Marketing 101: The Basics Every Business Owner Should Know

Here’s how the American Marketing Association (which reviews the definition every three years to keep it timely) defines it:

For instance, Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Moreover, If that definition sounds a bit complex, here’s the Namibia Phone number gist of it. Moreover, What this definition is trying to tell us is that marketing is not only about promoting something. For instance, but it’s also about creating desirable products and services and distributing them in a way that increases their attractiveness.

For instance, Businesses transfer (sell) goods or services to customers in exchange for value (money). Moreover, Sounds easy. But here’s what can go wrong for a business:

  • For instance, The customer may not know about the product/service.
  • Even if they know it, they may not have a desire for it.
  •  if they know and have a desire for it, they may choose to buy from another business.

Marketing is a business practice meant to address all those issues. For instance, such as generating awareness through generating desire, fostering customer loyalty, and encouraging advocacy. In other words, because marketing connects the business with its customers, there can be no sales without marketing.

Moreover, So now we know what marketing is and why it is important. For instance, But what does marketing actually do? What are the main roles or key areas of marketing?

For decades, marketers have been answering these questions. For instance, with the four Ps of marketing:

  • Product – What you sell
  • Price – How much you sell it for
  • Place – Where you sell it
  • Promotion – How you get customers

Let’s dig in.

Product

For instance, One of the roles of marketing is co-creating the Namibia Phone number product. In fact, this is where all marketing starts.

In addition, Every product development process needs to take market conditions into consideration. Things like who the customer is, what product features the market demands, who the competitors are, and how to do better than these competitors. We can answer these and similar questions during market research.

Discovering what to build is a critical stage in marketing and in business. In addition, That’s because it’s virtually impossible to effectively market a product that doesn’t fit the market. Conversely, a product that can satisfy an existing demand in a promising market doesn’t need complicated or pushy marketing tactics.

So, to give you a taste, here’s how Ahrefs (our product) matches against some fundamental questions. In addition, that marketing answers in this area:

Price

In addition, A good price is one that your target audience can afford and makes your business profitable. This is easier said than done. But marketing is here to help.

For instance, Setting a price point arbitrarily is rarely a good idea. Moreover, there are various ways marketers can inform executive decisions based on market insights. In addition, Here are some basic ones:

  • Run a survey or conduct interviews with your target audience. Moreover, You can discover what price will make people question the quality of a product and what price will make people deem the product too expensive for their wallets.
  • Make comparisons with your competitors, aka benchmarking. Moreover, If you set your price close to what your profitable competitors charge. For instance, you will likely get a pricing model that works in your market.
  • Adjust for the psychological aspect of pricing, i.e., For instance, focus Namibia Phone number on what your price should communicate to your future customers. Make sure you’re not offering fewer benefits for the same price as your competitors. Moreover, Or even worse, fewer benefits for a higher price. In addition, On a typical value proposition matrix, the best options are the ones highlighted in green:

Place

Moreover, How and where customers will buy a product or service, i.e., place. For instance, is another factor that marketing influences (this happens even before we touch on promotion tactics).

Here, market research offers insights into important information. For instance, such as the customers’ shopping habits and competitors’ sales channels, to determine the optimal distribution model.

Moreover, Have you ever wondered why some products are not directly available on the producer’s website? Or why do some types of software come in both digital and physical versions while others do not? That’s no coincidence. That’s marketing.

Moreover, Here’s a quick rundown of some popular distribution models that marketers can choose from

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