Are you the owner of a startup business or, an established business enterprise? are you on the lookout for the most effective strategies that you can use to market the services or products of your business? Then you should consider developing a thorough understanding of what marketing is and everything that it entails, before thinking about the right marketing strategies that you can use to promote your business. To know more, read on.
What is Marketing?
Marketing is a process which you engage in, to successfully sell the products that are manufactured by your business, or the services offered by your enterprise. The planning as well as execution of important business concepts, the creation and implementation of pricing and promotion strategies, and the distribution of services, goods, and ideas for satisfying the requirements of business organizations or individual customers, all fall within the purview of marketing.
Important Marketing Concepts and Ideas
The first important concept of business marketing is that of production. According to this notion, customers are likely to take an interest in services or products that are available readily and which can be procured for a price that is less than the price that is being charged by competitor companies for the same product.
The second important concept is the product concept, which is based, on the assumption that, price and availability do not necessarily influence the purchase decisions of consumers, and that, innovation, quality, low cost, and performance are what is taken into consideration by customers when pondering the purchase of a given product or service.
The selling concept is the third important concept of business marketing, which is often perceived to be a costly or expensive tactic. This concept bases itself on the understanding that customers need to be persuaded to get to the actual point of transaction, regardless of whether they are truly, in need of, or desire the product that is being offered to them for sale. The fourth concept is the marketing concept which rests on understanding how it is that a business can compete successfully with its rivals, and how it can maximize profit, by marketing products in a way that makes the target audience perceive the same to be of greater value than the products which are being sold by competitor companies.
The final important concept that you need to be aware of when marketing your business enterprise is the societal concept. Societal welfare is something that is greatly emphasized as a part of this concept. It is based on the notion that if you are selling a product, or offering a service, it needs to be of value and benefit for the customers, and for the society at large.
The marketing plan is a strategic plan that you draw up to determine your marketing objectives and chalk out an agenda that you will follow for advertising and promoting the products of your business. Preparing an executive summary, engaging in strategic planning, conducting a situational analysis, creating a unique selling proposition for the service or product you are looking to market, determining the budget you will use for implementing marketing activities, and monitoring as well as evaluating the plan conceived, are key components of the marketing plan.
There are several core principles of business marketing which you need to be aware of if you want to successfully promote or advertise the products or the services that your enterprise has to offer. These are known also, collectively, as the marketing mix. These are product, price, place, positioning, promotion, process, people and finally, physical evidence.
The product principle is one that you need to bring into play when determining what it is that you want your business to offer the target audience, that is, what it is that you are looking to sell your customers, be it a product, or a service or a mixture of both.
The principle of price is one that you need to consider when determining the value component of the product or the service that your business is looking to sell. This involves determining the prices or rates for which the services or products of your enterprise will be up for grabs.
The place is the element of the marketing mix that requires you to determine the geographic space or location in which the services or products may be availed by customers. Positioning is a process or element that requires you to consider how unique the service or product you offer is going to be compared to that which is offered by a rival business.
Promotion refers to the strategies and channels that you are going to use in order, to make your customers or target audience aware of the services or products that you seek to offer.
Process indicates, the steps that will be taken to market or sell the wares of your business.
Physical Evidence and People
Physical evidence indicates the building or physical space in which the business operates. People stands for the people you are going to hire to ensure that the services of your products are well marketed, such as marketing directors, and managers, social media marketers, etc.
While knowing about the basics of marketing is certainly useful if you are a startup business owner that is looking for novel and unique ways by which you can advertise your business products/services, you also need to be aware of the best marketing strategies and ideas that you can use, especially if you are a beginner in the world of business. To know more in this regard, click here. Ourea, a 360, degree management consultancy provides you with the best digital marketing, IT development and branding solutions that you can use to accelerate the growth of your business. If you are eager to know about the business solutions we offer, visit our official website.