Marketing is about reaching your customers and showing them why they should buy your product or service. It is about giving customers what they want, not what you think they want.
Marketing is the total process of identifying what the correct product or service is for your customer – what is it, where should it be offered, when should it be offered, and how much should you charge for it – and then figuring out how to inform consumers about all these advantages.
Marketing can be perceived as being a high-pressure way of selling a product or service. Companies should accept that they must choose a marketing approach, which is consistent with their business approach. If you do this, people will keep coming back. Developing and maintaining customer loyalty is the most important goal of marketing.
Marketing is a basic part of doing business correctly. In order to grow your business – either in sales or in profits – you need to follow certain steps of the marketing process.
Step 1: First, you must correctly identify who your target market customer is and what are the unmet needs of your customer. This process is called market research.
Step 2: Develop a product or service that meets that unmet need. This process can take a lot of time and can be expensive. The reason most new products or services fail is that the entrepreneur has not developed a product or service that offers at least one – and ideally more – points of difference over existing offerings. A “unique characteristic” is a benefit that only your product or service can offer. For example, maybe you can deliver faster internet service to your customers (AWCC providing 4G) or maybe your product can deliver a better/clearer picture (Samsung HD TV). One of the keys to marketing success is developing a product or service that meets unmet customer needs and offers multiple points of difference.
Step 3: You must figure out the process to get that product or service into the hands of your future customer in a way that makes it easy for them to buy. There are usually three ways to do this – in person (for example, through retail stores), by phone, or using the internet.
Step 4: Identify the right price for your product or service.
Step 5: Determine how you will communicate the existence of your product/service to your target audience. To do this, you will use advertising and promotion.
Step 6: Create a process to track if your marketing is successful. This will be part of your marketing plan.
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