Marketing is the communication between a company and the consumer audience that aims to increase the value of the company or its merchandise or to raise the profile of the company and its products in the public mind. The purpose of marketing is to induce behavioral change in the receptive audience.
A firm in the market economy survives by producing goods and services that people are willing and able to buy. Consequently, ascertaining consumer demand is vital for a firm‘s future viability and even existence as a going concern. Many companies today have a customer focus (or market orientation). This implies that the company focuses its activities and products on consumer demands. Generally, there are three ways of doing this: the customer-driven approach, the market change identification approach, and the product innovation approach.
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