Each entrepreneur starting business activity faces questions already at the stage of the business plan: what customers should I address my offer to? At what price to sell products in order to be competitive? How to promote my offer? What distribution channels to choose in order to most efficiently enter the market? These are just a few examples from the field of marketing. There are many definitions of marketing, in a nutshell, we can say that it is the effective planning, coordination of companies' activities oriented to market and customer satisfaction. Marketing involves issues such as: the choice of market strategy, analysis and segmentation of the consumers (i.e. the appropriate selection of target group), market research, planning of products and distribution, pricing policy and promoting business (you can read here about promotion in business).
Perhaps you already came across the notion of marketing mix. It is a basic group of elements (product, price, place, promotion), whose appropriate mix allows to effectively introduce the product on the market. According to marketing mix the product should have the characteristics desired by the recipient, should be offered for appropriate price, should be supplied to the appropriate place in good time and appropriately promoted.
Marketing is a complicated area, however as an entrepreneur it is worthwhile to become familiar with its key issues. In the article Pricing strategies you will learn about price formation and pricing policies mechanisms. Also note that fixing of prices with other entrepreneurs in order to eliminate competition can put you in the proceedings of the Office of Competition and Consumer Protection.
Not only at the time of start of activity but also when launching a product on the market, you should have ready marketing plan, which shows the way to achieve expected objectives. Here you will find out about the elements of the plan.
An important element of company's marketing is also appropriate brand management. In the article dedicated to brand you can find out why you should take care of your company brand and its products.
Even the best and most popular among the customers product will lose its market position one day. Find out what the product life cycle looks like and what tools to use in order to benefit from the sale as long as possible.Share Print