You have an idea, how do you convert it into a business from here? Understanding what consumers want and creating something for it.
Functions of Marketing:
- identify customer needs and develop new products through market research
- promote and introduce products to a target market
- monitor and assess the performance of the product
- develop an appropriate pricing strategy
- identify distribution networks
- value added, improve customer experience through value added benefits
Marketing is time consuming and very expensive
What can be Marketed? EVERYTHING (with the right tools)
4 P's of Marketing: Product, Price, Place, Promotion
Product: A tangible good or intangible service
Price: The price paid for a product or service
Place: The arena or context in or through which the consumer can access the product
Promotion: Promotion encompasses all methods of communication used to inform about the product
- The Marketing mix can help to identify your target market.
Your business should have a USP - but if you don't have one, MAKE one!
Marketing can help understand what unique needs your product or service meets
delivers message and philosophies underpinning your product
helps differentiate your product/ service
identifies a range of audiences to advertise to
informs existing and new consumers and customers about new and developing products, how and where to access them.
(Think Steve Jobb's marketing of apple products, announcement of the product but making the customer wait for it! )
You can do the market research via primary (new information you have collected yourself, perhaps through a questionnaire) and secondary data (data that has already been collected by someone else)!
Quantitative data - Facts, numbers, objective data
Qualitative data - opinions and such, subjective data
SWOT ANALYSIS
Strengths, Weaknesses, Opportunities, Threats
*identify strengths of both your product/service and the competition
*identify weaknesses
*can you see any opportunities?
*potential threats?
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