Resources for Young Entrepreneurs
Introduction to marketing
What is Marketing about?
It is obviously about selling the product – information; making people aware of the product; its enhancing features; product – price – place – promotion.
Do not forget the golden rule: The most important person in your business is THE CUSTOMER. Directing your business around your customers is also about making a profit.
Remember the definitions: “It is the customer who determines what a business is, what it produces and whether it will prosper.”
The customer is the determining factor in the business. What the customer thinks is decisive. Therefore, if the customers are the most important aspects of your business, it is important that they get the right message. Getting the right message to the right people at the right time – and being understood – may be difficult. Your marketing messages will never be perfect because everyone has different perceptions: about you, your reputation, your product, your logo, quality, appearance, reliability etc.
It is therefore crucial that you keep an open mind and be prepared to challenge all aspects of your marketing plan. Get to know as much as you can about your customers and their perceptions.
So what do we need to know about Customers?
Who are they?
Where are they?
What do they need?
What do they want?
How old are they?
How much do they spend?
When do they spend it?
How often do they buy?
Are they individuals, householder, companies?
How do they decide what they want?
Where do they buy?
What do they think about you, your product, your image, your logo, your quality, reliability etc?
What do they think about your competitors’ products etc?
And as much other information as you need so that you understand them.
The answer to these questions are all determined by good market research!
Remember – customers buy benefits not features.
You need to ask yourself, “What will my product/service do for the CUSTOMER?”
What are the
- Features
- Advantages
- Benefits
of your product or service.
There are other factors, besides your customers, which will affect your business and your marketing plan.
All businesses are affected by internal and external factors:
Internal – You can control : Product, Place, Place, Promotion
External – You cannot control: law, technology, weather, suppliers, competition, recession, political, situation, unemployment, customers, interest rates.
The internal factors are called the 4P’s – often called The Marketing Mix.
- Product: An article or service that performs its intended function.
- Price: At a price that is attractive to the business and the customer.
- Place: And is easily obtainable through convenient channels.
- Promotion: And is presented in a way that appeals to the customer’s own perceptions and highlights the benefits to be obtained.
