Marketing is the lifeblood of every business. It is the fuel which keeps the engine running. Without customers, the business would close shop.
We often think about this aspect of business as the activity of bringing in customers. While this is true, it goes beyond that. The core term which captures all that marketing is about is the word Value. And this refers to the benefit which the firm or company or business provides for those it serves. It is the heart of every business.
The popular paradigm for discussing marketing is the marketing mix (shown below), which shows the interaction among the 4 concepts of Product, Price, Promotion, and Placement.
Central to all these concepts or activities is value. Determining the nature of product or service to be provided, how it is to be communicated to the target market, the price at which it is to be offered, as well as the means by which it is made available to consumers – all revolve around the core benefit which the business is providing. Keeping this concept central helps us think clearly and make better customer-oriented decisions.