Marketing is the matching of products and services to meet the needs of defined markets. Marketing is to selling what standardized production is to custom manufacturing: it enables efficiency in product design, manufacturing, promotion, selling and other business processes. Marketing enables:
- Sales Efficiency: Sales professionals can sell, not do market research, product specification or develop their own communication
- Standard Products, efficiently produced, competitively priced, suitable for multiple customers
- Market focus: branding to prepare the ground for selling, efficient promotion and lead generation.
Marketing’s mission is business growth:
- Identify, investigate, evaluate opportunities for growth and their financial impact
- Develop alignment of Executive Team
- Develop business plan for opportunity
- Implement the “Marketing” part of the plan
Components of Marketing:
- Strategic planning: articulating the paths to growth beyond the current sales cycle
- Market Management: building success in designated markets
- Product Management: insuring the continued success of specific product lines
- Market research: learning before investing in anything new
- Competitive analysis: understanding the competition to compete effectively
- Marketing Communications & Lead Generation: successful only when informed by ALL other components of Marketing.