The Four Basic Questions of Marketing
There are four basic questions to be asked in a marketing-focused approach to business:
- What is the situation being dealt with? Everything relates differently in different situations of contexts.
- Who are they? Marketing recognises that not everyone is going to be a customer. The organisation needs to determine who the best markets (target segments) are and where investments and efforts should be focused to achieve the best results?
- What do they want? What value do they seek? What are the key preferences and expectations of customers and potential customers?
- What do we want? (the marketing organisation/supplier/seller) Determining its goals and objectives enables the organisation to better understand which markets to target in order to utilise its talents and resources to the best effect.
These questions are the bases for developing an effective business development strategy that will enable the organisation to fulfil customer’s needs, better than competitors can. It will also identify changes in the marketplace that can affect the bottom line.
What might you add?