IntroductionA layman's concept of marketing is that of selling the products or services but the idea is much broader. It is essentially related to customer satisfaction. The first barter exchange can be looked upon as a reflection of the realization that exchange adds value to both parties to the transaction. This indeed marked the dawn of marketing. Since then the evolution of commerce through various stages has led to development of marketing into a philosophy of business.
Marketing is both a concept and a practice; an approach to exchange relationships, which provides the driving force f or formulation of strategies of every type of organization. It is an important socio-economic activity. Marketing is not limited to business activity alone, but it also applies to other activities like social services, elections etc.
To succeed, entrepreneurs must attract and retain a growing base of satisfied customers. Marketing programs, though widely varied, are all aimed at convincing people to try out or keep using particular products or services. Business owners should carefully plan their marketing strategies and performance to keep their market presence strong. All company policies and activities should be directed toward satisfying customer needs. Profitable sales volume is more important than maximum sales volume. To best use these principles, a small business should:
- Determine the needs of their customers through market research
- Analyze their competitive advantages to develop a market strategy
- Select specific markets to serve by target marketing
- Determine how to satisfy customer needs by identifying a market mix