To discuss: The external
Marketing is the management and study of exchange of relationships. It is the business of creating relationships among consumers and business and satisfying the customer needs and wants.
Explanation of Solution
The external marketing environment and the way it affects a firm is as follows:
A target market is a set of organizations or people for which an organization implements, designs, and retains a marketing mix that is projected to fulfil the requirements of that group, resulting in equally fulfilling exchanges. Instead, managers react to the changes made in the external environment and try to build a more effective marketing mix. Then the marketing manager can develop a marketing mix to efficiently meet the requirements of the target consumers.
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Chapter 4 Solutions
MKTG 12:STUDENT ED.-TEXT
- Explain the concept of a marketing mix and why firms must alter their marketing mix?arrow_forwardDescribe several reasons for studying marketingarrow_forwardExplain the difference in business markets and consumer markets. Include how the factors of the marketing environment affect each market.arrow_forward
- Contemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning