What is Marketing?

Marketing Defined

In its most basic definition, marketing is making products or providing services (made available) to a specific group of targeted people. That group can be large or very small but it should satisfy the customers need (the "need" can be questionable) or produce some type of benefit -while generating profits for the company. Basically, you must identify those that want to buy or use your "stuff". For example, I have no need nor desire to wear red pumps, therefore I am not a good target for that sale. My wife will not even wear red pumps even though she is in that general market - female, she's not part of that segmented market - over a certain age. Identifying those that want to buy  is why having a good understanding of your market is important to the management of your enterprise.

Many small business owners fail to identify the market size, potential, the cost to enter the market etc., even when they have the technical know-how to provide a superior service or product. As competitive as the business environment is today, it is to the small business owner's benefit - the survival of his/her business, that she understand her market as much as possible and the direction that it is moving for future planning.