Likely the first fundamental concept explained in any marketing course, whether in college, high school or even in our online tutorials, is the famous Marketing Concept. At the heart of the Marketing Concept is the idea that, to genuinely satisfy customers, marketers must give them what they actually want. As we note, the Marketing Concept is crucial because it ? ? suggests marketing decisions should flow from FIRST knowing the customer and what they want. Only then should an organization initiate the process of developing and marketing products and services.?
This idea of finding out what customers want is a core objective of nearly all successful companies, no matter their size. As an example, this story about a small Colorado bike manufacturer, Big Shot Bikes, shows how offering customers the option of customizing their order is aimed directly at addressing the Marketing Concept. As noted in the story, the company?s inspiration for offering this build-your-own option came from Nike, and it NikeiD website, which allows customers to create their own footwear.
Yet, what may be most intriguing is how Big Shot can provide a customization option that builds and ships the final product at a price that is relatively competitive to store-bought bikes. You have to wonder whether the product-creation options and ordering convenience would suggest they could offer a somewhat higher price.