When we ponder the world of marketing, we will discover that there are several concepts and misconceptions that need to be addresses. The basic definition of marketing describes the various tasks that determine your continuing efforts to meet the needs of your customers and, of course, that you are getting a valuable return for your efforts. One consistent misconceptions of marketing is that marketing only concerns your advertising your product or service. Though marketing your product is a serious consideration, it is only one component in the marketing process.
We can define the essence of marketing as 'understanding your customers' needs and developing a plan that addresses those needs.' By understanding marketing in this way, a business owner who has a desire to 'grow' his business can set the proper goals.
One of the most effective ways to grow or expand a business is to concentrate on 'organic growth.' For us to understand 'organic growth', we need to be aware of the fact that a business is a living organism. We can either let it tend to itself or we can discover what its needs are to help it grow. When determining what the business needs, we can determine what we need to do 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.
When we develop a 'marketing plan' or 'marketing strategy', we create a guide that is necessary for the well being of a business. The first consideration in creating a marketing plan is research and analysis. This is not as difficult as it may seem. It may take a little time but it will be well worth the effort.
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 (Amplified Bible) "The wise also will hear and increase in learning, and the person of understanding will acquire skill and attain to sound counsel [so that he may be able to steer his course rightly]" Wise counsel can be found in many forms. We should also remember, for those of us who think we understand better than others, "The way of a fool is right in his own eyes, but he who listens to counsel is wise." Proverbs 12:15 (Amplified Bible)
A well planned market analysis contains the following:
1.) Determining our 'market' or the groups of potential clients that exist,
2.) Determining our 'target market' or which groups of customers that we prefer to serve,
3.) Determining the needs of our target market,
4.) Decide which of your products or services might meet their needs,
5.) Determining how our potential customers might use our products and services,
6.) Understanding what our competitors are doing,
7.) Determining the pricing formula that we should use and
8.) Deciding how we should distribute our products and services to our target markets.
There are a number of researching your target market that can be used to discover information about markets, target markets and their needs, as well as the actions that your competitors are trying, etc. The Internet has given us a great instrument for this type of research. A little refined searching on the major search engines will reveal many sources of specific information. You must remember to target your searches. Get specific!
After having developed our marketing plan, we should look at our plan for 'ongoing promotions.' Our plan for ongoing promotion will include advertising, public relations, sales and customer service to name a few. These terms (advertising, marketing, promotion, public relations and publicity, and sales) can easily become confusing. These are terms that are often used interchangeably. However, they refer to different but similar activities.
Let's look at a list of quick definition of each term.
1.) Advertising -- presenting a product (or service) to potential and current clients. Advertising needs to be focused on a particular product or service. We must understand that an advertising plan for one product will be different from that for another product. Advertising is usually done with signs, brochures, commercials, direct mailings or e-mail messages, personal contact, website banners, etc.
2.) Promotion - keeping our product in the minds of our customer (product recognition). The ongoing activities of advertising and public relations are often considered aspects of promotions.
3.) Public relations -- Public relations is ongoing activities that ensure your product or service has a strong and positive public image.
4.) Publicity -- Publicity is public or 'media' attention, whether favorable or not. These are the review that others present of your product or service and can include news releases. These are only a few terms that are good to learn.
The health and well being of a business is determined by the extent of diligent study and the application of the success principles that you learn through study. To best become acquainted with your product or service or customers or competitors, a sincere determination to be as diligent as possible is essentail.
Remember these few examples of Solomon's Proverbs to help you develop a growing and successful business.
Proverbs 10:4 (NASB) "Poor is he who works with a negligent hand, but the hand of the diligent makes rich."
Proverbs 12:24 (NASB) "The hand of the diligent will rule, but the slack hand will be put to forced labor."
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.
We can define the essence of marketing as 'understanding your customers' needs and developing a plan that addresses those needs.' By understanding marketing in this way, a business owner who has a desire to 'grow' his business can set the proper goals.
One of the most effective ways to grow or expand a business is to concentrate on 'organic growth.' For us to understand 'organic growth', we need to be aware of the fact that a business is a living organism. We can either let it tend to itself or we can discover what its needs are to help it grow. When determining what the business needs, we can determine what we need to do 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.
When we develop a 'marketing plan' or 'marketing strategy', we create a guide that is necessary for the well being of a business. The first consideration in creating a marketing plan is research and analysis. This is not as difficult as it may seem. It may take a little time but it will be well worth the effort.
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 (Amplified Bible) "The wise also will hear and increase in learning, and the person of understanding will acquire skill and attain to sound counsel [so that he may be able to steer his course rightly]" Wise counsel can be found in many forms. We should also remember, for those of us who think we understand better than others, "The way of a fool is right in his own eyes, but he who listens to counsel is wise." Proverbs 12:15 (Amplified Bible)
A well planned market analysis contains the following:
1.) Determining our 'market' or the groups of potential clients that exist,
2.) Determining our 'target market' or which groups of customers that we prefer to serve,
3.) Determining the needs of our target market,
4.) Decide which of your products or services might meet their needs,
5.) Determining how our potential customers might use our products and services,
6.) Understanding what our competitors are doing,
7.) Determining the pricing formula that we should use and
8.) Deciding how we should distribute our products and services to our target markets.
There are a number of researching your target market that can be used to discover information about markets, target markets and their needs, as well as the actions that your competitors are trying, etc. The Internet has given us a great instrument for this type of research. A little refined searching on the major search engines will reveal many sources of specific information. You must remember to target your searches. Get specific!
After having developed our marketing plan, we should look at our plan for 'ongoing promotions.' Our plan for ongoing promotion will include advertising, public relations, sales and customer service to name a few. These terms (advertising, marketing, promotion, public relations and publicity, and sales) can easily become confusing. These are terms that are often used interchangeably. However, they refer to different but similar activities.
Let's look at a list of quick definition of each term.
1.) Advertising -- presenting a product (or service) to potential and current clients. Advertising needs to be focused on a particular product or service. We must understand that an advertising plan for one product will be different from that for another product. Advertising is usually done with signs, brochures, commercials, direct mailings or e-mail messages, personal contact, website banners, etc.
2.) Promotion - keeping our product in the minds of our customer (product recognition). The ongoing activities of advertising and public relations are often considered aspects of promotions.
3.) Public relations -- Public relations is ongoing activities that ensure your product or service has a strong and positive public image.
4.) Publicity -- Publicity is public or 'media' attention, whether favorable or not. These are the review that others present of your product or service and can include news releases. These are only a few terms that are good to learn.
The health and well being of a business is determined by the extent of diligent study and the application of the success principles that you learn through study. To best become acquainted with your product or service or customers or competitors, a sincere determination to be as diligent as possible is essentail.
Remember these few examples of Solomon's Proverbs to help you develop a growing and successful business.
Proverbs 10:4 (NASB) "Poor is he who works with a negligent hand, but the hand of the diligent makes rich."
Proverbs 12:24 (NASB) "The hand of the diligent will rule, but the slack hand will be put to forced labor."
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.
About the Author:
Learn King Solomon's Success Principles and how to apply them to your life at Rev. Bobby's The Christian Success Institute. Acquire the knowledge that has produced thousands of wealthy and successful entrepreneurs. Earn while you learn.
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