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Basic Concepts Of Marketing
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Concepts of marketing give a clear idea on carrying the business. It helps businesses reach predetermined goals. This is possible by identifying and satisfying the needs and wants of the customers. Business will not expand without effective marketing.
Concepts of marketing include the following:
Planning: Planning is an important aspect in marketing. It is an essential part of any business whether small or large. With effective planning, organizational goals are achieved successfully.
Strategy: Strategy acts as a foundation for marketing activities. While planning, you should create your marketing strategy like, who are your target customers and how you will target them.
Target marketing: For small businesses, target marketing is an important concept. If you define clearly and exactly the target market, it is likely to help business owners focus on particular customers.
Budgeting: Budgeting is the most difficult part of marketing. Most small business owners, particularly start-ups are not much experienced in dealing with this process. Establishing the market budget accurately will help the business expand.
Marketing mix: Marketing mix is a combination of different ideas used by a firm to promote their products or brand in the market. It is simply known as 4P's: product, price, place and promotion. This means you need decide individually about the product, pricing, how and where to distribute and how will you make people aware of your product.
Website: Every business regardless of size should have a website. Having a website makes it convenient for visitors to know more about your business. You need to update the website regularly with fresh content to keep your audience informed about the developments in your niche.
Branding: Businesses should focus on branding. It comprises of designing logos, pictures and image of the company and the products. When planning and implementation, you need to pay special attention on your products/services.
Promotion and advertising: Advertising and promotion if done in a proper way will lead to effective brand recognition, thereby increasing sales.
Customer relationship management: Customer relationship management should be maintained properly as it will help in increasing customer base.
Consistency: Consistency is on the top list for small businesses as it is mostly overlooked by other businesses. Consistency lowers the marketing cost, thereby increasing the effectiveness of branding.
The concepts discussed in this article are likely to help businesses take optimal decision. Have a well thought out plan taking into account the ground realities. Take professional help if needed.
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