What Is Marketing?
Marketing is one of components of business management. Marketing planning generates the strategy that underlies the process of how you do business, sales techniques, and business communication. Knowing your target market, having a marketing and advertising plan, and using the right business marketing strategies and tools are crucial to reach potential customers. There are a number of business marketing tools you can use to set yourself on the right track of getting your small business big attention.
The initial step to business marketing is conducting business market research, to identify your competitors and target customers. Learning who your target market is can help you create more effective ads and gain business marketing ideas. Learning who your competitors are allows you to research their market strategies in addition to their products and services. Business market research is crucial to all the steps that follow.
Develop a marketing plan for initial goals and future goals prior to any advertising purchases. Creating a road map will clarify your goals and keep you working in the right direction. Starting with a template for marketing your products and/or services, a marketing plan can help you remember important details and ensure you don’t miss marketing opportunities.
Creating a road map will clarify your goals and keep you working in the right direction.
Integrated Marketing Communication
Several shifts in the advertising and media industry have caused Integrated Marketing Communication (IMC) to develop into a primary strategy for marketers:
- From media advertising to multiple forms of communication.
- From mass media to more specialized (niche) media, which are centered on specific target audiences.
- From a manufacturer-dominated market to a retailer-dominated, consumer-controlled market.
- From general-focus advertising and marketing to data-based marketing.
- From low agency accountability to greater agency accountability, particularly in advertising.
- From traditional compensation to performance-based compensation (increased sales or benefits to the company).
- From limited Internet access to 24/7 Internet availability and access to goods and services
The 4 Cs not the 4 P’s
Not PRODUCT, but CONSUMER
You have to understand what the consumer’s wants and needs are. Times have changed and you can no longer sell whatever you can make. The product characteristics have to match the specifics of what someone wants to buy. And part of what the consumer is buying is the personal “buying experience.”
Not PRICE, but COST
Understand the consumer’s cost to satisfy the want or need. The product price may be only one part of the consumer’s cost structure. Often it is the cost of time to drive somewhere, the cost of conscience of what you buy, the cost of guilt for not treating the kids, etc.
Not PLACE, but CONVENIENCE
As above, turn the standard logic around. Think convenience of the buying experience and then relate that to a delivery mechanism. Consider all possible definitions of “convenience” as it relates to satisfying the consumer’s wants and needs. Convenience may include aspects of the physical or virtual location, access ease, transaction service time, and hours of availability.
Not PROMOTION, but COMMUNICATION
Communicate, communicate, and communicate. Many mediums working together to present a unified message with a feedback mechanism to make the communication two-way. And be sure to include an understanding of non-traditional mediums, such as word of mouth and how it can influence your position in the consumer’s mind. How many ways can a customer hear (or see) the same message through the course of the day, each message reinforcing the earlier images?
Target the right audience – that’s what we do
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