With a little study we can see that there are several concepts and misconceptions about marketing that need to be addressed before we get into the meat of this article. The basic concept of marketing is 'the diversity of activities used in assuring that we are meeting the needs of our clients and that we are getting a valuable return in response.' A major misconception of marketing is that it only entails 'advertising your product or service.' Advertising is important, however, it is only one component in the process of marketing.
We can define the core meaning of marketing as 'understanding' your clients' needs and 'developing' a plan that effectively addresses those needs. By understanding marketing in this way, a business owner who desires to see his business 'grow' can set the proper goals.
The most effective way to grow or expand a business is to focus on 'organic growth.' In order to understand 'organic growth', we need to realize that a business is a living organism. We can either let it fend for itself or we can determine what it needs to help it grow. By determining what the business needs we can thus determine what we need to do to make it thrive.
Let's look at two basic elements of marketing to help us get a better idea of the activities that we need to do to create a successful business. The first element of marketing that we need to consider is 'developing a marketing plan.' The second element is your 'ongoing promotion.' A serious mistake that many business owners make is to create a product or service and immediately begin an advertising campaign. After a further explanation of these two basic elements, you'll understand why this mistake can be a disappointing and costly one.
Developing a 'marketing plan' or 'marketing strategy' is essential to the well being of a business. The first step in creating a marketing plan is to do a little research and analysis. Don't slap yourself on the forehead in exasperation. This is not as difficult as the name implies. It may take a little time but is well worth every minute.
To help us get started, let's begin by looking at a simplified explanation of 'marketing analysis.' We should apply two of Solomon's Keys to Success at this point.
Proverbs 1:5 (NASB) "A wise man will hear and increase in learning, and a man of understanding will acquire wise counsel," Wise counsel can be found in many forms. We should also remember, for those of us who think we know best, "The way of a fool is right in his own eyes, but a wise man is he who listens to counsel." Proverbs 12:15 (NASB) In a nutshell marketing analysis involves the following:
A well planned market analysis contains the following:
1.) Discover which groups of potential customers (or markets) there are,
2.) Decide which of these groups of customers fit our marketing preference (target markets),
3.) Determining the needs of our target market,
4.) Choosing the best products or services that might meet the needs of our target market,
5.) Determining how our potential customers might use our products and services,
6.) Learning what our competitors are doing,
7.) Determining the pricing formula that we should use and
8.) Deciding how we should distribute our products and services to our target markets.
There are numerous methods of 'market research' that can be used to gather information concerning markets, target markets and customer needs, competitors' products, etc. The ease of Internet research will reveal many sources of specific information. We must target our searches on the Internet search engines. This can be accomplished by beginning from a broad area of possibilities and with each subsequent search get more specific until we have discovered as much as possible about our market in general and specifically our target market. The resulting information will determine our 'niche' market, our specific area of a market that is best for our product or service.
When you have successfully developed your marketing plan, look at your 'ongoing promotions', which may include advertising, press releases, public relations, sales materials and customer service to name only a few. These terms can become confusing: advertising, marketing, promotion, public relations and publicity. These terms are often used interchangeably. They refer to different -- but similar tasks.
Look at a list of simplified definition of each term.
1.) Advertising -- effectively presenting a product (or service) to potential and current customers. Advertising must be focused on one particular product or service. This demonstrates that an advertising plan for one particular product or service might not work for another product or service. Advertising is done with signs, brochures, commercials, direct mailings or e-mail messages, personal contact, website banners, etc.
2.) Promotion - Promotion is keeping our product in the minds of our client (product recognition). Our ongoing efforts in advertising and public relations are often considered elements of promotions.
3.) Public Relations -- ongoing processes we use to ensure that our business has a strong and positive public image. This is referred to as "PR."
4.) Publicity -- Publicity is public or 'media' attention, whether favorable or not. These are the review that others present of your product or service and can include news releases. These are only a few terms that are good to learn.
These are only a few terms that are good to learn. The health and well being of a business, your business, is truly determined by the amount of diligent study that you do and the application of the principles that you learn through study. To best know your product or service or customers or competitors, you must develop a sincere determination to be as diligent as possible.
Memorize these success principles found in Solomon's Proverbs to help you develop a growing and successful business.
Proverbs 10:4 (NASB) "Poor is he who works with a negligent hand, but the hand of the diligent makes rich."
Proverbs 12:24 (NLT) "Work hard and become a leader; be lazy and become a slave."
Proverbs 13:4 (NLT) "The Lazy people want much but get little, but those who work hard will prosper"
Proverbs 21:5 (The Amplified Bible) "The thoughts of the [steadily] diligent tend only to plenteousness, but everyone who is impatient and hasty hastens only to want."
