Marketing refers to the action of promoting products and services, formulated by studying, identifying, and anticipating a customers’ wants, needs or desires. “The Five Ps of Marketing” — product, price, place (distribution), promotion, and positioning — provide a useful framework for discussion. By optimizing each of these basic ideas, you can help ensure your effectively understanding and reaching the target market for your core business. The better you understand, target, and anticipate the critical needs of your market, the more effectively you will be able to spend time and money to reach them.
Marketing brings an abundance of organizational benefits, including differentiation and customer intimacy. Differentiation helps you stand out from competitors and occupy a unique space in the mind of prospects and buyers/customers, while customer intimacy tells you how well you actually know your audience’s needs, wants, or personalization preferences. Understanding these influences will help you to define what makes your offering different for your audience.