It is essentially the positioning of a product, which a customer needs in a particular place at a price that the customer sees value for money for the product/service.
Any product/service that is able to address the above has successfully marketed itself. The list might seem relatively simple but there are several contributors that lead to a seemingly simple desirable outcome and it takes extensive research and accurate analysis of the data targeted and created in the demographic basis which the pricing is determined.
It is worthwhile to note that marketing is the study of several factors and there are times when the most expensive marketing fails to return value for money, on close inspection it would not be hard to find that one or more of the primary contributors have been overlooked. How marketing is approached can broadly be classified into one of the two categories mentioned below.
Most often companies create a product that they think the customer needs and then spend money and crucial budget on getting the customer to accept the product/service. It is not about what they think the customer needs, it is about knowing what the customer demand is and then working on it. There is no use creating a beautiful garden which might not flourish in the climatic conditions of the target market: