Understanding Marketing and What It Can Do For You

[GalleriaLinda]

I think the best place to start in our journey with the Marketing process is to sit back to ponder about what Marketing really is and dip our toe in the water!

Marketing is much more than promotion. In fact, promotion and advertising are just teeny tiny parts of marketing!

Marketing is everything you do that results in placement of your product or service into the hands of potential customers with the final goal being a sale.

Marketing mix is typically referred to as the 4 Ps, 5 Ps, or 7 Ps depending upon the theory. It is important for you to think about each of these relative to your own small business. We will go into detail for each in time so check back!

Product- the products or services you offer
Price - pricing strategies best suited to your goals
Placement - how you get your products or services to your target market
Promotion - how you communicate the features and benefits of your products
People - you, your people, customer service, relationships, etc...
Position - how you will position your product/services within the marketplace
Process - the mechanics of your day-to-day business that either help or hinder sales success

Some parts of Marketing that we can explore include:

Branding your business and product
Target Demographics - identify your customer and how you will find them
Long-range strategic planning - 5 year plan
Short-range tactical planning and daily time management
Advertising - online, offline
Promotion - online, offline
Public relations - online, offline
Pricing strategies best suited for your business
Packaging your business for recognition and reputation
Placement/distribution channels - online and offline
Customer service - how it affects your goals and how to utilize it as a marketing strategy
And, there is so much more!

I want to hear from you!

Please drop a line and list things on your mind about your business - questions, comments - in random order. This will be great to make future posts meaningful!

Linda

[iCraft Admin]

Great start, Linda!
I can see already how you can make a difference for so many people here on iCraft.
Our Message Board becomes a truly collaborative and inspiring space! Thank you!!!  

[Fairy Cardmaker]

Good explanation.  I try to remember it that Marketing is a thing; Promotion is an action.  Promotion is one action that is part of the larger thing that is marketing.

Target market is very difficult.  Defining the target market and placement/distrubtion channels go hand in hand.  No shots in the dark - focused efforts.

But... easier said than done!

[GalleriaLinda]

Thank you Admin!

Encourcelled - I like that analogy that promotion is action. And you are right about focus. It all needs to be purposeful and is why a business plan is essential (and it does not need to be formal - it can be just a list of things you want to accomplish in a given amount of time).

You get it!  :wink: