Business Marketing Talking Business Essay

498 words - 2 pages

The success of any business largely depends upon the ability to provide the right product, at the right price, in the right place using the right promotion and employing the right people to get the job done.These five factors - sometimes referred to as the 5 P's - are called the marketing mix and together they form the basis of any business marketing activities.Similar to the way a company develops a business plan to steer its future growth, it's also a good idea to develop a marketing plan to ensure marketing activities are clearly mapped out to meet the business's objectives and financial constraints.There are five basic steps to take ...view middle of the document...

3. Strategic Plan: Produce a broad marketing plan.4. Tactical Plan Formulation: Outline what marketing activities need to be carried out keeping in mind the budgetary constraints of the business.5. Performance Review: Make sure that you can measure the outcomes of your marketing activities.Questions to ask while developing your business's marketing plan include:1. What does my product mean to the market place from a technical and sales perspective?2. Where can my product be sold and how should it be distributed?3. What are the most effective ways my product can be promoted - for example advertising, point of sale, telephone directory?4. What are the most effective pricing structures for my business?5. What are the personal skills, qualities and characteristics of my staff?It's also a good idea to look at the make-up of your customers during the development of the marketing plan. This includes looking at their spending habits, educational standards, average income, disposable cash reserve and any indicative tastes.The assumption is that your product should fit a particular group. From your research you will then be able to analyse who, from this group, will buy your product or services.From the knowledge base you build up on your customers you can then look at ways to reach them. For instance you can find out what newspapers or magazines they read, what radio station they listen to, associations they belong to, what language and imagery they use and who is important to them.

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