Price is also a function of marketing. What the customer perceives to be a just price may not be sufficient to cover the costs of the business. Be sure to consider both functions of price before determining what price to charge. Summary Target marketing or market segmentation based on customer needs and wants can increase profits. Target marketing identifies customer groups and the reasons they purchase.
Market segmentation helps a business be more responsive to changing customer needs.
An overall marketing plan or strategy visually shows how all aspects of a marketing effort work together. Remember, the ultimate goal of any business is to sell the product or service. Customer Profile Form Use the customer profile form shown below as an example only. Develop your own customer profile based on the type of business you operate. Think carefully about what you would like to know about your customers.