BBA 302- Marketing Management → Market environment Various environmental factors affect the way a business is operated. These environmental factors can be divided into two broad categories, such as the internal environment and the external environment. A business is required to adapt to these marketing environments to stay profitable and ahead in the competition. In this article, you will learn about different types of marketing environments and various components of the marketing environment Definition The marketing environment can be defined as a combination of both internal environmental factors and external environmental factors. These marketing environments surround a business and influence the operations of the business. What is the marketing environment? A marketing environment is a combination of internal and external environmental forces and factors that influences the business operation of a business and its ability to serve its customers. It is essential to know both internal as well as external environmental factors. Therefore, enterprises keep checking on them to do their business without any legal trouble and to generate maximum profit. The internal marketing environment consists of factors like material, machines, workers, money, etc. All of these components are necessary to run a business successfully. For example, if the raw material is not available on time and in sufficient quantity, then the work of production will become slow, and the company will not be able to fulfill the demand of the product in the market. On the other hand, the external marketing environment can be divided into two categories, such as macro external marketing environment and micro external marketing environment. The microenvironment is closely related to the business and constitutes all external business activities such as distribution and promotion of products of the company. The macro-environmental components affect all the companies serving in a single industry similarly. For example, changes in the laws and rules related to production or doing business will apply to all companies likely. In the next section, you will learn about all the internal as well as external components of an organization. Components of the marketing environment There are broadly two components of the marketing environment, such as the internal environment and external environment. Different types of parts of the marketing environment are categorized under these two broad categories. The internal environment of a business can be controlled, but there is very little control of a business in the external marketing environment. Let us learn about both components one by one. 1. Internal environment The internal environment is formed of all the internal factors and forces of an organization. The internal environment of an organization is within the control of the marketer, and he can change or modify the environment as per the demand in the market and requirement of the business. The following are the five factors that form the internal environment of an organization. These factors are also referred to as five Ms of a business. 1. Money 2. Men 3. Markets 4. Materials 5. Machinery All the components of the internal environment are as important as that of the components of an external environment. However, the internal environment factors are changed according to the change in the external marketing components. For example, an organization is required to upgrade its technology if new technology in the market is introduced. The internal environment of an organization also includes the marketing department, the sales department, the human resource department, and the manufacturing department. 2. External Marketing environment The external marketing environment consists of all the external marketing factors that exist outside the organization, and the marketer has little or no control over the external marketing environment factors. The external marketing environment can be divided into two categories, such as microenvironment and the macro environment. Let us learn about both macro and micro environments one by one. A. Microenvironment The microenvironment of a business consists of all the factors and forces that are directly associated with the company. The micro components of the external environment are also known as task environments. The following are the various components of the micro external environment. 1. Suppliers Suppliers are an essential part of every organization. Suppliers supplies material and all other types of resources required for the production of products. A company can run its business successfully only if its suppliers supply material of good quality and on time. 2. Market intermediaries Market intermediaries are the intermediary parties that help a business to distribute its products in the market. The market intermediaries can be wholesalers, retailers, and distributors. All of these market intermediaries are an essential part of the business as they are the face of the company in the market and represent the products of the company in the market. 3. Partners Business partners are the business entities that conduct business with the organization. For example, advertising agencies, banking and insurance companies, market research organization s, brokers, and transportation companies, etc. A company is required to partner with several other companies to run a successful business. 4. Customers Customers are the most crucial component of the business. Customers are the target audience of the product, and the preference of customers influences all the marketing and business efforts of a company. 5. Public The public is people other than the target audience of the organization. The public plays a vital role in the success of the business as it can build or destroy the image of a company in the market. The public has the power to influence the purchasing decision of the target audience. Especially in the times of the internet, the ability to control the public has increased as they can share their views about your products and services on the internet freely. 