Because its purpose is to create a customer, the business enterprise has two -- and only these two -- basic functions: marketing and innovation.
...marketing is still rhetoric rather than reality in far too many businesses. ...what consumers [consumerism] demands of business is that it actually market. It demands that business start out with the needs, the realities, the values of the customers. It demands that business define its goal as the satisfaction of customer needs. It demands that business base its reward on its contribution to the customer.
That paragraph says a lot.
Here is how I break that down:
Need to understand the customer problem and needs.
Market Segmentation and Customer needs
- Market Analysis
- Identify Target Segments and Customers within each Segment
- Size the market segments
- Customer Needs Assessment by Segment (What Benefits are they seeking?)
- "What jobs they are currently doing and how is it being done?"
- "What jobs do they want to be done and how could it be done better?"
- "What is their ideal experience?"
- "What are roadblocks for fears?"
- Competitors
- SWOT -identify threats and weaknesses which are used in a SWOT analysis
Market Selection
- Segment Market Attractiveness
- Product Positioning (How to position our product to the market segment and customers in the segment?)
- Level of differentiated value analysis Strategic Position Analysis
- Strategic Position Analysis
- Collaboration partners, Channels (help improve strategic position)
Customer Acquisition Evaluation
- Generate awareness and interest
- Map buying personas
- Engagement
- Communication Plan
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