Accounting, finance, management, marketing, and operations are the functional areas of business that you are most likely familiar with. After all, you've been on the receiving end of marketing initiatives for the majority of your life as a consumer and target of various advertising messages. What you probably don't realise is how much emphasis marketing places on providing value to the customer. "Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large," according to the American Marketing Association (American Marketing Association, 2011).
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The Marketing Idea
"The Marketing Concept" is intended to remind you that in order to be successful in business, you must do three things:
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Determine what your customers or potential customers require.
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Create products to meet those requirements.
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Engage the entire organisation in customer satisfaction efforts.
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Selecting a Target Market
As previously stated, businesses generate profits by selling goods or providing services. It would be ideal if everyone in the market was interested in your product, but attempting to sell it to everyone would stretch your resources too thin. You must identify a specific group of consumers who should be particularly interested in your product, have access to it, and the financial means to purchase it. This is your target market, and you will direct your marketing efforts toward its members.Identifying Your Market
How do marketers determine their target markets?
First, they typically identify the overall market for their product—the individuals or organisations that require and can afford a product. As illustrated in Figure 9.2 "Marketing Strategy," this market can include either or both of two groups:
A consumer market consists of purchasers who want the product for personal use.
An industrial market—buyers who want to use the product to make other products.
You could concentrate on one or both markets. A farmer, for example, might sell blueberries to individuals on the consumer market as well as bakeries that will use them to make muffins and pies on the industrial market.
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