Marketing
Small business start up information
2. Do I need a marketing plan?
3. Do I need evaluate my marketing strategy?
4. Is it necessary to define my potential customers?
5. How do I define my potential market and customers?
6. What is a competitive advantage?
1. What is marketing?
Marketing
covers everything you can do to place your product or service in the
hands of potential customers. It is the process of profitably getting
and keeping customers. It covers varied activities like sales, public
relations, pricing, packaging, and distribution. Marketing will help
you understand who your potential customers are, where you should
distribute and how you should price your product or service compared
with the competition. Marketing will help identify how to position the
product or service in the minds of the target market.
2. Do I need a marketing plan?
Yes you certainly do. A marketing plan plays a very important role in the success of your business. It is your strategy detailing how you plan to market your business to your customers. Your marketing strategy should include integrated plans for each of the following topics:- Price - A pricing strategy is an important strategic issue in a marketing plan, if you're positioning your product as an exclusive luxury product, a price that's too low may actually hurt your image. The pricing has to be consistent with the market positioning of your business, your product or service.
- Distribution – Distribution strategy is about determining the best way to get your product or service to your target market. An appropriate distribution strategy is an integral component to the success of a marketing strategy.
- Product - The product/service strategy must be developed with the needs of the niche customers in mind. Product strategies may include concentrating on a narrow product line, developing a highly specialised product or service, or providing a product-service package containing a high level of quality customer service.
- Promotion - A promotional
strategy is necessary to define what kind of effort and expense will be
allocated to the promotion of the business in order to make sales.
3. Do I need evaluate my marketing strategy?
Yes. Once you have implemented your marketing strategy you will need to assess its effectiveness. If you regularly evaluate your marketing efforts, you will be in a better position to take corrective action, when and where necessary. Start by comparring your target sales with your actual sales this will provide a good indication on the effectiveness of your marketing campagin.4. Is it necessary to define my potential customers?
Yes, because if you don’t you won’t know who your customers are, where they are and how to get to them.
5. How do I define my potential market and customers?
Conduct your own market research. Consider using the services of the Australian Bureau of Statistics (ABS), the ABS is a great source of marketing statistics, as nearly every economic activity is covered by ABS publications.
A
competitive advantage is what differentiates your business from other
businesses. A competitive advantage can be gained over your
competitors by offering consumers greater value, either by means of
lower prices or by providing greater benefits and service that
justifies higher prices.
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