6. Competitors The last but not least component of the microenvironment is the competitors of a business. The competitors are the other businesses that sell similar products as your products or are part of the same strategic group in the industry. B. Macro Environment Macro components of a marketing environment consist of all external forces and factors that impact the whole industry rather than just changing an organization directly. Therefore, the macro marketing environment is also referred to as a large environment. The following are the six components of the macro environment. Let us learn about them one by one. 1. Technological environment Technology is one of the elements that have great potential to influence the business of an organization. It is dynamic, as it changes rapidly. Technology provides several threats and opportunities to the business environment. The technological environment consists of research and development in technology, innovation, inducement of technology, and technical alternatives, etc. 2. Demographic environment The demographic environment component of the macro marketing environment consists of people that form a market. The population of the demographic environment can be characterized based on various factors such as age, gender, density, size, location, race, and occupation, etc. The demographic environment is a crucial component for business as the company design and builds its products based on the characteristics of the demographic environment. 3. Social-cultural environment The social-cultural component of a macro environment is formed using values, lifestyle, culture, beliefs, and prejudices of the target audience of a business. The social-cultural environment varies from one region to another region. People living in one area might prefer a different type of product than the preference of the product of the people of any other region. Businesses are required to have in-depth knowledge of the social-cultural environment to design a product or service that is preferred by most people. 4. Economic environment The economic environment component is a type of component that influences all industries. The economic environment affects the purchasing power and spending patterns of the buyers. The following are the different factors that form an economic environment. 1. Interest Rates. 2. Gross Domestic Products (GDP). 3. Gross National Product (GNP). 4. Inflation. 5. Subsidies. 6. Income distribution. 7. Government funding. 8. Other significant economic variables. 5. Political-legal environment: The political-legal environment consists of laws and policies of a country. In addition to rules and procedures, the political-legal environment also includes agencies and pressure groups. All of these political entities impact the working capacity of the industry in society. 6. Physical environment: The last component of the macro environment is the physical environment in which an organization exists. The following are the components of the physical environment. 1. Climate condition 2. Environmental change. 3. Availability of the raw material. 4. Natural resources like water. 5. pollution. Examples of the marketing environment Examples of the internal marketing environment The best example of an internal marketing environment is the office culture of the organization. Your office culture consists of the values, beliefs, and attitudes of your employees. All of these factors determine how the employees of your organization will behave. For example, in an organization where employees are encouraged to perform in a team and support the members of the group are more likely to perform better than the organization where employees compete with one another. Moreover, employees are likely to perform better in a positive internal marketing environment rather than an environment where employees are nagged continuously and pressured to perform well. Google is one of the best companies that provide a positive and very healthy internal environment to its employees. Because of this, Google is now one of the leading companies in the industry. Examples of the external marketing environment The external marketing environment of an organization is formed of micro and macro environment. The microenvironment consists of suppliers, market intermediaries, partners, customers, public, and competitors, etc. for example, suppliers of an organization alter the business environment of an organization to a certain extent. If suppliers supply good quality material and supply that material on time, then the organization can produce the right quality products and can fulfill the demand in the market efficiently. Another vital component of the micro marketing environment is the market intermediaries. The market intermediaries of your business play an essential role in the success of your business. They are the face of your company. They interact with your customers daily and understand your customers and also your product. Let us take the example of a retailer. A retailer sells products from different companies in the market. It is in the hands of a retailer to decide whether to promote your product or not. The sales of your products will significantly depend on the people who represent you in the market. Therefore, it is necessary to provide proper incentives to your representatives and provide a good margin to them on your products so that they promote your products to their customers rather than promoting the products of your competitors. On the other hand, a macro marketing environment does not affect an organization directly but affects the whole industry. An organization is required to perform its business operations according to the macro-environment factors. The examples of the macro-environment are demographic environment, social-cultural environment, economic environment, political-legal environment, physical environment, and technological environment, etc. The business operations of an organization are controlled by the laws and policies decided by the government. In addition to this, the technological environment influences the business environment more than any other macro-environment factor. A business is required to upgrade the technology that it uses for business operations from time to time in order to stay ahead in the competition. The technological environment has both advantages and disadvantages for an organization as an organization is always required to think of innovation to compete with its competitors. On the other hand, it is also costly for an organization to update its technology regularly. Importance of marketing environment The marketing environment holds great importance when it comes to conducting business successfully. Businesses of all sizes, whether small or large or required to do their business within the marketing environment. The existence of the company, its profits, and its losses largely depends on the internal as well as the external environment around it. Therefore, it becomes essential for a marketer to understand and study the marketing environment thoroughly to generate profits and stay in business for a more extended period. Let us understand why the understanding and knowledge of the marketing environment is necessary to run a successful business. 