Organizations (producer/ seller) can create the customers by Identifying customer needs, designing goods and services that meet those needs than communicating information about those goods and services to prospective buyers Making the goods or services available at times and places that meet customers’ needs Pricing goods and services to reflect costs, competition, and customers’ ability to buy and finally providing for the necessary service and follow-up to ensure customer satisfaction after the purchase.
According to Peter F. Drucker If we want to know what a business is, we have to start with its purpose. And its purpose must lie outside the business itself. In fact, it must lie in society since a business enterprise is an organ of society. There is one valid definition of business purpose: to create a customer.
Marketing is part of all of our lives and touches us in some way every day. To be successful each company that deals with customers on a daily basis must not only be customer-driven, but customer-obsessed. The best way to achieve this objective is to develop a sound marketing function within the organization. Major reason to study marketing is:
• Marketing plays an important role in society
• It is Vital to business
• Marketing offers outstanding career opportunities
• Marketing effects your life every day
What do Marketers think about?
To have clearer concept in this regard lets consider an example of Opening a Book Shop on campus. To do so we have to answer different questions like:
1. Is there a need? (Of having book shop)
2. What is my target market? (Who will be buying products from your book shop)
3. What is my product?(Basic items to be sold)
4. How can I produce and deliver a “product” better than my competitors?
5. How shall I promote my product?
6. How can I insure customer loyalty?
Mostly before starting any activity of above-mentioned type marketer performs an analysis termed as SWOT (Strength, Weakness, Opportunity and Threat). Marketing is a process of getting the right products to the right people at the right price and at the right place and time with the right promotion. But this requires solution to certain simple question: like
1. Who are our customers? (Target Market)
2. What important & unique benefits do we provide? (Product/service)
3. Are these benefits sustainable? (Long-term competitive advantage)
These questions are apparently very simple but are very difficult to be answered theses questions like it is really difficult to define basic characteristics to be produced in product and services as per demands and requirements pf the customers; and then to precisely define your target market and to have long-term competitive advantage through customer satisfaction.