Marketing is the process of finding out customers needs and serving those needs profitably. If an organization is obsessed with looking for profits, it will never find them. But if it is focused on satisfying its customers, profits will come automatically. Profit is an outcome of serving customers, needs well.
Profit is a legitimate goal of a business organization. Reasonable profits are required to keep stakeholders interested in running the business, and to increase the capability of the organization to serve its customers better.
The essence of marketing is providing desired value to customers. A company cannot possible satisfy all the customers in a market, because their needs vary. Most organizations do not have the capability to serve widely varying needs. An organization has to select customers whose needs can be matched with its capability to serve them. If it tries to serve all customers, it is sure to have some of them dissatisfied. But if an organization has selected its customers carefully, it is possible to satisfy all of them completely.
Successful companies rely on their satisfied customers to repurchase and recommend the company’s offerings to others. Therefore the goal of marketing is attracting and retaining customers through long-term satisfaction of their needs.
Marketing oriented companies build relationships with their existing customers by providing satisfaction. They attract new customers by building expectations and promising to provide value. New customers find the company’s promise credible, as the company’s existing and erstwhile customers vouch for it.
Therefore customers are the most powerful stakeholders of any company.
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