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Understanding Marketing and What It Can Do For You

GalleriaLinda


Administrator
Posts: 442


« on: May 21, 2009, 10:53:28 am »

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


Posts: 394


« Reply #1 on: May 21, 2009, 12:59:55 pm »

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!!!  Tongue
Fairy Cardmaker


Posts: 1115


« Reply #2 on: May 21, 2009, 11:04:36 pm »

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


Administrator
Posts: 442


« Reply #3 on: May 22, 2009, 07:09:47 pm »

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:
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