function within side the company.
Strategic making plans entails growing a method for long-run survival and growth. It
includes 4 steps: (1) defining the company's task, (2) placing targets and dreams, (3)
designing the enterprise portfolio, and (4) growing useful plans. The company's task
have to be marketplace-oriented, realistic, specific, motivating, and constant with
the marketplace environment. The task is then converted into targeted helping
dreams and targets, which in flip manual choices approximately the enterprise
portfolio. Then every enterprise and product unit have to expand targeted
advertising plans in step with the company-huge plan.
 Discuss how to design business portfolios and develop growth strategies:
Guided with the aid of using the employer`s project announcement and objectives,
control plans its commercial enterprise portfolio, or the gathering of commercial
enterprise and merchandise that make up the employer. The organization desires to
produced a commercial enterprise portfolio that nice suits its strengths and
weaknesses to possibilities withinside the environment. Thus , it have to examine
and regulate its cutting-edge commercial enterprise portfolio and increase increase
and downsizing techniques for adjusting the destiny portfolio. The employer may use
a proper portfolio-making plans method. But many businesses are actually designing
more-custom designed portfolio-making plans procedures which can be higher
applicable to their particular situations.
 Explain marketing's role in strategic planning and how marketing works with
its partners to create and deliver customer value.
Under the strategic plan, the important useful departments - advertising, finance,
accounting, purchasing, operations, facts systems, human resources, and others,
need to paintings collectively to perform strategic goals. Marketing performs a key
position withinside the employer strategic making plans through supplying a
advertising idea philosophy and inputs concerning appealing marketplace
opportunities.
Within man or woman commercial enterprise units, advertising designs techniques
for attaining the unit`s goals and allows to hold them out profitably.
Marketers on my own can't produce advanced price for customers. Marketers need
to exercise companion courting management, running intently with companions in
different departments, to shape an powerful price chain that serves the customer.
And they need to companion efficaciously with different groups withinside the
advertising device to shape a competitively advanced price shipping network.
 Describe the elements of a customer-driven marketing strategy and mix and
the forces that influence it:
Customer value and relationships are at the center of marketing strategy and
programs. Through market segmentation, targeting, differentiation, and positioning,
the company divides the total market into smaller segments, selects segments that it
can best serve, and decides how it wants to bring value to target consumers in the
selected segments . It then designs an integrated marketing mix to produce the
response it wants in the target market. The marketing mix consists of product, price,
place, and promotion decisions.
 List the marketing management functions, including the elements of a
marketing plan, and discuss the importance of measuring and managing return
on marketing investment:
To discover the great method and blend and to place them into motion, the
enterprise engages in advertising and marketing analysis, planning, implementation,
and manipulate. The major additives of a advertising and marketing plan are the
government summary, the modern-day advertising and marketing situation, threats
and opportunities, goals and issues, advertising and marketing techniques, motion
programs, finances and controls. To plan true techniques is frequently less
complicated than to hold them out. To be successful, organizations ought to
additionally be powerful at implementation - turning advertising and marketing
techniques into advertising and marketing actions.
A advertising and marketing branch may be prepared in a single or a aggregate of
ways: practical advertising and marketing organization, geographic organization,
product control organization, or marketplace control organization. In this age of
consumer relationships, an increasing number of organizations at the moment are
converting their organizational recognition from product or territory control to
consumer dating control. Marketing businesses perform advertising and marketing
manipulate, each running manipulate and strategic manipulate.
Marketing managers ought to make certain that their advertising and marketing
greenbacks are being properly spent. In a tighter economy, today`s entrepreneurs
face developing pressures to reveal that they're including cost in step with their
costs. In response, entrepreneurs are growing higher measures of go back on
advertising and marketing investment. Increasingly, they're the use of consumer-
focused measures of advertising and marketing effect as a key enter into their
strategic selection making.

 The growth-share matrix defines four types of SBUs:

 Stars are high-growth, high-share businesses or products. They often need heavy
investments to finance their rapid growth. Eventually, their growth will slow
down, and they will turn into cash cows. An SBU with high market growth and a
high relative market share is considered a star business unit. It is a profitable
business. It has attractive long-term profit opportunities.Stars are in a high
growth rate and, therefore, highly competitive markets. They have the potential
to be the cash cows only if they can consolidate their competitive position. They
generate as well as consume revenue. Their net contribution to the kitty of the
organization is not very substantive.
 Cash cows are low-growth, high-share businesses or products. These established
and successful Strategic Business Units (SBUs) need less investment to hold its
market share.Thus, they produce a lot of the cash that the company uses to pay
its bills and support other Strategic Business Units (SBUs) that need investment.
A Strategic Business Unit (SBU) is considered a question mark when it has high
market growth and low market share. It is relatively weak in competitive terms.
A question mark business-unit is risky due to the inherent uncertainty in a high-
growth market and weak market share position. However, such a unit is
considered to have a future. It may offer-opportunities for long-term profit. If
more cash is poured down into this SBU and properly nurtured, it may become a
star Strategic Business Unit (SBU).

 Question marks are low-share business units in high-growth markets. They

require a lot of cash to hold their share, let alone increase it.Management has to
think hard about which question marks it should try to build into stars and which
should be phased out.An SBU is considered as a cash cow when it has low
market growth and high market share.It is a highly profitable firm and generates
a substantial amount of cash. Since this Strategic Business Unit (SBU) has a lack
of opportunity for future expansion, more cash should not be injected.Question
marks lie in the high business growth rate segment with a weak competitive
position.This means that the organization has to develop some competencies to
make the best use of high growth rates. To sustain these business resources, the
organization has to be committed to developing them in the select areas.

