There are a lot of people out there who would like to start a business but who are
unaware of the ins and outs of marketing and the other essential functions involved in running a successful business. Not having a background in business does not necessarily mean that you cannot run a successful business but it definitely increases the likelihood of success. For those of you who have no formal training, the word marketing likely means only print, magazine and television ads. The reality is that there are four key areas that marketers deal with on a daily basis. These areas are now going to be discussed.
First there is the product. This is more than just the object or service that you are selling. This is the culmination of virtually any contact that the consumer has with the product, your company, advertising brand image etc. to have a strong product you need to analyze the product from this mind frame and adjust if necessary. For example, if you sell a product that requires customer service then if your customer service is bad it will reflect bad on the company and your overall product will be seen as inferior to the competition who may have outstanding customer service.
The second aspect of marketing is price. It may seem like a good strategy to give your product the lowest price possible but the reality is that this is only a good strategy if you are dealing in a highly substitutable commodity. This is something like wheat or utilities. In reality price can have a big effect on the cognitive opinion that consumers have on the product. If you are trying to portray your product as luxury then a low price is going to deteriorate that image. People expect to get what they pay for and therefore many products can totally get away with charging a little more.
The third is promotion. This is kind of a big deal because this is usually how people are going to learn about your products or services. If you are used to advertising in the same areas or Medias then changing it up may be a good idea.
The fourth is distribution channels. The reality is that if people can't get your products or they don't like to buy them where they are sold you are not really going to sell much. Getting distribution channels right is key.