What do Marketers think about?
To have a clearer concept in this regard let's consider an instance of Opening a Book Shop on campus. To do this we have to answer different questions like:
1. Is there a need? (Of having a book shop)
2. What is my target market? (Who will be buying the products from your book shop?)
3. What is my product? (The basic items to be sold)
4. How can I produce and deliver a "product" better than my other competitors?
5. How will I promote my product?
6. How can I insure customer devotion?
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
Simple Questions, Hard Answers
- Who are our customers? (The target Market)
- What essential & unique benefits do we provide? (Product/service)
- Are these profits sustainable? (Long-term competitive advantage)
These questions are actually very simple but are very hard to be answered theses questions like it is really hard to define basic characteristics to be produced in product and services as per demands and requirements of the customers; and then to exactly define your target market and to have long-term competitive advantage through customer satisfaction.