Marketing Training in the Philippines grew tremendously this year. Marketing is the basic knowledge that entrepreneurs and members of the organization must have. It is not responsibility that should be isolated, and only marketing department should perform.
Marketing: A Review
Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
Entrepreneurs and leaders of organization should use this definition as a guidepost.
However, it was found out that a lot of companies and entrepreneurs need to further study and training to fully understand marketing.
For most, it was found out that marketing is selling. This is partially true but this is not the essence of marketing. As the definition of Dr. Kotler shows marketing is rooted on the exploration, creation and delivery of value to satisfy the needs of the target market at a profit.
Exploration, Creation and Delivery of Value
The challenge of marketing theses days is Value-Creation. Most of the times, we see the business landscape as a sea of copycats, businesses trying to copy the competition, and contented at offering little or no value at all to the dismay of the consumers.
This is the limitation and the error of Benchmarking. This is not to say that Benchmarking is bad, but this is to say that it is limiting.
The truth is Value Creation takes place when we find problems to solve. This is the best use of Marketing. When we solve problems using the power of marketing we create new value, this benefit our target consumers.
We can learn and discover problems of our consumers by knowing barriers that prevent them from accomplishing things they want to do, understanding the annoyances, dissatisfactions and irritations they encounter daily.
If we know this information, we can start looking for solutions that we can sell at a profit to these consumers.
If the consumers like our solutions, and they are willing to pay the price to get the solutions, we have created value.
Customer Value is customer’s perceptions of what they receive, in return for what they sacrifice (Zeithami, 1988). In addition, there are two aspects to customer value: desired value and perceived value (Woodruff, 1997). Desired value refers to what a customer desires in a product or service. Perceived value is the benefit a customer believes he or she received from a product after it was purchased (Shanker 2012).
Michael Porter conceptualized differentiation as a competitive marketing strategy. The use of this strategy is widespread. The strategy can be good and bad.
“A differentiation strategy calls for creating a product or service with sufficiently distinctive attributes that it sets your business apart from the competition. If your differentiation strategy works, you may be able to charge your customers a premium for your product or service. However, such a strategy may backfire without sufficient market acceptance. You also face other risks that can impact your bottom line (Saint-Leger)”.
Indeed, the main issue of differentiation, most of the times, is market acceptance. A lot of product and service failures stem from marketing professional using differentiation in a vacuum, without considering the buyers perspective.
Also, a successful differentiation never lasts. Eventually, the competition copies it.
So What Now?
There are marketing training in the Philippines to further discuss the essence and actionable marketing entrepreneurs and business need.
The need right now is to further atomize the meaning of marketing into actionable parts. By doing this, SMEs and large businesses in the country can create more value that redound to the consumers.
If you are part of the SMEs or are part of running a large company you need to further widen your knowledge.
After all, the Father of Modern Business, Peter Drucker said, “Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”