MGT Notes

Reference: Marketing Management by Kotler Keller 14e (Pg 31)

The key customer markets are:

Consumer markets – Here companies develop goods and services to sell to an end consumer. The firm is focused on developing a good brand image and improving its communications to facilitate acceptance.

Business markets – In this type of market, the focus is on selling to other businesses who will either use these products or will resell them for a profit. A firm’s reputation and cost structure are important factors that come into play since business customers tend to be more well informed.

Global Markets – Companies make a decision to play in markets outside their primary home market if they can achieve a higher payoff. This goes along with new challenges, varying customer preferences and different laws & regulations.

Nonprofit & Govt. Markets – When companies market to Non-profit customers, they realize that cost is important and thus tend to make tradeoffs in product quality which may cause some product features to suffer compared to other markets.