Lesson 1 Definition of Marketing and benefits of Marketing

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at largeĀ 

So for an enterprise it is crucial to know

  • What are your marketing goals?
  • What is your message?
  • Who is your target group?
  • How can you reach your target group?
  • What makes your service, product or brand attractive to the target group? Is there anything unique about your product/service (unique selling point – USP)?
  • How can you communicate this benefits?

Benefits of Marketing

Marketing is a pre-investment that will pay off earlier or later

  • therefore, a realistic calculation for the extent of the marketing measures is necessary, balancing profitability, necessity and financial resources
  • The marketing strategy has to evaluated and adjusted regularly.

Marketing makes sure, that your service or product is bought and that your brand is known.

Marketing is especially necessary, when a new enterprise or product/service enters the market so that it gets popular

A good target group analysis (that should already be part of the business plan) is key for the success of an enterprise and also for the marketing strategy and it will help for the further development of the enterprise (by knowing the target groups needs, it is easier to develop new products)