 Dogs are low-growth, lo,w-share businesses, and products. They may generate
enough cash to maintain themselves but do not promise to be large sources of
cash. An SBU with low market growth and low market share is treated like a dog.
It has a weak competitive position in a low-growth industry. It cannot generate
cash, and also, it has a dim prospect.The corporate head office has to decide
about its future. It may be divested or liquidated or turned around if there are
sufficient reasons for its revival. Dogs are in the low attractiveness, low
 competitiveness (low relative market share) quadrant. They are not generating
revenue, nor does it make sense to develop them as their competitive position
would remain weak. It is best to divest these businesses.

 Developing Strategies for Growth and Downsizing

 Market penetration. The Market Penetration strategy for portfolio planning.
Companies can grow to better penetrate existing markets with existing products.
This means that in fact, nothing is really new: the firm takes the current product
in the current market and just penetrates the market in a better way. For
example, we will look at car manufacturers. The company can take the existing X
model, which is placed in the existing market, and increase its growth potential
by adding modifications, colors and more. Alternatively, it can offer discounts
and promotions to drive sales. In other words, market penetration is
meaningless other than increasing sales of current products to current market
segments without changing products.
 Market Development. For existing products, but new markets, firms should
choose a Market Development strategy. With that, it can expand existing
products into new potentially profitable markets. This can only be achieved by
identifying and developing new market segments for current products. To return
to the previous example, the carmaker could take an existing X model and target
a new market segment with it: instead of just the older generation, the firm may
now be targeting a younger segment as well.
 Product development. Companies can apply Product Development strategies to
existing markets, but new products. The company’s growth will then be
achieved by offering modified or new products to current market segments. In
our example, a car manufacturer can design a new product for its market
segment consisting of the older generation. In addition to model X, it can add
model Y. It can also choose to modify model X in its portfolio planning.
 The company growth can be achieved with a Diversification strategy. This
applies to new products and new markets. Thus, a company starts or buys a
business beyond its current supply and market. For example, a car manufacturer
from our example may decide to enter a new market by acquiring a clothing
 brand. This will be a completely different market for the firm as well as a
completely different product line. However, clothing brands can be used to
promote and extend car brand identity. Diversification can take two ways:
relevant and unrelated SBUs. If a car manufacturer adds motorcycles to its
portfolio, there is a connection between existing offerings with ease.

Chapter 03
 What is a microenvironment?
A microenvironment is a part of a company's marketing environment, which consists
of actors close to the company that affect its ability to engage and serve its
customers as well as its marketing performance.

 Actors in a microenvironment
 The company
The company is the first actor which affects its marketing ability. For example, the
company`s financial welfare will affect how much it can spend on research,
production, promotion. In formulating a marketing plan, marketing management
takes into account other groups of companies - groups such as top management,
finance, research and development, purchasing, operations, human resources and
accounting. All of these interconnected groups form an internal environment. Top
management sets the company’s broad mission, objectives, strategies and policies.
Marketing managers make decisions in these broader strategies and plans. With
marketing at the forefront, all departments-from manufacturing and finance to legal
and human resources-share the responsibility for understanding customer needs
and creating customer value.
 Suppliers
Suppliers shape essential hyperlinks for the duration of the enterprise`s whole
purchaser fee transport network. They offer the sources a enterprise desires to
provide its items and services. Any issues that arise with providers can dramatically
have an effect on marketing. In addition, deliver availability and expenses want to be
monitored via way of means of the enterprise to hold manufacturing stability.
Shortages or delays in deliver, herbal screw ups and different activities can motive
income expenses within side the brief time period and harm purchaser delight
withinside the lengthy time period. Rising deliver expenses may also pressure fee will
increase that would have an effect on a enterprise`s income volume.
 Marketing intermediaries refer to individuals or organizations which help the
company in production (production for lease), distribution (wholesalers,
retailers, agents & brokers), promotion (advertising media companies), finance
(banks, financial companies) and even marketing (marketing agencies). And of
course, in the company's micro-environment, they are an actor.Similar to
suppliers, marketing intermediaries shape an critical thing of the company`s
typical cost shipping network. Thus, today`s entrepreneurs apprehend the
significance of running with their intermediaries as companions instead of really
as channels thru which they promote their products.

 Customers are not only the target of a company’s marketing activities, but also
the most important actors in its micro environment. Customers can affect its
marketing activities. For example, a company needs to research the
characteristics (demographics, psychographics, behavior ...) of a target customer
in a country if it plans to expand its coverage to that country.The goal of the
entire value delivery network is to engage target customers and establish strong
relationships with them. Companies can target any or all of the five types of
customer markets. The consumer market consists of individuals and households
who purchase goods and services for personal use. The business market buys
goods and services for processing or further use in its production process, while
the reseller market buys goods and services for resale at a profit.

 Competitors are a component which each undoubtedly and negatively have an

effect on the employer`s advertising ability. On a hand, competition encourage
the employer to paintings difficult for higher aggressive advantages. On the
alternative hand, this component can damage the employer's income and
profits. The advertising idea states that, to be successful, a employer have to
offer more purchaser cost and pride than its competition do. Thus, each firm
have to do extra than absolutely adapt to the desires of goal consumers. They
 additionally have to benefit strategic benefit via way of means of positioning
their services strongly towards competition` services withinside the minds of
consumers.

 Public
The company’s marketing environment also includes various publics. A public is any
group that has an actual or potential interest in or impact on an organization’s ability
to achieve its objectives.A company can prepare marketing plans for these major
publics as well as for its customer markets. Suppose the company wants a specific
response from a particular public, such as goodwill, favorable word of mouth and
social sharing, or donations of time or money. The company would have to design an
offer to this public that is attractive enough to produce the desired response.