The Marketing Process
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that meet both the objectives of your customers and your objectives. A sound marketing plan is critical to the success of your business. It should include your market research, the customer group you have targeted, competition, positioning, the product or service you are selling, along with pricing, advertising, and promotion.
Your Marketing Plan Must Include Four Key Components:
(4 Ps of Marketing):
- Product/Service-Product strategies may include concentrating on a narrow product line, developing a highly specialized product or service, or providing a product-service package containing unusually high-quality service.
- Pricing-The right price is crucial for maximizing total revenue while at the same time meeting what the market will bear.
- Promotion-Promotion strategies are how you plan to position your product/service in the marketplace. Key strategies include advertising and direct customer interaction such as direct mail, telemarketing and e-Marketing.
- Place (distribution)-Distribution is all about how your products and customers “meet” or come together through sales and distribution.
For Further Reading:
How to Create a Marketing Plan from Entrepreneur.com
Concepts for a Small Business Marketing Plan from The U.S. Small Business Administration