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What use is
marketing?
Time does not stand still,
and so once you have launched yourself into business and begin to
sell your products you need to ensure they will continue to bring
you profit in the future.
Your customers might change,
the business you are in might change and your competitors might change;
all these factors will affect your business and its ability to
sell. Effective marketing will help you to change with the
flow ensuring your customers will continue to demand your products
or services.
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Market Research
What is certain, is that you believe that your business idea
is a winner. You know this because you are in love with what
you want to sell or you have seen other do it and they have succeeded;
but it isn't as simple as this. The greatest failure of any new
business is to assume too much. What you need to do is
ensure your customers what what you intend to sell - "If
the horse aint thirsty it aint gonna drink"!
To ensure your customers have a
need to buy, you have to ask them, and the only way you are able
to do this is to conduct market research.
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Who shall I sell to?
It is important not to go for Overkill when marketing
your products by targeting too many market segments. Often
the best success can be gained by targeting a select segment from
your chosen market group and devising a marketing plan unique to
this sector. Any market research you have conducted will
identify the segment that will be most interested in your products
or services, and so this should be the group you concentrate all
your marketing efforts on.
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Marketing Mix
In
order for your business to sell your products and services as
successfully as possible, you need to: look at what products you
are selling and if they are sold at the right price; ensure that people
who want to buy your products can and be able to create interest
and awareness of products.
All these elements need to be targeted at the right people
at the right time. In
order for your business to tackle this correctly, you need to get
the right type of mix (marketing mix), the mix should include four
main elements: Product, Price, Place and Promotion, by examining
each and carefully adapting them to your customer's needs you will
continue to produce and develop needed products and services.
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Creating a Marketing Plan
All
businesses, regardless of size, need a plan of action which will
help them to remain a profitable viable business capable of
growth. If you have a business idea and have just decided to enter
into business or you have an existing business and need more
information on methods of marketing then this section on market
planning will come in very useful.
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