What is marketing?

♠ Posted by Unknown in Online Marketing at 07:45

In an elementary way, marketing is to determine the value of your product or service and then pass that information to consumers.(Selling your products) 

Who is your customer?

Before you start selling anything, you must know who you are selling. To create a general profile of your customers, you could group them by demographic characteristics, such as:

• age, usually presented in a range (20-35 years);
• marital status;
• place of residence;
• the size and description of the household;
• income, especially disposable income (money to spend)
• education level, usually to last level completed
• employment;
• interests, purchasing behavior (what do we know of the consumer want?)
• cultural background and ethnicity.

For example, a clothing manufacturer may consider a number of target markets: toddlers, athletes, grandparents, teenagers and tourists. A general profile of each of these potential markets will reveal which ones are the most realistic, pose the least risk and can be profitable. A test market target groups, or who buy for them, such as parents for babies and toddlers, can help to separate real target markets from unlikely.

Once you have defined your target customers, determine their needs and preferences

• What challenges might respond with your product or service?
• What are their needs and expectations with respect to this product or service?
• What kind of things do they want?
• What are their expenses?
• Where do they shop?
• How do they make their spending decisions?

These represent only a small part of what you could learn about your potential customers.

To create the profile of your customers and understand their needs, you will need to do market research.

Conduct market research

Learn about market research, how it can improve your decisions in terms of business and how to conduct a market research campaign.

The four "P"

Does someone will buy what you sell?

Marketing experts agree that there are four factors that influence buying decisions. These four factors is called the "marketing mix" (trade logistics) or "four Ps".

• Product: What are you selling?
• Price: How much can you ask for your products?
• Place: Where are they people will buy your product?
• Promotion: How will you market your product?

The success of these four elements strongly influence your company's revenue.

Note: In this section, the word "product" includes both "goods" and "services".

product

What are you selling?

To find out what you should sell, you must understand the needs of your target audience and tailor your product to their needs. More you meet the expectations of your customer, the greater the chance that buys your product, recommends it to others and come back to do business with you.

Among the key factors to consider when creating a product include those that follow:

• Mass production or mass surmesure: Your product he will be manufactured in series? Will it be the same for all those who buy it or will you offer more personalized product to each of those who do business with you?

• Product Consumer, many thoughtful purchase luxury items or unwanted: Do people buy your product regularly when doing their shopping (although FMCG); Is that your product is one in which people want to compare prices and brands before making a decision (well thought of purchase); Is it something special they rarely buy such an expensive gift or a luxury (luxury goods); or is it something they do not really want, but they still need to buy (though unintended)? The clarification of the category in which your product will help you determine the price, where to sell it and how to promote it.

• New or existing product: If your product is new, you need to create a market demand (convince people that they need it). If you create a new version of something that already exists, you will need to show people that your product is better or cheaper than offered by your competitors.

• Test your product: So you know who your potential customers and you have researched their needs. You have created a product that meets their needs. However, did you feel? It may be that your product has small or big things that displease the people and could therefore limit its success in the market. Make sure to get feedback from people who fit the profile of your target customers.

You must also consider the point at which your product is delivered in its life cycle, this detail could have a significant impact on your sales and profitability.

price:

How can you ask for your products?

The price you ask will influence the number of sales and quantity sold. If your price is too low, you may perceive the product as inferior or you just realize too little profit. If the asking price is too high, the consumer would buy your product in lesser number and quantity.

To determine the fair price, you must consider the following factors:

• the costs associated with the production of the product (including direct input costs and indirect costs);
• the price charged by competitors;
• the price that customers are willing to pay or can pay for your product.

Place

Where do people buy your product?

The location refers to the time where you will sell your product and the method of distribution.

• Will you sell your product yourself directly to the consumer purchaser or will you sell to wholesalers or retailers who will sell it for you?
• If you are selling yourself, will you sell online, by mail or will you have a real location?

• The place you choose it is the place where your target customer magazine?

You're new in business, you are thinking to use new methods of distribution or trying to sell your products abroad, the resources provided below can be useful:

Selecting a location and layout

Wondering where to establish your business and how to arrange the time comes? Then, evaluate your options.

Managing the supply chain

Effective management of your supply chain can help you develop a continuous process from pre-production to consumption through distribution.

Export
Stimulate the growth of your business by selling your overseas products or services.
You want to find new markets for your products or services? Exporting is a way to increase your sales and grow your business. While the export can be very profitable, it is not without risks.

promotion

How will you market your product?

For people to buy your product, they must know that there is, have a positive impression and be convinced that they need or they want to. There are a wide variety of tactics that you can use to promote your product to your potential customers, including:

• traditional advertising (television, radio, billboards, in newspapers or magazines);
• Internet advertising, social media and other online promotion techniques;
• participation in trade fairs and other events;
• the design and distribution of promotional materials;
• direct marketing by telephone (telemarketing), mail and e-mail;
• billboards outside of your business;
• enrollment in business directories.

The right approach for your company depends on your budget and your target customers. Be sure to promote your product in a place where people will see it and where it will have the best view possible in relation to the money invested (also called "ROI").

The packaging of your product is also an important part of your promotional tactics, especially if your product is exposed close to competing products. You need to consider the following:

• How they pack your competitors products?
• What type of packaging will appeal to your target customers?
• Will people be able to find the key features and benefits of your product by looking at the packaging?
• What are the requirements for labeling?

The message you vehicle and the brand image that you create are of utmost importance to get people to know and appreciate your product. Your message must convince people that they need your product or they want, and they will derive value. Your brand should be catchy enough for people to remember it and think about your company and your product when it comes time to buy or recommend products to their friends.

Promoting and advertising your business{}

Learn how to use advertising and promotion techniques.

Sales management and customer relations{}

Want to increase your sales and manage relationships with customers and the public effectively? See how to do it with these valuable resources.

Regulation on the marketing, advertising and sales{}

For a business, it is essential to attract new customers. However, there are rules to follow.

How does it affect the rest of marketing your business?

• Marketing is not an autonomous activity; it fits perfectly to other functions within your company.

• Your research and development should focus on creating products that meet customer needs.

• Your production team must be able to meet the demand that you create for your product and keep the promises you make to the quality of your product.

• Your human resources strategy must focus on hiring and training people who will sell your product and ensure that building a strong image of your company.

• Your financial experts must decide and give their opinion on the pricing of your product, when it is discussed in discussions.

• Your legal team must assess the impact on the protection of privacy of the various techniques of marketing you are thinking of adopting.

• Your environmental team must consider the packaging of your product and ensure that it causes only small effects on the environment, while remaining attractive.

As you can see, marketing is far from an isolated business. In fact, you must take this into account when making any kind of management decisions.


Thank you!