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# Marketing Management ## Targeting the right audience * **Target market:** The group of customers a company focuses on. * **Value proposition:** The reason customers should choose a product. * Example: A toy store focuses on kids and parents. ## Marketing Orientations Companies follow diffe...

# Marketing Management ## Targeting the right audience * **Target market:** The group of customers a company focuses on. * **Value proposition:** The reason customers should choose a product. * Example: A toy store focuses on kids and parents. ## Marketing Orientations Companies follow different marketing strategies: * **Production concept:** This strategy focuses on cheap and easy to find, available, and reasonably affordable products. (but it can lead to Myopia) * **Product concept:** Focuses on quality, performance, and innovation features. * **Selling concept:** Focuses on advertising and promotion efforts. * **Marketing concept:** Focuses on customer needs. Companies achieve their goals by understanding the needs and wants of target markets. * **Societal marketing concept:** Focuses on helping customers and society. A company that follows the societal marketing concept makes eco-friendly products instead of polluting the environment. ## The Marketing Environment Companies must consider outside factors that affect their business to build and maintain successful relationships with target customers. **1. Micro environment:** (Close to the company) * Customers * Suppliers * Competitors * Employees **2. Macro environment:** (Big outside forces) * Economy * Technology * Nature * Laws * Culture