Marketing is the process of developing and implementing a plan to identify, anticipate and satisfy consumer demand, in such a way as to make a profit.
The two main elements of this plan are market research to identify and anticipate customer requirements and the planning of an appropriate marketing mix to meet these requirements.
Market research involves collecting, recording and making sense of all the available information which will help a business unit to understand its market. Market research sets out to answer the following questions:
- Who makes up the target audience?
- What do they want?
- When do they need it?
- Where does it sell best?
- How can it be taken to them?
- Why do they want/need it?
- What are our competitors doing?
- How is our market changing?
A marketing strategy is an overall marketing plan designed to meet the needs and requirements of customers. The plan should be based on clear objectives. A number of techniques will then be employed to make sure that the marketing plan is effectively delivered. Marketing techniques are the tools used by the marketing department. The marketing department will set out to identify the most appropriate techniques to employ in order to make profits. These marketing techniques include advertising, public relations, trade and consumer promotions, point-of-sale materials, editorial, publicity and sales literature.
Generating leads is the number one concern of small business and getting the best return from limited resources is the priority.
An effective, implemented marketing strategy can:
- Raise market awareness
- Maintain market interest
- Create desire
- Stimulate enquiries
- Increase turnover and profit
- Generate repeat orders
- Increase market share
- Establish and maintain good relationships
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