Marketing 101

Marketing is basically the strategic part of business. It incorporates or impacts heavily upon all of the following activities

· Business Development · Product Development
· Market Development · Market Research
· Competitor Analysis · Pricing Strategy
· Public Relations · Customer Service
· Promotions · Brand Development
· Company/Corporate Identity

The foundation of all good marketing is to know your market. That means Know Your Customers. The well-marketed business is completely customer focused. They identify what the customer wants or needs, and then supply it at a price the customer is prepared to pay.

Placing the customer foremost does not always mean having excellent customer service. It means knowing what the customer’s priorities are, and making them your own. With that said, providing value, the values that the customer desires most, is where the whole secret lies.

4 P’s of Marketing

Product · Price · Place · Promotion

Product is what you are selling. Not just the physical product or the actual service, but all the customer benefits and values that the product represents. It is usually not important to have the best possible product. Cutting edge and feature-packed products cost more. The key is to have the most valuable product in its price range.

Price is the amount that the customer must pay. This is the acid test of whether the features you added to the product were really valuable, or whether you might have been better off cutting a few low-value features out—therefore making it possible to offer a lower price.

Place is where you do your business or where your product is offered. We cannot change our place.

Promotion is the P that everyone associates with marketing. Of course, we are not only talking about just advertising when speaking of promotion, but also sponsorships, public relations, special offers, viral marketing, and so much more.

Every business, and every product or service, will need its own special blend of these four elements. The cheaper the product and the better your place, the lower the price you can offer. The more attractive a product is for the price, the further people will travel or the longer they’ll wait, and the less promotion the product will need.

The 4 P’s of marketing all inter-relate to create an overall mix that you can control, and in doing so, can find the optimum blend for your customers and market conditions.

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