Develop a Market Plan for Yourself and Your Business?
By Danny Alaba
Let’s begin by looking at some of the definitions of what the activity of marketing is:
1. Marketing - is the process by which a product or service originates and is then priced, promoted, and distributed to consumers. In many large corporations the principal marketing functions precede the manufacture of the product or service. In the case of a product they involve market research and product development, design and testing.
2. Marketing - includes planning, organizing, directing and controlling the decision-making regarding product lines, services, pricing, promotion and servicing of the product.
3. Marketing - is the process that brings ideas, goods and or services to the marketplace through planning, pricing, coordinating, promoting, selling and distribution. It includes all the activities involved in the transfer of goods or services from the producer or seller to the consumer or buyer.
.
When we get down to the basics the purpose of marketing is to identify potential customers for your products and services in enough numbers, in a sustainable way, so you can make your business successful and profitable for the long term. A well thought out marketing plan is a key investment in your future business. No matter how good your products or services may be, you still have to practice careful and planned marketing to avoid problems along the way. Slow sales growth or slumping sales and gross profit are marketing problems. Loss of market share is a marketing problem. Not having a defined targeted market direction is a marketing problem and not knowing how you are going to get your product or service to the marketplace is a marketing problem. Where marketing once stopped with the sale, today businesses believe that it is easier and more profitable to sell to existing customers than to new one. As a result, marketing now also involves finding ways to turn one-time purchasers into lifelong customers.
Keep in mind that the marketing planning process defines the strategic direction of your company. The sales plan and strategy is just one part of the marketing plan. You develop the marketing plan first then the sales plan. The marketing strategy (or plan) defines the process by which a business decides what products(s) or service(s) it will sell, to whom, when and how. For any plan to be successful, the mix of the four “Ps” must reflect the wants and desires of the consumers in the targeted market. Successful marketing depends on marketing research, both formal and informal, to determine what consumers want and what they are willing to pay for. for more info on music promotions and marketing or you wish to promote your music on mixtap or collection nationwide to clubs,hotels,fastfoods,jio
0 comments:
Post a Comment