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"Marketing" is a common misunderstood term. Too often, people jump right into advertising and promotions. "Often people use the word marketing as though it were just another word for advertising. Some seem to think that Marketing is just another word for Promotion. Neither is true. Marketing is a far broader topic that holds promotion as a sub-function of marketing, and advertising as a sub-function of promotion." ___Black_Knight
As a result, they often end up trying to push products onto people who really don't want the products at all. Check our resources to learn more about marketing and you can begin with the basics. Effective marketing know how often results in much more effective -- and less difficult -- marketing and sales.
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The components of marketing includes the following:
Know your market. Your market is your customers. You want to target your customers for the following reasons: a. to dientify what your caustomer wants or needs and b. supply it at affordable price.
There are 4 Ps to Marketing
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.
Product - 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 - 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 to cut a few low-value features out and so be able to offer a lower price.
Place - sometimes thought unimportant to online business. However, many deals still go best with a handshake. Services can only be cost-effectively provided within a fixed travel-radius. Shipping costs matter. Place is still a vital concern. With the internet, all online shops are on the super-highway and equidistant to any customer, and yet people still look for local and regional suppliers. Financial and legal issues are still mostly set by place too. Where will you place your distribution centers? Would better placement of your business let you ship faster or more cost-efficiently?
Promotion - the P that everyone knows Marketing is about. Of course, we are not only talking about advertising in promotions, 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 those four elements. The cheaper the product and the better your place (even your website), 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 or go to your website faster than any
other, and the less promotion the product will need.
For your online promotions, we offer you the best resources. See the left side of this page. Each resource is defined for your convenience.
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