Marketing How to do Full Guide
Marketing : A business strategy is created before anything happens. A strategy is the culmination of a company’s vision and mission statement, as well as an in-depth analysis of what makes their business unique. Strategy is formulated by deciding what specific goals the company wants to achieve. These are divided into smaller goals and each goal is assigned a goal. A goal is the result of a business strategy, while a mission is the step-by-step plan needed to achieve a desired outcome.
First, it is necessary to determine the purpose of the business. In addition to defining purpose, a business owner must determine who their ideal customer is. what does he/she want? Who will buy the product or service? Why would anyone buy it? Is there a market for it? How can the product or service solve future problems?
Once you’ve answered all of these questions, you can start setting a course for your business. Now that you understand the direction you want to take, you can begin to identify the strengths and weaknesses of your current situation and compare them to your ideal situation. Based on the comparison, you can adjust the strategies you already have and create a new plan that you think will help you achieve your goals.
After you have a clear idea of who your ideal customer is, how they use your product, and why they buy it, you can now turn your attention to finding ways to attract your ideal customer to your business. While many businesses work hard to establish themselves as experts in their field, others choose to take it slow and gradually change their products, pricing, packaging, marketing and their culture.
One way to attract your ideal customers is through advertising. Advertising is all about promoting your brand to potential customers. In general, advertising consists of billboards, newspapers, magazines, flyers, internet ads, television commercials, and radio spots. Another method to attract customers is to offer free product samples or coupons, so-called sampling. But the best way to attract customers is to meet them where they are. By participating in communities, participating in events, sponsoring sports teams or starting clubs, businesses can connect with their ideal customer and make them aware of their existence.
While strategy is needed to guide the day-to-day operations of a business, management looks after the running of the company. Management is responsible for hiring, firing, budgeting, coordinating activities, organizing employees, monitoring production schedules and financial records, and communicating with employees and upper management. Like strategy, running a business requires closely monitoring the activities of your employees and managers and understanding how everything relates to your goals.
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1. Marketing is the act of telling people about your business. Marketing helps in creating brand awareness, increasing revenue and increasing customer loyalty. A well-publicized company is the result of good advertising, sales and branding strategies.
2. Advertising is the process of communicating information about your business to potential customers. Advertising includes creating ads, print ads, and social media posts. These ads may use images, video, sound, words and/or text to grab the consumer’s attention.
3. Sale is the exchange of money for goods or services. In marketing, selling includes selling products, paying for projects, and any other activity where you are trying to sell something to someone.
4. Branding is how you present yourself to people. Branding involves creating a unique image, logo, identity and slogan for your business. Consider how companies like Apple, Nike, and Starbucks present themselves.
5. Customer loyalty is built when you earn the trust of your customers. They are willing to give you their personal information and tell others how great your business is. Loyal customers buy more often, return to your store more often and refer others to your business.
6. Profit is money left over after expenses are paid. When you run a profitable business, you have enough money left over to cover all the expenses associated with running your business, such as rent, utilities, employee salaries, etc.
8. Price means the selling price of the product or service. You need to understand what price your customers are willing to pay for your product or service. The price includes the wholesale price of the product, the time it takes to produce each unit, and whether you offer a discount. Once these factors are determined, you calculate your pricing strategy based on a formula called marginal cost.
9. Marginal cost is the total profit for a specific amount (or number) of units sold (eg 100 items). As mentioned above, you decide how much profit you want to make before considering any production costs. To calculate the value of marginal cost, you take the difference between your gross margin and your variable costs. Gross margin is calculated by subtracting overhead from your total sales. Variable costs are the costs of producing each item. Your goal is to achieve 90% of your fixed costs while making a profit. If you achieve this, you can cover your fixed costs without charging your customers more than they would expect if they bought the same product elsewhere.
10. Consumer demand is the amount consumers are willing to spend to buy your product or service. Consumers decide whether to buy a particular product or service based on many different factors, including price, quality, reputation, convenience, and safety.