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Prior business reasoning was inverted by marketing. Fifty years ago, the phrase “the customer is king” was coined, and businesses began to realize that the most essential component of their business was not merely the product. Consumers have a wide range of product options, and businesses have realized that marketing is in charge of ensuring that their products have the features and advantages that customers desire and are ready to pay for. Successful marketing-oriented organizations have adjusted their focus from “the customer is king” to a more modern “the customer is a dictator” in today’s technologically-driven world. Even if there are many new trends in marketing, there are still certain basic concepts that must be taken into consideration while making any marketing choice. When it comes to marketing, understanding the fundamentals is the most important step for any student, whether they’re just starting out at college or are a...
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