Optimizing Decision Making and Avoiding Pitfalls
This chapter explores different target markets and the factors that influence them. It explains marketing research to understand and identify target markets and to forecast demand. The chapter examines the customer buying process in both the consumer and business-to-business market (B2B), since customers have several product options to satisfy their needs, wants and desires. It discusses a process for the development and cultivation of ongoing relationships with target markets. A great source to help locate a marketing research firm is the American Marketing Association (AMA) Marketing Resource Directory. The marketing research process is a scientific approach used to resolve a business problem or discover solutions. B2B focuses on organizational factors that can influence the procurement process. Customer lifetime value (CLV) at the point of purchase is 'the net present value of the stream of future profits expected over the customer's lifetime purchases'. Several global industry coding systems that measure feasibility, international compatibility and economic activities.