Managerial Marketing Term Paper Example | Topics and Well Written Essays - 2500 words

Managerial Marketing - Term Paper Example 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. The questions to be answered are: who are these people; what sort of lives do they lead; who influence their buying decisions; what purchasing power do they have; what