But how can I maintain or even grow the customer profit?, simply, by understanding the customer so well that the product and/or service fits him/her and sells itself.
Marketing is practised by:
- Analysing marketing opportunities,
- selecting target markets,
- designing positioning strategies,
- developing marketing mix programmes and
- managing the marketing effort
There are opportunities out there in the market, but companies are too immerse into its business that they are blind and can not see what is ahead or even worst what is happening around.
- New products and/or services
- Improving existing products/services
- Complementary new or existing businesses
- A 180 degree change in the business model
- A 360 degree view
3M founded in 1902 its main business was mining. In 1925 the Scotch tape is created and 3M start moving towards new businesses. Today 3M market from health care and highway safety to office products and abrasives and adhesives.
Zara this company studied the marketing mix variables and saw that global supply network management, store layout and design, were more important than marketing expenditure on advertising, the opposite of Benetton.
Marketing managers must be alert to see market opportunities everywhere. as Rupert Murdoch, CEO of News Corp, noted:
The world is changing very fast. Big will not beat small any more. It will be the fast beating the slow