Let’s Do the MARKETing!
By Maricon Williams |
Marketing entails a lot of brainwork and creativity. It follows a domino process
and every step needs an equally meticulous guidance and attention.
Before you bring your products to the open, you must first conduct a
research. Research delves into market information. This may include surveys and
handing out questionnaires to your prospective customers. This hopefully
discovers the needs and desires of your market as well as their
dissatisfactions. Another thing that you can discover here is the competitors
marketing strategies. Later, you can use these strategies to compete and make
your business boom and profit.
Speaking of strategies, even those
entrepreneurs who have meager resources can have successful marketing. All it
needs is a great percentage of creativity and resourcefulness.
There are
four key components in marketing. First component is the products and services.
A specialized product line is easier to handle than those offering a wide-range
of options. The latter needs a huge staff to plan and materialize its goals on
the other hand, the former, only needs a few. The second factor is the
promotion. Promotion includes advertising and customer interaction through
personal, mail and telephone conversations. One of the strategies in promotions
is using promotional items or products. These may include t-shirts, caps,
clocks, key tags, calendars, balloons, candies, CD’s and other promotional
specialties. At their faces, you can find the company’s name, products and
services. Some even include additional information about the company or
business. This is the company’s way of reaching out their target market. This
kind of strategy can even be availed of by middle-class entrepreneurs. Third
factor to be considered is the price. Lower prices connote high volume orders.
Nonetheless, personalized items and services can demand higher prices. The last
factor is distribution. The manner of distributing the products is crucial. This
may be easier on small manufacturers. However, the cost and traffic flow must
also be taken into consideration.
After your products and services are
made open to your market, the work does not stop there, you still has to
evaluate its performance. It must pass the performance standards during actual
tests made by the company. It should be evaluated on the following grounds: a)
customer-orientation, b) customer satisfaction and, c) marketability and sales.
These three grounds are correlated. Customer must be familiar with the product
before he can purchase the same. If he has already bought it, he must be
satisfied in order to be back for more. If he comes back therefore, he is finds
the product affordable and fulfilling. That fulfillment, the company must
treasure and protect.
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