Learn Marketing – Why Is It Necessary?
For many of us when we hear the word “Marketing”, our 1st thought is advertising. That is slightly true, but advertising is just a piece of the puzzle.
Marketing is defined as “the action or business of promoting and selling products or services, including market research and advertising.” – Dictionary.com
The process of gaining potential consumers interest into your company, product or service is the basis of marketing.
Why Is Marketing Necessary
Marketing is the lifeline of all businesses. Without it your business will never get off the ground or prosper.
In a perfect world, every product would interest everyone. Unfortunately that is not the case. Promoting or advertising your product to the whole world, seems like the best path to success. In reality it could be the worst move you could make unless you have tons of money and don’t mind wasting it.
When a vegan sees an advertisement about a burger, what do they do? Ignore it. We all do when we see an ad for something that doesn’t interest us.
This is why we have to focus on a target audience that interest fits our product.
The Four P’s of Marketing
There are 4 key components to marketing: product, price, promotion, and place. Once defined, you are closer to successfully launching your product or service.
Product
Creating your product or service starts the process of course. Before you immediately start selling it, you need to do market research.
Questions you need to answer:
- Who is your target audience?
- What messaging will gain and continue to increase the demand of your product or service?
- How do focus groups or potential customers react to your product?
- How do you implement the results from the focus groups and surveys to better your overall product?
Price
The correct pricing can help sky rocket the results you want. The price will also be tested in your focus group or surveys, to see what potential customers are willing to pay.
A key to pricing is checking the price of related products. Remember to set your price at a point that you have a positive ROI (Return On Investment). If you set the price to high, you could miss a large percent of your potential customer base. Set the price to low and you could put yourself out of business before you get started.
Promotion
There are many different forms of promotion such as online, print and events. The goal with promotion is to generate interest in your product, that could possibly lead to sales.
Using your results from your research for your product and pricing, will heavily help you with promotion.
Place
How and where you sell your products or services can also make or break your product.
Would it be more beneficial to sell your product online or in a retail store? Should you sell to wholesalers or directly to your customers? Will you sell your product internationally or should you start locally and build your way up?
Closing
Marketing can be defined in a few words but as you can see it’s more than you would initially think. Once you learn and master the process, “The Sky is the Limit”.
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He always kept preaching about this. I most certainly will
f᧐rward this information to him. Pretty sure hһe
will have a good read. Than you for sharіng!