1. To learn about your competitors: A business needs to learn about its competitors to stay ahead in the competition. Different companies fight for a single opportunity in a niche market using different strategies. A deeper understanding of the marketing environment helps a marketer to learn about the business strategies and plans of their competitors. Having this knowledge helps the marketers to understand the policy of their competitors and plan their business strategies accordingly. 2. To learn about your customers: Customers are an essential part of a business. All the business activities of a company are focused on serving its customers better. Therefore, a company gives great importance to learn about their customers and their changing preferences to serve them better and to have a long relationship with them. The marketing environment helps the marketer to understand the customers and their preferences. For example, when there is a slowdown in the economy and inflation is on the surge. At such times, people either prefer to spend less or cease their spending to save money. Therefore, people look for goods and services at lower prices. Consequently, a company must either introduce new products with lower prices or sell their products at discounted prices so that they can still make sales when there is an economic slowdown. 3. Necessary for future planning A business is required to plan to meet the demand of the market and produce as per the latest trends in the market. It is essential to learn about the internal and external environment to plan efficiently. 4. To make most out of the latest trends Trends change rapidly, and the change is rapid in fashion and other similar industries. Companies that are part of such industries are required to keep a check on the changing trends. To do this, they learn about every aspect of the marketing environment so that they can prepare a foolproof plan for the future. 5. To learn about all the threats and opportunities related to business Understanding the marketing environment is necessary to learn about the risks and opportunities associated with the company. The marketer can take advantage of being a first-mover if they know the opportunities related to the business. Moreover, a business must learn about the threat associated with the company to take precautions to stay safe.

In every business today, we often come across the concept of marketing and selling, a number of times. The concept of marketing focuses firstly on the customer’s requirements, and then the means to fulfil that need is identified. In marketing, the customer creates market demand. On the other hand, the concept of selling emphasizes only the requirements of the seller; therefore, in this process, the seller rules the market. Though the terms marketing and selling sound familiar, however, there is a fine line that differentiates between these two concepts, which includes activities, process, outlook, and management etc. In simple words, selling transforms the goods into money, but marketing is the method of serving and satisfying customer needs. The marketing process includes the planning of a products and service’s price, promotion and distribution. This article will help you understand all the important points that distinguish the two words. What is Selling? The selling theory believes that if companies and customers are dropped and detached, then the customers are not going to purchase enough commodities produced by the enterprise. The notion can be employed argumentatively, in the case of commodities that are not solicited, i.e. the commodities which the consumer doesn’t think of buying and when the enterprise is functioning at more than 100% capacity, the company intends at selling what they manufacture, but not what the market requires. In the sales process, a salesperson sells whatever products the production department has produced. The sales method is aggressive, and customer’s genuine needs and satisfaction is taken for granted. What is Marketing? The marketing theory is a business plan, which affirms that the enterprise’s profit lies in growing more efficient than the opponents, in manufacturing, producing and imparting exceptional consumer value to the target marketplace. Marketing is a comprehensive and important activity of a company. The task generally comprises recognising consumer needs, meeting that need and ends in customer’s feedback. In between, activities such as production, packaging, pricing, promotion, distribution and then the selling will take place. Consumer needs are of high priority and act as a driving force behind all these actions. Their main focus is a long run of business ending up with profits. It depends upon 4 elements, i.e. integrated marketing, target market, profitability customer and needs. The idea starts with the particular market, emphasizes consumer requirements, regulates activities that impact consumers and draws gain by serving consumers. Different Types of Selling The five top types of selling are: Aggressive Selling- In this type, the only intention of a salesperson is to sell the product in one shot. Consultative Selling-This type of selling believes in building trust with their customers. A sales representative’s main object is not selling the product but building a relationship with their client. Need Oriented Selling-Here, a seller has to perform a smart job by observing the movements and words of a customer. Under this form, a sales representative notices the customer accurately by asking different questions and assessing the customer needs. Product-Oriented Selling-This method of selling is based on product features and benefits; the salesperson explains everything about the product until the customer is completely satisfied. Providing demos are part of this selling process. Competition Oriented Selling-Under this form, the sales representative believes in staying one step ahead of the competition. They believe in convincing the customers to purchase the product and never accept a no for an answer. 