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Marketing

Posted by Advanced Creative Endeavors in Dallas-Fort Worth-Arlington, TX on Dec 17, 2007

Most people think that marketing is only about the advertising and/or personal selling of goods and services. Advertising and selling, however, are just two of the many marketing activities. In general, marketing activities are all those associated with identifying the particular wants and needs of a particular target market of customers, and then going about addressing those customers better than the competitors. This involves doing market research, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution. Marketing Plan Your marketing plan identifies groups or segments of customers that you can better serve than your competition, and tailors your product and service offerings, prices, distribution, and promotions to fill the needs of a particular group of consumers. Ideally, your marketing plan addresses unmet customer needs that have the potential to generate maximum return for you. A good marketing plan focuses on those target customers that your company can best serve. The marketing plan also describes the corporate identity and image you wish to have as you build your brand over time. Your logo, taglines, corporate stationary, marketing message, sales literature, website, Internet Marketing activities, individual promotional pieces and public relations activities all contribute to your corporate image as you build your brand. Market Research There are two common methods generally used to segment a market. Geographical Targeting or specific Consumer Targeting can help your marketing message reach the correct audience to maximize your return on investment. Managing the Marketing Mix Determine how best to satisfy customer needs by formulating the correct mix of product design, pricing, marketing promotion and placement in the market with respect to your ideal message. Measure Your Performance After executing a marketing promotion, companies need to periodically evaluate their success and look for ways to enhance performance. Other issues to consider:• Is your company doing all it can to be customer-oriented? • Are your customers satisfied and leave wanting to return? • Can customers find competitive pricing easily? Analyze and act.