Resources for Young Entrepreneurs
Marketing basics
A definition should include the elements of:
“Marketing involves getting the right product to the right people, in the right time, at a price that will give you PROFIT.”
Note:
- Marketing is all of these things, not just selling.
- The intention is to provide PROFIT for the company by getting all of the elements right.
Where are your customers?
Most of the small businesses starting up will be aiming at customers in fairly small geographical areas. You need to identify where your main customers will be from:
i) a suburb or town, or particular housing estate;
ii) within a rural county area;
iii) within a 5/25/50 mile radius of a specified point;
iv) within the UK, or outside including Europe.
As well as considering where the customers will live or work, you should also think about where particular groups of people get together e.g. if you offer horse riding lessons to children the target group has already got itself together in one location via Guides and Brownies, Cubs and Scouts, dancing schools etc.
You need to consider where your businesses will be located.
i) Are you working from home?
ii) Do you need somewhere to meet clients/are workshop facilities required? Where are they available and how much will they cost?
iii) Will you be near to where customers are? Is travelling involved? Do you have transport?
iv) Can the business be carried on via post/phone/fax machine?
Following on from location are questions about the type of outlet for the product, e.g. by mail order, through a shop, taking the product to the customer. These will be considered further as part of the Market Strategy Plan
Note:
You need to identify a realistic geographical area for clients at start up stage, with potential for growth later.
Think about where potential customers get together and consider where the business will be based.
