Simply stated, marketing facilitates the exchange of value between parties. This means that your customers are willing to pay a higher price when your business offers more value. Thus your profit from customers measures how well your business responds to the desires of its customers, thereby fulfilling the golden rule:
“Do unto others as you would have them do unto you.”1
A business can market anything—a product, service, location, candidate, or issue—by making decisions relative to four basic tools: product, price, place, and promotion (Table 1).
Table 1. Tools of the Marketing Mix
|Product||Brand name, design, benefits, ...|