Once you've identified a specific segment of the market that you're going to target, you can begin to develop your marketing program. Every decision you now make should be determined by how effectively it will attract and keep customers and gain referrals.
A marketing program or "mix" consists of four elements. Your selection of options from each of these four elements must be determined by the knowledge you have gained about your target market and each must be an integrated part of your marketing program and fit together.
The first marketing element to consider is the Product, which can be goods or services that will satisfy the needs of your target market. How can you market your product to make it stand out from the competition? What qualities should your product offer that will appeal to your customers? What can you do to more closely match your product to your customers' needs? How can you excel at serving your target market?
When you have determined your Product, you can then go on to decide how the other three marketing elements can be introduced into your marketing plan. Each of these elements must match your target market and work together with the others to produce your marketing program.
Place refers to the channels you will use to reach your customers. These could include the location of your business and methods of distribution -- retail and/or wholesale; mail order; shopping malls; internet storefront.
Promotion refers to choosing the most appropriate promotional activities to communicate with your particular target market. Promotion would include an appropriate combination of: personal selling; sales promotion; advertising; sales promotion, public relations and publicity.
The fourth marketing element is Price, which refers to the amount you will sell your product for. This will be determined by the combined value of the other three elements in your marketing program.
Return to Basics Menu
|
