It is a business activity that involves regulating the flow of goods and services from producer to consumer using a blend of selling, advertising and promotion. Marketing is the intermediate stage between production and consumption. Most small-business owners don’t bother to organize their business on marketing principles and rules, preferring either copy each other or take unnecessary changes which can be downright dangerous. Effective marketing and strategic management are essential factors in building and maintaining successful organizations.
What is marketing?
Marketing is getting the right goods, to the right people, in the right place, at the right time, at the right price, with the right level of communication PROFITABLY.
Your company’s message
Every business sends a message in its marketing. This message, based on the competitive position the company stakes out for itself, emphasizes particular attributes, such as “low-price leader”, “one-day service”, “choose freedom”,
What is marketing concept?
There are many definitions of marketing concept. Here are a few :
- Marketing Concept is the process by which the marketer responds to the needs and wants of the consumer.
- Marketing Concept is the achievement of corporate goals through meeting and exceeding customer needs better than the competition.
Did you know?
During the past three decades, the concept of marketing has changed dramatically. The “new” concept of marketing, which appeared about 1960, shifted the focus of marketing from the product to the customer. The marketing concept rests on the importance of customers to a firm.
What is global marketing?
Global Marketing is the process of focusing the resources and objectives of a company on global marketing opportunities. It is commonly referred to as International Marketing which means the multinational process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
Why global marketing?
Companies engage in global marketing for four reasons:
(1) to take advantage of opportunities for growth and expansion,
(2) to serve existing customers better
(3) to penetrate new markets
(4) and to survive.
If your company wants to grow, you will eventually have to go global and explore new markets. A key factor in entering new country markets is to understand :
- Who will be your competitors in advance in this country?
- How do they price their product or service?
- What is the exact difference between their offering and yours?
What is marketing plan?
Marketing plan is a highly detailed, heavily researched, and written account and timetable of the objectives, methods to be used by a firm to achieve its marketing goals. It forms the basis of how you intend to promote your business and ensure that you are successful in generating sales revenue.
Your marketing objectives should be based on understanding your strengths and weaknesses and the business environment in which you operate in. They should be linked to your overall business strategy.
Marketing Objectives is the determination of specific and measurable goals to be achieved by the marketing program. List your key objectives only. Describe what you really want to achieve.