Marketing Basics - Wise Counsel
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 range of activities involved in assuring that you are meeting the needs of your customers and that you are getting a valuable response in return.' One major misconceptions of marketing is that it is only 'advertising your product or service.' Even though advertising is important, 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.
What is meant by 'organic growth?' This is a wonderful concept. Your business is a living organism and, as a living organism, it must be cultivated and nurtured. We can ignore its needs and let it fend for itself or we can determine those needs and do whatever is best to make it thrive.
To get a better idea of how to create a successful business, we must look at two basic principles of marketing. Developing a 'marketing plan' is our first consideration. A plan for 'ongoing promotion' of our product or service is our second consideration. An often devastating mistake that many business owners make is to create a product or service and, without the proper preparation, engage in an advertising campaign. When we realize the relevance of these two basic components, it will become clear why this mistake can be a devastating 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 understand, we should look at the advice of King Solomon, the wealthiest man who ever lived. This will show us the effectiveness of marketing analysis. We can apply several of Solomon's Keys to Success in our ongoing marketing efforts.
Proverbs 1:5 (NLT) "Let the wise listen to these proverbs and become even wiser. Let those with understanding receive guidance" Guidance or wise counsel can be found in many forms. We should also remember, for those of us who think we understand everything, " Fools think their own way is right, but the wise listen to others." Proverbs 12:15 (NLT) In a nutshell marketing analysis involves the following:
A well built marketing analysis involves the following:
1.) Determining our 'market' or the groups of potential clients that exist,
2.) Determining our 'target market' or those clients that we prefer to serve,
3.) Determine the needs that they have,
4.) Decide which of your products or services might meet their needs,
5.) Determining the uses our potential clients might have for our products and services,
6.) Understanding what our competitors are doing,
7.) Determining the pricing formula that we should use and
8.) Decide on a plan for the distribution products and services to your 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 activities to ensure the company has a strong and positive public image. This is often referred to as "PR."
4.) Publicity -- being mentioned in the media. This is always the review of someone else but can include news releases.
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.
Remember these principles in Solomon's Proverbs to help you develop a growing and successful business.
Proverbs 10:4 (NLT) "Lazy people are soon poor; hard workers get rich."
Proverbs 12:24 (NLT) "Work hard and become a leader; be lazy and become a slave."
Proverbs 13:4 (The Amplified Bible) "The appetite of the sluggard craves and gets nothing, but the appetite of the diligent is abundantly supplied."
Proverbs 21:5 (NASB) "The plans of the diligent lead surely to advantage, but everyone who is hasty comes surely to poverty."
Write this last Proverb over and over until it is embedded into your memory. It will be a blessing.
Article Source: http://www.search-raven.com
About the Author
Good marketing plan is necessary to a successful venture. Visit Rev. Bobby at The Christian Success Institute to study Solomon's Success Principles through an intense study of the Book of Proverbs. Earn a residual income while you learn Biblical Marketing Principles
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by: BobbyKeating
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