The age old question to most people, especially if you’re a novice like many of us in the world of business and trying to tap into the fundamentals of it when starting up your own business is trying to understand – What is Marketing, REALLY???
There are many definitions to this term. Overall what they focus upon is customer orientation and satisfaction of customer needs. A definition that covers all aspects is given by Kotler
~ Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
This sounds simple enough. But how does marketing help one in business and why should careful consideration be placed upon it?
Easy – Without satisfying the needs and wants of your customer with your products and services, as the definition explains you will not have customers, hence NO BUSINESS.
Therefore, to survive with the ever demanding and competitive world you need to market your products and services. It is done not only to earn money but the overall reputation of your business is dependant on how you create your business image and marketing helps you do this.
Marketing, simply put is all about being driven by the customer and his or her needs. So the important elements to remember are;
- Marketing focuses on the satisfaction of customer needs, wants and requirements.
- The philosophy of marketing needs to be owned by everyone from within the organization.
- Future needs have to be identified and anticipated.
- There is normally a focus upon profitability, especially in the corporate sector. However, as public sector organizations and not-for-profit organizations adopt the concept of marketing, this need not always is the case.
- More recent definitions recognize the influence of marketing upon society.
Whether it’s a small, medium or larger all business require a careful consideration on marketing and its trends to survive in the business world.