- Work out what is the target market.
- Find out what it wants, what it will pay, and where it wants to buy.
- Design and make the product or service and ensure that it can be done for a price which maximizes demand (not always cheap in the case of luxury goods).
- Ensure that it is available to the target market.
- Tell people about it.
Yet so often, we see companies decide that what they can make should be sold to customers and then blame the sales force or marketing department for its failure. Most senior executives these days learn the right way of marketing as much as they learn to read a P&L, yet they are regularly overwhelmed by personal hubris. Many failed products were quite predictable, but became investments in management prestige - a violation of Marketing principles!