Posted by Biz Central USA Marketing Team on July 15, 2010 under Small Biz and Entrepreneurship,Small Biz Marketing,Small Biz News | 
Marketing is defined as the process by which companies determine what products or services may be of interest to customers and the strategy to use in sales, communications and business development. It is an integrated process through which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Marketing incorporates or impacts heavily upon all of the following activities:
- Business Development
- Product Development
- Market Development
- Market Research
- Competitor Analysis
- Pricing Strategy
- Public Relations
- Customer Service
- Promotions
- Brand Development
- Company/Corporate Identity
Marketing Mix: the four P’s of marketing…
Product is what you are selling. Not just the physical product or the actual service, but all the customer benefits and values that the product represents. It is usually not important to have the best possible product. Cutting edge and feature-packed products cost more. The key is to have the most valuable product in its price range. The term “product” refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made:
- Brand name
- Functionality
- Styling
- Quality
- Safety
- Packaging
- Repairs and Support
- Warranty
- Accessories and services
Price is the amount that the customer must pay. This is the acid test of whether the features you added to the product were really valuable, or whether you might have been better to cut a few low-value features out. Some examples of pricing decisions to be made include:
- Pricing strategy (skim, penetration, etc.)
- Suggested retail price
- Volume discounts and wholesale pricing
- Cash and early payment discounts
- Seasonal pricing
- Bundling
- Price flexibility
- Price discrimination
Place (distribution) is your physical location. Place is still important for online businesses because of shipping costs and for online customers that look for local and regional suppliers. Distribution is about getting the products to the customer. Some examples of distribution decisions include:
- Distribution channels
- Market coverage (inclusive, selective, or exclusive distribution)
- Specific channel members
- Inventory management
- Warehousing
- Distribution centers
- Order processing
- Transportation
- Reverse logistics
Promotion is not only advertising and promotions, but also sponsorships, public relations, special offers, viral marketing, and so much more. In the context of the marketing mix, promotion represents the various aspects of marketing communication. That is, the communication of information about the product with the goal of generating a positive customer response. Marketing communication decisions include:
- Promotional strategy (push, pull, etc.)
- Advertising
- Personal selling & sales force
- Sales promotions
- Public relations & publicity
- Marketing communications budget
Hopefully this article provided you with a better understanding of what marketing is, the marketing mix and how you can utilize all of the aspects of marketing to help you grow your small business.
Posted by Biz Central USA Marketing Team on June 11, 2010 under Small Biz and Entrepreneurship,Small Biz Marketing,Small Biz Webinars |
Getting Your Small Business Started with Social Media!
Whether you are selling products/services or just publishing content for ad revenue, social media is a potent marketing method that will make your small business profitable over time.
From social networking and blogging to bookmarking and video streaming, there are dozens of ways to implement social media into your marketing mix, but that means nothing if they are not implemented effectively. In order for your efforts to provide you with a significant return, you must figure out what methods work best for you and know how to execute them!
We invite you to spend a valuable hour with BizCentral USA and learn how to get started utilizing social media to grow your small business by building content online that will get people talking!
Topics of Interest:
- The New Realm of Social Media
- 5 Social Media Methods
- How to get People Talking
- Integrating your Social Media Campaigns
Don’t get left in the dust! Get social and start reaching millions through this new medium!
RSVP Today! http://bit.ly/aulL97
Posted by Biz Central USA Marketing Team on August 10, 2009 under Small Biz Marketing |
On average, 63% of businesses use social networking to build
relationships and awareness of their brand.
Customer Relationship Development and Satisfaction
Customer satisfaction is at an all-time low, possibly as a result of reduced business focus on actual relationships, and an increased focus on “customer relationship management” systems. Online social networks allow a prospective customer or prospective member to easily create a real connection with individuals in a given organization. This allows for the customer to put a face with an interaction, rather than just a computer screen. This in turn creates a real human perception of the company that is welcoming to business relationships.
Extremely Low-Cost Marketing Tool
Small business owners should engage in social networking because it is an easy and inexpensive way to connect to your consumers, and potentially form business partnerships. Additionally, it provide an opportunity to network with people who have similiar interests, problems which you can solve and business goals you can help them achieve.
Easily Share knowledge with Consumers
By combining social networking with other technologies (such as RSS, Blogs, Bookmarking etc.) your company will make it easy for current and future consumers to “subscribe” to updates from your organization. This is a way to share your company’s important information (Promotions, Articles, News etc.) without any additional effort.
Differentiate your service with “brand you”
Social networking provides another outlet for building your brand; Evenmore, it helps you promote “brand you” and not just the services that you offer. You will have a variety of interactions with potential consumers, future partners and other people of interest. Express your company as one that has real people working for it, people that love their company and believe in the products or services it offers. This genuineness will come through in the conversations that you engage in. This is your company’s brand; it is what make your company special.
