Fundamentals of Marketing Basics in 2019 - www.MalkamDior.com
Learning the Fundamentals of Marketing in 2019 is not as easy as it was last year.Marketing is the process of planning and executing the conception, pricing, promotion and distribution of your ideas, goods or services to satisfy the needs of individual consumers or organisations.
Every business needs to successfully market their products and services.
|- The Advantages Of Marketing For Corporate Companies -|
When done effectively, marketing can help you increase sales and establish your competitive advantage.
How to Create a Marketing Strategy
According to TheBalanceMB - "Before writing your marketing strategy, you need to know how your product or service benefits others and how it's unique (unique selling proposition) to other businesses in the marketplace.
Further you need to do market research to understand your competition, your target market, and other factors that will impact your ability to reach and entice people to your business."
Today's customers are spoilt for choice. Marketing uses communication and advertising.
Tactics to persuade customers that your brand, including your products and services, are exactly what they need.
Once you have your research, you can write your marketing strategy incorporating the 5 P's of your marketing mix:
- Product: What you selling? What are the physical attributes of your product or uniqueness of your service? How is what you offer different from your competitors and what benefits does it provide your customer?
- Price: What will it cost to get your product or service? How does it compare to your competition? What will your profit margin be by selling at that price?
- Place: Where will your products and services be available for purchase? This is beyond having a home office, and instead are the places where consumers are able buy. If you're in multiple places, you should work to calculate the percentage of sales from each place. For example, what will your Internet marketing strategy be? What is your sales strategy? How will the transaction take place, what is the cost of getting the product or service to the consumer/client, and what will be your refund/return policy?" - The Balance MB