Skip to content

Simplified Understanding of Marketing

Concise Definition

Marketing is the process of delivering value to a target group.

This concise definition captures the essence of marketing. The primary objective of marketing is to create and deliver value to a specific group of consumers. Let’s break this down further to understand the key steps involved.

Steps to Delivering Value in Marketing

To deliver value to the target group, the following activities are essential:

image

1. Identify the Target Consumers

  • The first step is to determine who your consumers are. This involves identifying the specific group of individuals or organizations that your marketing efforts will focus on. Knowing your audience helps you tailor your offerings to meet their specific needs and preferences.

2. Determine Their Needs and Wants

  • Once the target group is identified, the next step is to determine their needs (essential requirements) and wants (desires influenced by culture and individual preferences). Understanding these factors is critical to designing an offering that truly satisfies them.

3. Develop an Offering to Satisfy Them

  • Based on the identified needs and wants, create a product or service that provides value to the target group. Value arises when the benefits of the offering outweigh its cost, ensuring that the target group perceives it as worthwhile.
Ask Hive Chat Chat Icon
Hive Chat
Hi, I'm Hive Chat, an AI assistant created by CollegeHive.
How can I help you today?