5 Different Types of Marketing The five top types of marketing are: Relationship Marketing-This kind of marketing focuses on building a relationship with the customer, improving existing relationships, and enhancing customer loyalty. Word of Mouth-It is the most powerful type of marketing approach. It completely depends on what impact you leave on the customers with the quality of product and services. The customers who have opted for the service or bought a product will promote it on behalf of the company to their friends, colleagues, and neighbours, etc., only if they are satisfied. If they are not impressed, then that can result in negative publicity. Digital Marketing-It normally appears over the internet. All the marketing details are given on the internet and promoted on multiple platforms via various approaches. Paid Advertising-It incorporates traditional marketing approaches like TV ads, radio, and print media advertising. Cause Marketing-This approach associates the products and services of a firm to a social cause or issue. Therefore, It is known as cause-related marketing. Examples of Selling A few examples of selling are: • Business-to-Business Sales • Door-to-Door Sales • Cold Calling • Personal selling Examples of Marketing A few examples of marketing are: • Cold Calling • Newsletters • Search Engine Marketing • Meeting customers at Trade shows • Product placement in Entertainment platforms (video games) 4 Reasons Why Selling is Important In any organization, selling is important as it has the capacity to strengthen relationships with customers, influence them to buy the commodity and create repeat business. A sale is a part of a firm’s marketing and promotions. Five top reasons to describe the importance of selling are mentioned below: Personal Meeting-It is one of the most effective forms of promotion for a business. Here, sellers can make eye contact, make conversation, and demonstrate the advantages of the product or services. Make direct conversation-This impacts a sale by listening to the seller as it can more efficiently communicate a value proposition. Get direct Feedback- Great salespeople and companies can utilise the opportunity to obtain feedback on their company, goods, and service. Gain Customers Loyalty-Selling helps in managing ongoing customer relations. The salesperson connects with the customers and maintains conversations about customer needs. Why Is Marketing Important? Marketing is a significant part of any company. Marketing is essential for creating brand awareness, strengthening sales, and retaining customers. Most of the businesses today are adopting digital marketing for promoting their goods and services. They offer their goods on online platforms. Marketing is one sector which is expanding rapidly. There are many purposes of core marketing, such as purchase, sale, finance, transport, etc. Provide Effective Information-It is the most efficient way of interaction with your potential buyers. The backbone of Business –Marketing is like fuel for a business, without it, a company cannot sustain itself for long. It is used to fulfil every business requirement. Increase Sales-It is important to boost sales and revenue. Save Cost & Time-With this tool; a business can quickly reach a large audience. It helps in creating brands awareness, improves sales and extends customer services. Needs, Wants and Demand The very existence of human beings spells the presence of needs, and marketing thinking starts with this very important realisation. It is wrong to believe that anyone can invent needs. Needs are part of the basic fabric of human life. A need can be defined as a felt state of deprivation of some basic satisfaction. This means that unless the individual feels deprived of some basic satisfaction, at least for this individual, the need does not exist. Humans have a long list of needs, some very basic and others complex. The basic needs are physiological or biogenic in nature, and individuals are born with them. These needs are essential to sustaining human life such as need for air, water, food, shelter, clothing, and sex. These basic needs are also referred to as primary needs. Other types of needs are those that individuals learn as a result of being brought up in a culture and society such as need to belong, acquire knowledge, self-expression, selfesteem, prestige, power, achievement, etc. These are considered as secondary needs, also called acquired needs and generally believed to be the result of an individual’s subjective psychological makeup and relationship with others. Example: To differentiate between need and want, let us assume four individuals are hungry; their need is food. Assuming they have the resources to get involved in acquiring food to satisfy hunger, they go to McDonald’s. One orders a vegetable burger; the second orders puff, the third asks for a chicken burger, and the fourth buys a huge ice cream. All of them are Notes eating some variation of food to satisfy hunger. The specific satisfier that an individual looks for defines the want. Therefore, wants are specific satisfiers of some needs. Individual wants are shaped by culture, life style, and personality. Example: An individual buys a Mercedes as a status symbol and a tribal chief in some remote area of Amazon rain forests sticks an eagle feather in his headgear as status symbol. To satisfy any given need, different people may express a variety of wants and the total number of wants for all sorts of needs is apparently unlimited. Just because people have needs and wants is not enough to affect exchanges. The resources