You are not alone. Marketing is the greatest challenge and biggest concern for small and mid-sized businesses. Marketing is the least understood business function and the most mysterious. Money pit, black art, expense and necessary evil are common perceptions of marketing.
As times change and businesses grow, every company reaches a point where marketing becomes a critical business issue. For some, this happens when revenues stall or dip. For others, it becomes an important factor in taking the business to the next level. Either way, the questions of, "What is marketing, what do we do and how do we do it?" arise.
What tools should you use to market your business? Do you use conventional advertising only in the form of television, radio and print advertising? Do you use online tools like Google AdWords, social media and direct email approaches? Do you use promotional gifts to introduce new customers and reward existing buyers?
Wikipedia defines "Marketing" as the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers.
Marketing should be a high-level business function that is strategic and long-term. Marketing should have more in common with a company’s business plan than it does with its monthly sales goals. In fact, much of a company’s business plan should be the actual marketing plan. Deciding what products to offer, at what price and to which market segments are functions of both business planning and marketing.
"Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E J McCarthy.
The 4Ps of Marketing are:
Product (or Service)
Place
Price
Promotion
A good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix. What does the customer want from the product or service? What needs does it satisfy?
You can work with MI Printing to design your business printing needs. We look forward to helping with your business growth. Give us a call at 623.582.1302 and let’s talk.
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