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Transcript
Marketing What is marketing? Marketing is what you do to take your product or service to the public. A market is the group of actual or potential customers for your product or service. More accurately, a market is that group of people who have enough similarities among them that they tend to purchase the same items or services. The Most Important Principle in Marketing: Satisfying the customer's needs is the only reason for being in business. The Basics of Marketing Marketing is more than just advertising and selling. It includes every stage of getting your product or service to your customers. selling, quality control, location, pricing, promotion, advertising, and distribution. Good marketing is built around the target customers, taking into account their age, gender, economic condition, location, etc. 4 Ps of Marketing Marketing is basically made up of four elements, or the four P's of marketing: Product / service = a good or service to satisfy a customers need Price = what is exchanged for the product Place = a means of getting the product into the customer’s hand Promotion = a means of communication between the seller and buyer Advertising and promotion are the communication links to the customer. The price of advertising and promotion needs to be included in your costs. Before you can begin to advertise, you need to know your customer. You find this out by doing some research to discover the target customer. Narrow down your target customer by identifying him/her according to his/her sex, age, lifestyle, hobbies, and income. It is important for you to know your competition and to let the public know that you are different from them You have to find out about the competition so you can differentiate yourself from them and establish your own share of the market. The key to success for the entrepreneur is to find a market niche. This is a group of customers who use a unique product or service.