to acquire the products are limited for every individual and hence people want to buy products that they believe will provide the maximum value and satisfaction for their money. When the want is backed by purchasing power, it is called the demand and marketers are particularly interested in demand rather than just needs or wants. Marketing aims at identifying human and social needs and endeavors to satisfy them by creating, communicating, and delivering products and services. According to Kotler, marketers are involved in marketing 10 different entities: tangible products, services, events, information, ideas, places, persons, experiences, properties, and organization’s to accomplish the objective of delivering satisfaction to customers. People buy products only because these are seen as means to satisfy certain needs or wants. The concept of product is broad in its meaning and includes everything that is capable of satisfying a need and can be a physical product, service, idea, person, place, or organization. Marketers make a sensible distinction between goods and services to place them in right perspective. Physical products are tangible and services are intangible. People acquire products or buy the services not so much for the sake of being the owner or consumer, but to derive the benefits they provide. Who would buy food just to look at it? No one presumably would buy a refrigerator to just own it but for the reason that it provides the benefit of protecting the food from becoming stale and keeping it fresh. A large family with more resources will probably buy a bigger two door refrigerator, while a nuclear two or three member family with lesser resources may perhaps want a smaller capacity refrigerator. Marketing Components Marketing is the effective procedure of generating responses, hopefully in a predictable manner. The components of marketing are: 1 . Ongoing review, Augmentation of business, Marketing Strategies: Continuing to assess the strengths and weakness of the business and its marketing strategies with reference to continuously improving strategies. 2. Conducting Market Research: Estimation the size, potential of your customer market and understanding the industry and economic drivers with reference to the strengths and weaknesses of your competitors. 3. Customer Perspective: Understand the customer perspective. Very often, this is where the seed of innovation begins as we learn more about the customer perspective, we start to be able to identify new, emerging customer needs. 4. Differentiating: Standing out from your competitors based on price or value or developing a niche market where you are the dominant player. 5. Creating Visibility: Keep your business clearly visible to your target customer groups. If not, what things you need to do to become more visible to each of the customer group that you serve? E.g., Developing a marketing communications strategy and branding strategies will help you do this. 6. Developing Channels to Distribute Product/Service: To develop deep and wide channels for distributing your product and/or services

What is Market Segmentation? Market segmentation is the process of dividing a total market into market groups consisting of people who have relatively similar product needs, tastes, and preferences. The purpose is to design a marketing mix strategy that more precisely matches the needs of individuals in a selected market segment(s). Market segmentation is the technique used to enable a business to better target its products at the right customers. It is about identifying the specific needs and wants of customer groups and then using those insights into providing products and services which meet customer needs. Market Segmentation Definition Market Segmentation is the sub-dividing of a market into homogeneous subsets of customers, where any subset may conceivably be selected on a market target to be reached with a distinct marketing mix Philip Kotle Market Segmentation consists of taking the total heterogeneous market for a product and dividing into several sub-markets or segments, each of which tends to be homogeneous in all significant aspects. William J. Stanton 1. Designing Products that are More Responsive to Market Needs: The company puts the customer in the first place, and adjusts products to satisfy them and achieve customer satisfaction at a profit. 2. Analyze Market: Segmentation market is helping executives to detect anyone who attacked its product market. 3. Assess Opportunities: After analyzing the market, companies that master the concept of segmentation will be on the lookout for the idea to find opportunities. This opportunity is not always something that big, but in its time would be great. 4. Mastering the Position of Superior and Competitive: A company that controls segments well is generally well aware of their customers. Companies understand the shifts that occurred in the segment. 5. Determining Effective Communication Strategies: After learning about the targeted segment, the company will determine how to communicate effectively with the targeted segments. ________________________________________ Types of Market Segmentation There are 4 different types of market segmentation and those are discussed below: 1. Geographic Segmentation 2. Demographic Segmentation 3. Psychographic Segmentation 4. Behavioural Segmentation Types of Market Segmentation 1. Geographic Segmentation Geographic segmentation divides the market into geographical units such as nations, states, regions, counties, cities.Theorganisation can choose to operate in one or more area and pay special attention to local variation. In that way, it can tailor marketing programs to the needs and wants of the local customer. The geographic segmentation is furthermore useful when there are differences in a location where a product is marketed. The differences can be caused by cultural factors, traditions, politics etc. 2.Demographic Segmentation In demographic segmentation, the market is divided on variables such as age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality, and social class. One reason demographic variables are so popular with marketers is that they’re often associated with consumer needs and wants. Variables are easy to identify and measure. 