06/08/2018
Business Matters
*MARKETING*
Your idea is now living but needs a touch of the creator's breath to sell....I mean it needs to reach the users, this is were marketing comes to life.
Are you ready to sell cold water on a cold and snowy day?
*WHAT IS MARKETING?*
It is the IDENTIFYING of the NEEDS and WANTS of CUSTOMERS and SATISFYING them at a PROFIT.
Marketing is the discovering of the;
_1)Demands side_ (Customers, their needs and income level)
2 _)The Supply side_ (Competitors, their offer and their sales strategies)
The Aim of marketing is to capture part of the market by developing and implementing an appropriate and effective marketing strategy.
*TWO SIDES OF MARKETING*
_Demand and offer(supply)_
*DEMAND*
1)The needs of a customer for a certain product or service; a person or house hold wants to obtain a product or service to meet their needs.
2)Some needs can only be met partially by the house hold. Thus, there is no express of its need in the market. Such as fruits and vegetables.
3)The needs that cannot be satisfied by house holds are expressed as Demand on the market. Listen,needs are different from demand, because lack of financial means makes it impossible for a person or house hold to purchase the goods or services in the market. This,according to business literature is known as "intentional demand" clients want to buy, but cannot do so.
4)When a client is able and ready to buy the product or service at, the price demanded by the market, it is called Effective Market Demand.
5)The purchasing power of a customer is the capacity (financial means) of a customer to buy the goods and services at the stated price.
This is determined by the income of the client or customer and the price level....
Listen, when income remains same over a period (due to inflation for example), the purchasing power diminishes.
For Entrepreneurs (producer, sales person, marketing person), only those needs that express themselves as real or effective demand constitute a market.The market is always shared with competitors who offer the same (similar) products or services at the same time and place.
*OFFER/SUPPLY side*
1)The offer is all the same available at the same time and place. For you Entrepreneurs, this means that, your product or service will be compared with other offering the same product or goods. How competitive your productive or service is, so your share of the market shall be.
2)To be competitive, entails all advantages that one product or service has over the ones offered by competitors.
With this said; you must develop a marketing strategy to sell the maximum amounts of products or services in the market.This requires the use of what is known as the *5 P's* of marketing....
*1)PRODUCT*
Does it respond to the needs of the clients?
How is the product or service packaged?
What use does it have?
*2)PLACE*
Is it centrally located, does it attract people and is there home delivery service?
*3)PRICE*
Is the price affordable?........ consider the income level.
*4)PROMOTION*
Advertise your product or service.....you are not too small to advertise....This will give you advantage over your competitors.
*5)The PERSON*
Your skills and capacity and ability to build a proper balanced relationship with clients .
What is your reputation?
For now, I will end here.
Don't just read, understand and apply the tips.
💡*_Kristopher business
insights_*💡
