In twenty years of my existence in the marketing profession I had the privilege of meeting various kinds of businessmen and asked them how they perceive marketing as well as the theories behind it. Certainly, different book authors have their own definitions of the word marketing whereas business professionals and entrepreneurs undoubtedly understand the meaning and the importance of marketing in their respective businesses.
But not all of them appreciate the very essence of the ‘marketing concept’. In every business enterprise, particularly those who are just starting up and trying to establish their name in the market, understanding and applying the concept is very essential. I can say that this might be the most fundamental rule for you to have an opportunity to succeed in each of your business endeavors.
So what is marketing concept? It is basically about the “knowing and evaluating who are your potential customers and what are their needs and wants, then create product or service according to these needs and making sure that you align your overall marketing strategy to your company’s objectives.” Thus, it is illogical to create and introduce products or services that no one really desires. This is one of the mistakes usually made by some of the entrepreneurs; they make goods or services according to their liking or self-image and not even considering the needs of their potential market. Ultimately, nobody wants his business to be a failure, so just do the right thing and go back to the basic principles.
(Content Credit to Mr. R. Herrera, MBA)