Dear follower, good morning,
Today I want to share with you the FOUR Fundamentals Areas of Marketing.
Most of the young and new business owners that I consult think that marketing is all about increasing sales which is true in some extent. However Marketing is more than that!
It is very important for us, as business people new and experienced ones, to understand that Marketing is all about “Satisfying Human Needs and Wants/Desires”. Once we understand that it is easier for us to focus finding the best way to satisfy a Need and/or a Want, profitably.
So, now that we have identified that need, we have to do what? We have to come up with a Product or a Service that will satisfy that need and this is the 1st step of the Four Fundamental Areas of Marketing that we should focus on.
Very nice! We had found or created that product. So, what is next? The next step is to decide the “Price” that your product and/or service will have in the market. There are many techniques and strategies to use in order to get the “right” price. I will provide you with more information and in more details in some of my future emails.
Cool! We identified a need, we have created a product to satisfy that need and also find out what is the best price to set for our product. What is next?
Next is to decide the “Place” that your customers will have no serious issues in finding and buying your product, with simple words, “To be easy for them to buy it”. One example I can give you to understand, is the following:
Let’s suppose that you have the perfect product and you have set the perfect price and you decide to sell your product in a market that you personally like but it is very far and/or difficult for your targeted customers to approach your business and buy your product. How many of your products do you think you will sell??? So, “Place”, (the location) you will have your products is the 3rd issue of the Four Fundamental Areas of Marketing.
Until here, all is great. Do you think the above are enough to build and sustain a profitable business?
Unfortunately, No. It is important to invest some money and find the best ways to inform your targeted customers for your product or service so you can create their desire to buy it. Let me ask you another question. If you have the best product at the right price at the right place but nobody knows about it, how many of them will look for it and end up buying it? Not many, isn’t it? Therefore the 4th and last issue of the Four Fundamental areas of Marketing is “Promotion”.
Do not trick yourself that because you are big now, if you are, that there is no need for you to promote your products and business. Have in mind that in our Digital World we are living today, many of your competitors are already building their strong and professional electronic presence in the internet. You have no option other than to follow or to be ahead of them. The choice is yours!
Well! I hope you find this article of great use for you.
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Kindly, also feel free to leave your comments below and I will revert to you at the shortest possible time.
Have another wonderful day!
Kind Regards,
Theocharis Katranis
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