Marketing is the art and science of identifying customer needs and wants, developing a product based on customer needs and wants, and finally formulating a strategy for a good product marketing mix. One important thing to note is that marketing and sales are not the same. Marketing activities involve before product development, on the other hand, sales only come after product development with the aim of selling the final product to the customers.
The marketers always aim to develop the products which solve the problems of the customers and also explore the new opportunity of offering something new in the market to amaze the customers. We have success stories of innovative 3M computers, Apple computers, Amazon and eBay or services. Today, customers admire these giants for their unique ideas.
The majority of products fail in the early stages of the product life cycle, this does not mean that the products are not able to qualify the needs and wants of the customers. The failure of products could be due to many reasons such as low distribution, high customer expectations in product advertisements, pricing strategy, segmentation and others. Marketers should craft the marketing plan carefully to do justice to each marketing factor.
Today, Dell, Microsoft, HP, Amazon, Google, Southwest Airlines and Wal-Mart are enjoying the journey of success not only because of the products and services they offer, but also their formidable and innovative method of marketing to achieve the right audience. Marketing is not the single activity, it is the set of activities to gather requirements regarding customer needs and wants, communicate the specifications to the product team, develop the right product and marketing plan.