Business success lies in your marketing. Agree?
There are many definitions of marketing but one of the simplest suggests that:
“Marketing is getting the right product or service in the right quantity, to the right place, at the right time and making a profit in the process”
The heart of a business success lies in its marketing.
The overall marketing umbrella covers advertising, public relations, promotions and sales. Marketing is a process where a product or service is introduced and promoted to potential customers.
Everything you need to know about marketing
- Without marketing, a business may offer the best products or services in the industry, but none of the potential customers would know about it.
- Marketing is about identifying and understanding these prospective customers and giving them what they want. It’s not just about advertising and promoting.
- Effective marketing is a result of examining every aspect of the business and how it affects the consumer’s end experience.
- It’s an ongoing business process that consists of four distinct stages; analysis, planning, implementation and control.
The 4 stages of marketing
The first stage of the process, analysis, involves collecting qualitative and quantitative data about one’s products and potential markets. This information is generated by conducting extensive market research using techniques such as surveys, audits, observations and can be compared with data that has been collected in the past. This information should be compared and contrasted against the businesses objectives and resources to determine whether or not there are any viable opportunities to expand into new markets.
If a competitive advantage is found during the analysis stage, the marketing process moves on to the planning stage. Planning involves creating strategies that can be implemented to achieve results in the target market. Both the short-term strategies and long-term goals should be considered in the planning stage, paying particular attention to comparing the risks with the potential rewards.
Once a clearly defined marketing plan has been developed, the implementation phase can commence. The success or failure of the implementation stage depends almost entirely on the work that has been done in the analysis and planning stages. If the plans are realistic, well thought out and based on sound analysis, the implementation stage should result in a success for the business. It is important to remain focused on the target objectives during the implementation stage and be prepared to adapt plans to suit changing conditions.
After the successful implementation of a product or service into a new market, one must be able to monitor and control the performance of the product in the market. The business need to be aware of changing market conditions, competitors and customers, and adjust the prevailing marketing strategies accordingly.
These basic principles of marketing apply to all markets around the world. However, it is imperative that the strategies are adapted to suit the market in which the business is trying to penetrate or compete in.
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