from About.com 7/13 enhanced by Peter/CXO Wiz4biz
Marketing is an Investment. It’s difficult to start a business, let alone learn how to market it. It’s not uncommon for new & existing small business owners to find themselves in the marketing role and quickly becoming overwhelmed. Don’t worry, we’re here to help. There are marketing basics that are important to every small business owner. Marketing is not an expense it’s an investment and it’s important to have a clear understanding on where to start investing. If you can get this, you are one step ahead.
Basics of Marketing. Let’s talk about the basics. By the end of these posts, you’ll have a clear understanding of not only what marketing is and why you should do it, but you’ll also be well on your way to creating your own Marketing Plan. With a plan in hand and a basic understanding you will have taken the risk out of where your putting those marketing dollars.
What is Marketing? We’ve often hear about marketing and when we own a business we know it’s something we are supposed to do, but what is Marketing? There are so many definitions; here’s a basic one. “Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service”. We also hear about sales, advertising, public relations & marketing. What’s the difference? There is a difference and when that difference is understood, it’s easier to understand what tasks should be handled by specific roles within the company and under the specific actions entitled Marketing. Good marketing is critical to the success of any business and understanding what it is will help your small business get started on the right foot.
Why Marketing is worth it. Many companies view marketing as an “expense”. Truth is when a business understands the importance and the role it plays in growing a business, it’s clear why it should be considered an “Investment”. Marketing is crucial – when it comes to gaining the attention of prospective consumers & clients, developing products or service demand and turning those prospective consumers into customers. Marketing has an affect on your sales, pricing, promotions and your advertising strategies. When understand the importance of marketing you can use it to promote the ongoing transition of your services and products to the consumer; this can create success in your small business.
[ Market Research, Importance of Mkt Research, Why Customers Buy. Marketing a Product vs Service + much more continued in Premium Content ]