Why More Companies Focus On Acquiring New Customers Than On Retaining Existing Ones

Implement the Marketing Concept
Companies that believe in the marketing concept operate differently from those that do not. These companies follow a two-step process. First they identify the market, and then they develop a marketing mix.
Identify the Market
Consumer Protection
The first step is to identify the market or markets the company wants to serve. A market is a description of a unique group of prospective customers a business wants to serve and their location. An example of a market for a bicycle manufacturer may be people who ride bicycles in the mountains for health and fitness. A potential market for a sports arena may be teens within 80 miles of the arena who attend concerts more than twice a year.
Develop a Marketing Mix
The second step is to develop a marketing mix that will meet the needs of the market and that the business can provide profitably. A marketing mix is the blending of four marketing elements—product, distribution, price, and promotion—by the business. The marketing mix is sometimes referred to as the 4 Ps of marketing with place used as an alternate term for distribution.
Let's illustrate a possible marketing mix for the two markets described earlier. The bicycle manufacturer may decide to offer three types of mountain bikes. It can sell through a selected group of bicycle shops. The price can range from $480 to $1050. It can be promoted by advertising in two fitness magazines, on a cable sports channel, on selected travel and cycling Internet sites, and by salespeople in the bicycle shops.
The sports arena manager could choose a marketing mix for concerts that includes groups whose recent titles are among those most frequently downloaded from Internet music sites. Performances could be scheduled on Saturday or Sunday evenings and priced at $90 for reserved seating and $45 for open seating. The concerts could be promoted on the three area radio stations with the highest audience ratings for listeners age 15 to 25, by developing specific social media websites for each concert, and encouraging word-of-mouth “buzz” marketing.
Net Bookmark
Satisfied customers will return again and again to the businesses they like. It is estimated that the cost to obtain a new customer is at least five times more than the cost of retaining an existing one. Access the website shown below and click on the link for Chapter 1. Study the infographic provided by KISSmetrics. Given the information presented, why do you think more companies focus on acquiring new customers than on retaining existing ones? What recommendations would you make to a company that wants to do a better job of satisfying its customers?
ngl.cengage.com/marketing4e
Each of the elements of the marketing mix provides many alternatives to better satisfy the market. The development and implementation of the marketing mix will be discussed in detail in other chapters. Basic definitions of each marketing mix element follow.
Product is anything offered to a market by the business to satisfy needs, including physical products, services, and ideas.
Distribution or place includes the locations and methods used to make the product available to customers.
Price is the amount that customers pay and the methods of increasing the value of the product to the customers.
Promotion includes the methods used and information communicated to encourage customers to purchase and to increase their satisfaction.
Although each definition is written to describe marketing of products by a business, non-business organizations and individuals also can develop marketing mixes.（the above is the content for the book） Attachments were followed the order of the book, but it is kind of messed, please take a look.
Question：Choose one of the businesses described in the lesson—the bicycle manufacturer or the sports arena. Identify a specific new market for the business. Then plan the marketing mix elements the business should offer to meet the needs of the identified market. Prepare a three-paragraph report explaining your decisions.
Please write as high school level and make a little bit grammar misstake , thank you