Marketing Basics
Webforem's clients succeed because, our entrepreneurs attract and retain a growing base of satisfied customers. We use marketing programs, though widely varied, that are all aimed at convincing people to try out or keep using particular products or services. Our business partners are developed carefully, and we plan their marketing strategies and performance to keep their market presence strong.
To best use these principles, any business should:
- Determine the needs of their customers through market research
- Analyze their competitive advantages to develop a market strategy
- Select specific markets to serve by target marketing
- Determine how to satisfy customer needs by identifying a market mix
Market Research
Successful marketing requires timely and relevant market information. An inexpensive research program, based on questionnaires given to current or prospective customers, can often uncover dissatisfaction or possible new products or services.
Market research will also identify trends that affect sales and profitability. Population shifts, legal developments, and the local economic situation should be monitored to quickly identify problems and opportunities. It is also important to keep up with competitors' market strategies.
Marketing Strategy Marketing Stratrgy
A marketing strategy identifies customer groups which a particular business can better serve than its target competitors, and tailors product offerings, prices, distribution, promotional efforts, and services toward those segments. Ideally, the strategy should address unmet customer needs that offer adequate potential profitability. A good strategy helps a business focus on the target markets it can serve best.
Target Marketing Target Marketing
Businesses usually have limited resources to spend on marketing. Concentrating their efforts on one or a few key market segments - target marketing - gets the most return from small investments.
Managing the Market Mix Managing the Market Mix
Every marketing program contains four key components:
- Products and Services
- Promotion
- Distribution
- Pricing
Products and Services: 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.
Promotion: Promotion strategies include advertising and direct customer interaction. Good salesmanship is essential for businesses because of their limited ability to spend on advertising. Direct mail is an effective, low-cost medium available to small business.
Price: The right price is crucial for maximizing total revenue. Generally, higher prices mean lower volume and vice-versa; however, small businesses can often command higher prices because of their personalized service.
Marketing Performance
After implementing a marketing program, entrepreneurs must evaluate its performance. Every program should have performance standards to compare with actual results. Researching industry norms and past performances will help to develop appropriate standards.
Entrepreneurs should audit their company's performance at least quarterly. The key questions are:
- Is the company doing all it can to be customer-oriented?
- Do employees ensure the customers are satisfied and leave wanting to come back?
- Is it easy for the customer to find what he or she wants at a competitive price?