Memorize this last Proverb. It will help you to focus on the tasks at hand.
We can define the core meaning of marketing as 'understanding' your clients' needs and 'developing' a plan that effectively addresses those needs. By understanding marketing in this way, a business owner who desires to see his business 'grow' can set the proper goals.
The most effective way to grow or expand a business is to focus on 'organic growth.' In order to understand 'organic growth', we need to realize that a business is a living organism. We can either let it fend for itself or we can determine what it needs to help it grow. By determining what the business needs we can thus determine what we need to do to make it thrive.
Let's look at two basic elements of marketing to help us get a better idea of the activities that we need to do to create a successful business. The first element of marketing that we need to consider is 'developing a marketing plan.' The second element is your 'ongoing promotion.' A serious mistake that many business owners make is to create a product or service and immediately begin an advertising campaign. After a further explanation of these two basic elements, you'll understand why this mistake can be a disappointing and costly one.
Developing a 'marketing plan' or 'marketing strategy' is essential to the well being of a business. The first step in creating a marketing plan is to do a little research and analysis. Don't slap yourself on the forehead in exasperation. This is not as difficult as the name implies. It may take a little time but is well worth every minute.
To help us get started, let's begin by looking at a simplified explanation of 'marketing analysis.' We should apply two of Solomon's Keys to Success at this point.
Proverbs 1:5 (NASB) "A wise man will hear and increase in learning, and a man of understanding will acquire wise counsel," Wise counsel can be found in many forms. We should also remember, for those of us who think we know best, "The way of a fool is right in his own eyes, but a wise man is he who listens to counsel." Proverbs 12:15 (NASB) In a nutshell marketing analysis involves the following:
A well planned market analysis contains the following:
1.) Discover which groups of potential customers (or markets) there are,
2.) Decide which of these groups of customers fit our marketing preference (target markets),
3.) Determining the needs of our target market,
4.) Choosing the best products or services that might meet the needs of our target market,
5.) Determining how our potential customers might use our products and services,
6.) Learning what our competitors are doing,
7.) Determining the pricing formula that we should use and
8.) Deciding how we should distribute our products and services to our target markets.
There are numerous methods of 'market research' that can be used to gather information concerning markets, target markets and customer needs, competitors' products, etc. The ease of Internet research will reveal many sources of specific information. We must target our searches on the Internet search engines. This can be accomplished by beginning from a broad area of possibilities and with each subsequent search get more specific until we have discovered as much as possible about our market in general and specifically our target market. The resulting information will determine our 'niche' market, our specific area of a market that is best for our product or service.
When you have successfully developed your marketing plan, look at your 'ongoing promotions', which may include advertising, press releases, public relations, sales materials and customer service to name only a few. These terms can become confusing: advertising, marketing, promotion, public relations and publicity. These terms are often used interchangeably. They refer to different -- but similar tasks.
Look at a list of simplified definition of each term.
1.) Advertising -- effectively presenting a product (or service) to potential and current customers. Advertising must be focused on one particular product or service. This demonstrates that an advertising plan for one particular product or service might not work for another product or service. Advertising is done with signs, brochures, commercials, direct mailings or e-mail messages, personal contact, website banners, etc.
2.) Promotion - Promotion is keeping our product in the minds of our client (product recognition). Our ongoing efforts in advertising and public relations are often considered elements of promotions.
3.) Public Relations -- ongoing processes we use to ensure that our business has a strong and positive public image. This is referred to as "PR."
4.) Publicity -- Publicity is public or 'media' attention, whether favorable or not. These are the review that others present of your product or service and can include news releases. These are only a few terms that are good to learn.
These are only a few terms that are good to learn. The health and well being of a business, your business, is truly determined by the amount of diligent study that you do and the application of the principles that you learn through study. To best know your product or service or customers or competitors, you must develop a sincere determination to be as diligent as possible.
Memorize these success principles found in Solomon's Proverbs to help you develop a growing and successful business.
Proverbs 10:4 (NASB) "Poor is he who works with a negligent hand, but the hand of the diligent makes rich."
Proverbs 12:24 (NLT) "Work hard and become a leader; be lazy and become a slave."
Proverbs 13:4 (NLT) "The Lazy people want much but get little, but those who work hard will prosper"
Proverbs 21:5 (The Amplified Bible) "The thoughts of the [steadily] diligent tend only to plenteousness, but everyone who is impatient and hasty hastens only to want."
Memorize this last Proverb. It will help you to focus on the tasks at hand.
About the Author:
Learn King Solomon's Success Principles and how to apply them to your life at Rev. Bobby's The Christian Success Institute. Acquire the knowledge that has produced thousands of wealthy and successful businesswomen. Earn while you learn.
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