DEFINITIONS AND DESCRIPTIONS
How do you begin to market your company?
Here are some tips and how-tos to make the first sale.
You must know precisely the people who are your potential customers. If you are planning to market cupcakes for sale, then you may be interested in forming an agreement or partnership with event planners that specialize in kids’ birthday parties. If you are selling an item that is more competitive, such as software, or service that deal with computers and technology, your primary customers should be offices and companies—knowing who your clients are makes the process of starting a business more successful.
The importance of profiling your target market is that you can determine your plan of action in relation to interacting with them. Making your marketing plan for your particular market only be effective if you have properly profiled them. Finding out the demographic of individuals or businesses currently purchasing goods and services from the market that you are looking to join will give you an edge in competing against similar businesses to yours.
A classic method of profiling is to identify the age range of the market you want to target. If you’re in the business of satisfying the requirements of industrial companies, it is important to know the length of time that businesses within your market have been in business and how old is the industry you’re entering into, as new-fangled trades result in faster returns on investments (return on investment). Knowing that the business within your market have demonstrated operating expertise in relation to the time they’ve been in business will let you know whether they are in constant demand for your services and products. This will motivate you to start your own business.
Once you’ve identified your market segment, you need to create profiles based on their unique characteristics. This method for profiling can also be referred to as segments.
Segmenting your market will allow you to identify your customer’s particular requirements based upon the common characteristics. You can segment them according to individual preferences. You can base your grouping or segmentation on certain criteria, including and not only;
A) capacity or demographic criteria: Industry size, business size, and geographic the geographical location
B) Habits or Purchasing Strategies such as leasing, contracts, sealed bidding, etc.
C) Operating Variables or Preferences that include technology, the status of users and non-users capability of customers, etc.
(d) Need or Situational Factors: urgency, area of application or specialization, the amount of work or demand, and so on.
(e) Personality, or personal traits such as buyer-seller similarities and attitude to risk, loyalty, etc.
Profiling and Segmenting is a method of achieving an objective to help you determine your most “qualified” group on your list of potential clients. It also gives you an edge when dealing with the less hopeful group because you’re already armed with the required details about their profile as a client.
The most crucial question is, “what is the marketing mix?” Marketing involves a variety of variables that an organization can control and mix to the best degree to satisfy the needs of every client as well as to meet different needs and situations. Marketing mix refers to the interplay and integration of the various elements. Each element or variable cannot stand on its own and won’t have any impact if viewed as a stand-alone item. It is essential to be aware that each element is an element of a specific marketing mix.
Mc Carthy 1975 introduced the four Ps 1975: product, location promotion, price, and place. Mc Carthy’s four Ps have been translated into:
*Products and services that are evaluated and rated by potential customers based on their quality.
*Place refers to one specific location and is often referred to as the factor to determine how your product will reach your clients. It is also known as distribution.
Promotion is classified as the most prominent to the more obscure method of the way your marketing is carried out. It’s how you present your services and products to the market you want to reach;
Price is self-explanatory, but typically, it will include discount credits and similar items.
In terms of coherence, being consistent is the perfect combination. You should be able to match your competitors so that you can distinguish your brand and identify your company’s strengths and weaknesses against other competitors that already exist in the market.
One way to incorporate marketing into your mix is to make your services and products affordable through discount coupons on large purchases. You might also be contemplating offering rewards for loyalty and referrals for your clients who may or may not need an immediate receipt of their purchase which you can offer via delivery or rush pickup.
Another option is to distribute your products across different regions via franchising or subcontracting the services that your target market can purchase your product at the same cost as if they purchased it directly from you.
Both examples dealt with the four Ps of price, product promotion, place, and price.
The product portfolio is among the most vital of the marketing actions. Your product is unique in its features, and you’ll want these characteristics described and explained effectively. A product portfolio can give the best descriptions of the product and services. A majority of portfolios are in the format of brochures.
This is the best part of marketing: branding. What exactly is branding?