First task of marketing: Identify your Target Customers First
First task of marketing: Identify your Target Customers First

If you have worked as a marketer for many years, it is often good to re-visit the definition and purpose of marketing.  It helps to ground us in the important fundamentals of marketing.

Marketing has 3 components to it.

First, find out who your customers are, and their needs or wants.  This is marketing research.

Second, produce products or services that meet those needs or wants.  This is what your company produces.

Thirdly, do the second action above for a profit.  If you don’t produce a profit consistently, you will not be able to sustain the business for long.  Sales are important, but profits are far more important.  Would you rather make $5 from selling a $10 product, or make $2 from selling a $20 product?  Profit margins and net profit is far more important in business than the sales figure alone.

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