Marketing is the term in which a business undertakes in order to increase sales through advertisements and promotions of their products and services. It is a sophisticated process that involves three steps namely determining the right customers, supplying the customers with their needs and satisfying them and complete all these at a price that will gain profit for your business. A good marketing venture starts out before a product is produced or a service has been delivered. Many business owners misunderstand marketing or take it for granted that is why understanding marketing ventures is an important aspect that each business should be aware of.
The first thing that a business should do is to determine if there is a market for their product or service being offered. This has got to be the most critical question in any business. You should then proceed to analyze the market in order to understand its customers, competition and the supply network. Look closely at the product or service. Try to become as objective as possible and ask yourself the following questions:
• Is my product or service in constant demand in my market?
• How many of my competition actually supplies the same product or service?
• What can give your business a competitive advantage?
• Can a demand for the product or service be created?
• Can your business compete in terms of quality, price and services?
• Can your product or service be priced to generate profit?
Once all these questions have been answered satisfactorily, a more in depth look at your potential customers will begin. Search out the special places of customers that are not being served such as handicapped people who need different alterations in clothing. The special niches or groups of individuals in a market are called market segments. Each of these groups may differ from one another when it comes to expected benefits. The ability in understanding marketing segments makes your marketing plans better. Dividing your customers into different marketing segments is called target marketing. Each of these segments is distinct in its need for a product, price, distribution and advertisement.
A good way to understand the marketing terms is that you should talk to other business owners about their experience. Most of these business owners are more than willing to talk about how they run their own business most especially if the business you are running is not perceived as a competition. One way to learn a great deal about marketing is to listen to what other people has to say.
In a business, you become successful by getting the customers towards your company and making a profit. If you have a repeat of business, that means that you are building a solid customer base and that you are on your way to success. The arrival of new customers is the ones that expand the base. True success and achievement of goals occurs when both the business and person feel good about the transaction. That is why it is important for business owners to study the means of understanding marketing in order to become successful.