3.Psychographic Segmentation In psychographic segmentation, buyers are divided into different groups on the basis of psychological/personality traits, lifestyle, or values. People within the same demographic group can exhibit very different psychographic profiles. Psychological profiles are often used as a supplement to geographic and demographics when these do not provide a sufficient view of customer behaviour. 4.Behavioural Segmentation In behavioural segmentation, marketers divide buyers into groups on the basis of their knowledge of, attitude toward, use of, or response to a product. It considers variables like brand loyalty and the usage rate of the consumer.What is an EntrepreneurshipBases of Market Segmentation Bases of market segmentation are the factors that are used to divide the market into a small homogeneous market. 1. Geographic Segmentation: It includes the following variables: A. Region: Continent, Country, State B. Size of metropolitan area: Segmented according to population size C. Population Density D. Climate 2. Demographic Segmentation: It includes the following variables: A. Age B. Gender C. Family Size D. Family Life Cycle E. Income F. Occupation G. Education H. Generation I. Ethnicity J. Nationality K. Religion L. Social Class 3. Psychographic Segmentation: It includes the following variables: A. Interests B. Activities C. Opinions D. Values E. Attitudes 4. Behavioural Segmentation: Behavioural Segmentation is based on actual customer behaviour towards products. Some behavioural variables include: A. Benefits Sought B. Usage Rate C. Brand Loyalty D. User Status E. Readiness to buy F. Occasions ________________________________________ Market Segmentation Process Market segmentation itself is a process of grouping and sub-grouping a large heterogeneous market of the audience into similar qualities and attributes. This helps the companies concentrate on a specified group of customers they want to target which will help them gain a competitive advantage over their competitors in the market and ultimately help them gain profit. Using market segmentation the marketers can easily customize their marketing strategies. It narrows the risk of ineffective marketing strategies and chooses the right type of market segment that would suit their marketing strategies. Importance of Market Segmentation One of the most importance of market segmentation is that it allows an organization to precisely reach a consumer with specific needs and wants. Other importance of market segmentation is discussed below: 1. Adjustment of product and marketing appeals Market segmentation presents an opportunity to understand the nature of the market. The seller can adjust his thrust to attract the maximum number of customers by various publicity media and appeals. 2. Better position to spot marketing opportunities The producer can make a fair estimate of the volume of his sale and the possibilities of furthering his sales. In the regions where response of the customers is poor, the strategy of approach can be readjusted accordingly to push the sale. 3. Allocation of marketing budget It is based on market segmentation that marketing budget is adjusted for a particular region or locality. In the place where the sales are limited, it is no use allocating a huge budget. 4. Effective competition with rivals It helps the producer compete with his rivals effectively. The producer can adopt different strategies for different markets taking into account the rivals strategies. 5.Effective marketing programme It also helps the producer to adopt an effective marketing programme and serve the consumer better at comparatively low cost. Different marketing programmes can be used for different segments. 6.Evaluation of marketing activities Market segmentation helps the manufacturer to find out and compare the marketing potentialities of the products. It helps to adjust production and using resources in the most profitable manner. As soon as the product becomes obsolete, the product line could be diversified or discontinued. ________________________________________ Examples of market segmentation Example of geographic segmentation McDonald is an example of geographic segmentation. It customizes its menu that varies from country to country. McDonald’s has introduced burgers with no beef or no pork in it for India. And likewise in Mexico, more chilli sauce is used. KFC in India concentrates on veg products in south India and on chicken products in North India. Example of demographic segmentation Ferrero SpA an Italian manufacturer of branded chocolate is an example of demographic segmentation. Its sub-brand kinder manufacture chocolate specially for children and has also separate colours and toys for girls and boys. Example of psychographic segmentation Rolls Royce is an example of psychographic segmentation, it targets the consumer having the potential of buying luxury cars and having a rich lifestyle. It concentrates on the variable of the lifestyle of the consumer. Example of behavioural segmentation Airlines, hotel and such industry are the example of behavioural segmentation. Emirates airlines are the best example for it, it offers excellent services to the passengers which helps them retain the customer. It creates brand loyalty and make the customer loyal to their airlines and fly with them frequently.4Ps of Marketing Mix ________________________________________ What is the Target Market? Target market is a group of audience within which the company is planning to sell its products. It is a process after market segmentation is done, a marketer has to select one or more segments in which a marketer has to implement his marketing strategies. The target market consists of consumers who have similar characteristics who are more likely to buy the products which will be more profitable for the company. After the selection of one or more market segments, the marketer has to implement its marketing strategies. It has to modify the marketing mix (4Ps) as per the needs to reach to the customer. After a target market is selected marketer needs to position its product to the selected segment of the customers. ________________________________________

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