Three key dimensions of marketing

It seeks to identify customer needs: Many manufacturers would know all there is to know about relevant production technology, but nothing about their customers’ wants. They may design products with fancy features without considering the perceived value of such features to their buyers. Then they wonder why their sales staff fails to push the product in the market.

Marketing attempts to select customer groups for which it can develop a competitive edge: Companies taking a shotgun approach – meaning all things to all people – inevitably end up with sackful of unsold product inventories. Those companies which concentrate their limited resources on meeting specific needs of the customer have better chances of succeeding.

It designs and produces the right product packages: when a company attempts to sell a Mercedes while the customer is demanding a Zen sized car, failure will greet it with open arms.

“It is a total business philosophy aimed at identifying the needs of each customer group, then designing and producing product / service package so as to serve the groups more effectively than the competitors”.