Thursday, September 20, 2012

Marketing; what do consumers want?

Hello to all.  Experiencing the excitement and value that quality blogs, such as the everydayeconomist blog of my very good friend and colleague, can offer, I have decided to share some simple but significant Marketing facts to enlighten the everyday consumer, the entrepreneur, the marketer.
 I will begin with a simple definition of Marketing.  Marketing is about identifying what your target market wants. Do not jump into developing your outstanding, ground-breaking product, before researching the needs, wants, demands of your defined market.  It is all about what your target consumers want, what they will be willing to buy and consume. Therefore, research and then develop, advertise and sell.  Otherwise you will be left with an outstanding idea and an outstandingly negative account.
As Noel Peebles quotes: “You can have the best product or service in the world, but if people don’t buy it-it’s worthless”.  Various products have been doomed as failures due to the lack of market research.  People with innovative ideas have rushed to the development and introduction of the product without ensuring adequate if any demand for them. Segway’s two-wheel transportation vehicle, the “alternative to the automobile” according to its inventor Dean Kamen, is such an example.  Projected sales fell deadly short with a budgeted unit count of 10.000/week and an actual sales count of about 30.000 in six years (2001-2007).  The motorized scooter was simply not wanted by the everyday consumer; its target market was overestimated in size.  It does sell, however, in narrower groups of consumers such as police officers and tourist guides.  Consequently, research before you implement your unique ideas.  It will pay off and save you from money and time troubles.

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