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Marketing 104

Marketing & Your Business

· Marketing,Consulting,Monrovia,Digital Marketing,Entrepreneurship

Its moments like this that make me remember Simon Sinek, his theory of Why and how everyone of us must go to that place (when we are alone in our space) to ask questions like Why all this in the first place.

its noble to think about a problem in the society and do something about it by thinking up and providing a solution for this problem. Marketing is communicating why the solution.

In the 1960's, E Jerome McCarthy came up with the 4 Ps of marketing: product, price, place, promotion. Essentially, these 4 Ps explain how marketing interacts with each stage of the business.

Product or service.

Product

Let's say you come up with an idea for a product you want your business to sell. What's next? You probably won't be successful if you just start selling it.

Instead, you need your marketing team to do market research and answer some critical questions: Who's your target audience? Is there market fit for this product? What messaging will increase product sales, and on which platforms? How should your product developers modify the product to increase likelihood of success? What do focus groups think of the product, and what questions or hesitations do they have?

Marketers use the answers to these questions to help businesses understand the demand for the product and increase product quality by mentioning concerns stemming from focus group or survey participants.

Price

Your marketing team will check out competitors' product prices, or use focus groups and surveys, to estimate how much your ideal customer is willing to pay. Price it too high, and you'll lose out on a solid customer base. Price it too low, and you might lose more money than you gain. Fortunately, marketers can use industry research and consumer analysis to gauge a good price range.

Place

It's critical that your marketing department uses their understanding and analysis of your business's consumers to offer suggestions for how and where to sell your product. Perhaps they believe an eCommerce site works better than a retail location, or vice versa. Or, maybe they can offer insights into which locations would be most viable to sell your product, either nationally and internationally.

Promotion

This P is likely the one you expected from the get-go: promotion entails any online or print advertisement, event, or discount your marketing team creates to increase awareness and interest in your product, and, ultimately, lead to more sales. During this stage, you'll likely see methods like public relations campaigns, advertisements, or social media promotions.

Hopefully, Our series has helped you understand marketing's purpose and how to define it. Marketing intersects with all areas of a business, so it's important you understand how to use marketing to increase your business's efficiency and success. Also you know better now to give all the space your marketing team needs to work and take your business level; Also hope we have given you more reasons to find and value a marketing expert instead of daily arguing with them and expecting a miracle overnight.

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