How much do you know about marketing?

I come across so many business owners who simply confuse marketing with sales and focus solely on “selling”.  Yes, I know that the end result is to make a sale but there’s more to selling your product or service than making a sale.

Let’s start with a definition of marketing that I have used for more years than I can remember:

Marketing is “A management activity that identifies, anticipates and satisfies customer requirements, efficiently and profitably”. 

>>> Note the words:  “identifies” “anticipates”; “satisfies”; “efficiently”; and “profitably”. <<<

Customers’ needs are anticipated and identified by undertaking marketing research and segmentation and then a marketing mix is developed to satisfy customers - efficiently and profitably.

Businesses that adopt this marketing concept, centre its activities on the needs of its potential customers.  Its financial success will depend on satisfying those needs.

A marketing orientated business will develop a structure designed to identify and interpret customer needs; to create goods and services appropriate to those needs; and to persuade potential customers to purchase those goods and services.

This involves integrated marketing, i.e., using different marketing variables in a balanced and co-ordinated manner.

Additionally, all parts of the business will need to appreciate that they have an impact on the customer, and are therefore an essential part of a marketing process.

Are you ready to focus on your customers?  I hope so.