The Fundementals Of Marketing

The Fundementals Of Marketing



The Fundementals of​ Marketing
Marketing gives you​ a​ better understanding of​ potential opportunities within the​ market that will help develop the​ vision of​ the​ company .​
Therefore,​ it​ is​ definitely a​ process worth cultivating.
In this section,​ we will identify Marketing fundementals that will help you​ develop your Marketing plan.
Is there a​ Market for your product or​ service
This must be the​ first question that you​ answer as​ you​ need to​ know whether your product will survive or​ not .​
Factors like competition,​ location,​ uniqueness and demand all need to​ be analysed (P's of​ marketing next page) .​
One word to​ help you,​ Research .​
The key is​ to​ gather as​ much information as​ possible on​ the​ current Market situation .​
This will give all the​ answers you​ need.
Better yet,​ you​ don't need to​ do it​ yourself,​ there are plenty of​ Marketing agencies out there who do Market research as​ part of​ their core products .​
Take a​ look at​ our recommended business section where you​ will find information on​ such companies.
Getting your Marketing message heard
Who,​ How and when .​
Who needs to​ hear the​ message,​ how will the​ message best be implemented and when is​ the​ best time for them to​ hear it.
An example:
Company a​ wants to​ inform the​ Market about a​ new Telecoms product that they are selling.
Who? the​ product is​ designed around a​ small business infrastructure as​ it​ will help them cut down on​ costs .​
Great,​ thats one question answered.
How? the​ recent rise in​ broadband consumption amoungst small businesses and homeowners make Email Marketing an​ appropriate choice .​
Direct Mail Marketing would be too expensive and results would be difficult to​ measure .​
Using return receipts make it​ possible for them to​ measure delivery of​ emails whereas they would be 'left in​ the​ dark' trying to​ determine whether or​ not someone received something in​ the​ post.
When to​ send the​ email?
9 o' clock on​ Monday morning...yeah right .​
People are bombarded with Spam,​ so the​ chances of​ your email being read are slim to​ say the​ least .​
After lunch on​ Wednesday has been proven to​ have a​ high response rate.
Lets summarise:
Company a​ determined that their product was best suited for small businesses .​
Answering that all important first question led to​ them to​ identifying how to​ communicate their message and when an​ appropriate time to​ send it​ would be.

Fail to​ measure and you'll end up measuring your failure
Measuring and testing different ways of​ implementing Marketing strategies or​ getting your message put across is​ a​ key aspect in​ the​ Marketing process .​
I​ tell most of​ my clients that you​ have to​ fail once and most of​ the​ time they do...but only once .​
Why? Because I​ also advised them on​ how to​ measure their results .​
So at​ the​ end of​ the​ day,​ they are able to​ see where they went wrong or​ where the​ Market wasn't very hospitible to​ their product which ensures that they never make the​ same mistake again.
Results,​ Results,​ Results
Always remember what the​ objective of​ the​ Marketing is​ .​
This will ensure that results are measured effectively .​
For instance,​ you​ shouldn't be reconciling the​ cash at​ the​ end of​ the​ day if​ the​ objective was to​ increase your Website traffic and not to​ sell any products.




You Might Also Like:




No comments:

Powered by Blogger.