Business Series - Marketing

Disclaimer: Please note that I am not an expert in owning a Business. This series is meant to solely provide information to the reader.

Business’s today face major challenges and opportunities in marketing, such as globalization and advances in technology. These both play major parts in the marketing strategy of a business. Marketing is not only a social process of how to get your products and services to the consumer, but it is also the process of planning and executing the concepts, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.

To look at marketing strategies for your business, ask yourself the following questions, keeping in mind the 4 major pieces of marketing: Product, Price, Place and Promotion.

1) How can you spot and chose the right target markets?
2) How can you differentiate your products and services from the competition?
3) How far do you go to customize your products and services for each customer?
4) What are the major ways you can grow your business or company?
5) How can you build stronger brands in order to continue to grow your business or company?
6) How do you keep your customers loyal to you, just beyond the first few purchases?
7) How do you measure the payback from advertising, sales promotions, and public relations?

Just thinking about these questions gets the ball rolling about your businesses marketing strategy. It is one of the main reasons a company will ‘make or brake’ it in their industry. Most businesses, unless they are very large, don’t usually consider marketing. But it is one of the most important ‘hats’ a business person will wear. Marketing your products or services just right will bring back customers and keep your business in front of the consumer. Keep in mind though; too much exposure could ruin your business or product, so try to keep an even marketing plan. Learn about your competition, their target markets and pricing strategies and capitalize on feeding what works into your business.
Develop a marketing plan that works for you; set marketing objectives, determine what avenues and how you are going to market your product or service, set marketing budgets, check the competition and then develop and deliver your marketing message to your target market.

Marketing is a challenging concept in any business…from print ads, to internet, to direct-mailings. Just keep in mind the 4 major pieces of marketing: Product, Price, Place, and Promotion.