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Traditional viewpoints on marketing are that a business makes a product and then sells it. This viewpoint suggests marketing is a secondary component in the process of delivering value. Companies bought into this belief have better opportunities in markets where goods are scarce and consumers are not picky about features, quality, or trends.
Marketing is about meeting customer’s wants and needs by effectively and strategically communicating a company’s message, creating brand awareness, and delivering superior value. Marketing processes, such as market research and company self-analysis define value. The goals of most businesses are to make a profit and deliver customer value.
In today’s economy people face abundant choices, and as a result, this traditional viewpoint on marketing will not work. Markets branch into many micro-markets with their own preferences, wants, perceptions, and buying criteria.
Intelligent competitors design and deliver offerings for well defined target markets by incorporating marketing in the beginning and planning phases of a product or service launch. First, conducting market research provide insights to decision makers on appropriate courses of action, which in turn, maximizes business performance. Market research, the foundation of strategic and tactical marketing, assists in segmenting, targeting, and positioning a product or service along with defining its value proposition.
By fine tuning the value delivery process to include marketing as a primary component instead of emphasizing making and selling, the results are companies win.