If we consider the definition of marketing to be 'identification and profitable satisfaction of customers' needs' - which is broadly in line with my earlier suggestion. It than follows that the well being of a business depends on satisfaction of it's customers' wants, and the degree of this satisfaction is key to the success of the enterprise.
There are three prime components.
Knowing what the customer wants.
Satisfying them
Making a profit.
It is easy to get too academic about this but it is essential that the business is able to match the customers' wants. This is increasingly difficult when you consider the rate of change in modern business. A mis-understanding could lead to a mis-allocation of resources with a consequent negative effect on the business.
Is this why many businesses fail to adopt a market orientation?
Those that are marketing oriented are on the road to success. In my corporate life I spent many 'happy' hours trying to control and reduce costs. Look at it this way; if your production costs rise everyone knows that your profits are reduced. So we all try to avoid the 'negative effect' by controlling and reducing costs.
Conversely if your marketing spend increases your profits will with out doubt improve provided the marketing spend is efficient and cost effective. But this is seen as an act of faith, even though you will get a positive result many businesses fail to adopt a market orientation. That way lies potential long term disaster.
Another way to relate this to your business situation is; a marketing orientation enhances profitability while a production orientation depresses it. This makes effective successful business marketing a fundamental objective because it directly links to profit.
Effectively I am saying; business marketing is an essential no matter what the size of the business. So, we must learn to do it effectively and the great thing to me is that much of what I will be outlining over the next few issues applies to both on and offline business.
I will be setting out some more helpful tips and suggestions for your business marketing.
Tip Marketing is an art rather than a science.
My wife does a lot of charity work and continues to come up with great ideas for marketing fund raising concepts. I describe her as a natural marketeer. My background is technical/scientific and I really have to work at marketing. I have to put my 'marketing hat on' while she is a natural - instinctive.
This article is one of a series, others can be accessed at http://www.be-your-own-business-expert.com/byobe_Bulletin_-backissues.html
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About the Author
Michael Harrison is an author, publisher and business consultant specialising in helping business owners and individuals to realise and release the full potential of their situation. He has helped many people to improve their business situations and advised and supported individuals to embark on new directions in their careers.
