03 Jun Satisfying Customer Needs at a Profit

Satisfying Customer Needs at a Profit

Simon Wallace | 3rd June 2014

‘Satisfying customer needs at a profit’ is the simple but factual response to ‘What is Marketing?’

Marketing is a skilled profession that requires an educated approach helped by training and is the organisation’s (sales team’s) roadmap to profit. Marketing specifies: (1) the product or service focus, estimates market size and current market share; (2) the price range required to be competitive; (3) the route to market whether direct or via a third party; (4) the promotion required to lift awareness and excite the organisation’s customers and prospects; (5) the process required to operate efficiently; (6) the talent required to work the process and (7) the track record required to support the focus.

This is collectively known as the modern Marketing Mix = the 7P’s of marketing, respectively:

1. 1. 1. Product/Service
      2. Price
      3. Place
      4. Promotion
      5. Process
      6. People
      7. Physical Evidence

Are you satisfying customer needs at a profit?

How is your marketing mix?

About the Author

Simon Wallace is founder of The Whole Thing Group and passionate about performance improvement. Creative entrepreneur and trusted advisor to some great companies that are achieving great things.