RANSFORD

MARKETING 04.

Marketing: the lock and the key

Marketing is about identifying a need (the lock) before creating a solution (the key). It’s more effective to design products and services for the customers you aim to serve than to search for customers to fit your offerings.

When Google recognized that people needed to more effectively and efficiently access information on the Internet, it created a powerful search engine that organized and prioritized queries. When IKEA noticed that people wanted good furnishings at substantially lower prices, it created knock- down furniture. These two firms demonstrated marketing savvy and turned a private or social need into a profit- able business opportunity.

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