Marketing represents all those activities that are directed towards understanding specific or general needs of your potential customers, and satisfying them with value for a profit.
The two important components of marketing are identification, and satisfaction of needs.
See all businesses battle for making a profit while serving a particular need of their consumers. The need of a consumer drives an entrepreneur to develop and sell a product or service.
Your need for removing dirt from your clothes is satisfied by a detergent; say for example, Areal. If there were no needs to serve, no business would exist at all.
The first important marketing component is need identification. Entrepreneurs who launch businesses begin their endeavours from need identification.
They turn a particular need into a business opportunity. They are able to smell needs of people, develop a value preposition to satisfy them.
It is not like they are extraordinary people. They are common people like you but the only difference between them and you is that you serve yourself for a cost while they serve others for a profit.
The second and last part of marketing is need satisfaction. It is all about creation, communication, and delivery of a value proposition to help target customers satisfy their needs.
A value preposition represents a number of benefits packed in a product or a service to solve customer problems or needs. Ariel detergent is a value preposition as it offers benefits of removing dirt from clothing during water washes.
Creation of a value preposition [product or service] isn’t sufficient. Firms also need to ensure its communication and delivery to the customer.
Communication involves informing, and persuading its potential users using means of promotion. And, delivery of a value preposition happens when a business uses means for example stores to handover products and services to the customers.
In conclusion, you earn profits when customers buy your products or services.
