For any entrepreneur, marketing is an important component for the success of all businesses. Marketing can be identified as the process in which any business informs, satisfy and keep possessions of its customers. It is the main ingredient to bringing in customers to increase profits for a business. Many may think that marketing is as simple as advertisements and promotions but in the real business world to be successful, marketing is a bit more complex. A business needs a solid marketing plan to succeed and also to show the investors the company is able to return the investment the investors have given.
For an entrepreneur to master the marketing skill the individual must understand the marketing mix. Marketing mix is the combination of the elements of marketing and what roles each element plays in promoting your products and services and delivering those products and services to your customers (about. com).
Elements of Marketing Mix The marketing mix has four elements and until recently there have been a few new added elements which are referred to the 4 ps or the 7 ps of marketing mix.
The 4 ps of marketing are product, place, price, and promotion and the additional p’s are process, people and physical evidence. When looking at it from a business sense of view it make a lot of sense because even though the added p’s can be explained in the original 4 ps, they each can stand alone. For instance process can be looked at as the protocol used by businesses for the marketing strategies and people can be seen as what they used to explain in debt the product or services.
The Business plan on Marketing of a New Product essay
The marketing of a new product can be as successful as how the product is initiated into the market and how the organization developing the products makes contingency products.In this case, the marketing of a hair band as a new product into the market would take a number of stages which may involve;Idea Generation- In this respect, the organization would generate the business idea through ...
Last but not least physical evidence is what most consumers today go by which shows firsthand that a product or services does work. Product is the product and services offered to your customer, and how they are different from the competitors’ products. Businesses also have to make sure when offering a product to their customers it has to have the correct features meaning it must look good and work well and have enough to go around. Price is described as how you price your product or service so that your price remains competitive but still allows you to make a profit.
In pricing businesses should also keep their targeted market in mind ensuring it is affordable to them and potential future customers. Place is describe as the distribution or where your business sells its products or services and how it gets those products or services to your customers. Place is very important because a business would want to make sure that their goods and services arrive when and where they are needed. For the promotion element it is the methods used to communicate the features and benefits of your products or services to your target customers.
In today market promotion is made easier because your targeted consumer can be reached by the push of a button. With that being said businesses should keep technique and deliverance of the product and services offered into consideration also. The fifth p in marketing mix is described as people and is how your level of service and the expertise of the people who work for you can be used to set your business apart from the competitors. With the majority of products and services being offered by the click of a button, most consumers tend to rely on reviews to help them decide.
If the business does not have the right people that look professional and have good ethics with the knowledge of the product or services they are selling it can hurt the business extremely. Which brings us to the saying a first impression last. Organization The Atlanta barber and beauty supply company or ABBS is an organization that supplies barber and beauty shops all around the country. They have been in business serving professional barber shops since 1946 with new, used and antique barber supplies and equipment.
The Business plan on Market Segmentation Products Service
Market Segmentation This document prepared and presented by Business Resource Software, Inc. Market Segmentation The purpose for segmenting a market is to allow your marketing / sales program to focus on the subset of prospects that are 'most likely' to purchase your offering. If done properly this will help to insure the highest return for your marketing / sales expenditures. Depending on whether ...
It is specifically marketed to the licensed barber or beautician shop owners. Just like any other organization ABBS has used the four elements of marketing mix to assist in the marketing strategy. For the product element the company has shown how each of their products are of great professional quality and last for years. Even though they sell top quality products, they also provide lower end products for those that maybe not willing or able to spend as much. They sell the same products as their competitors but they have a wider variety of clippers and shears in stock that are antiques.
This allows them to provide their products to a larger consumer group from the older shops to the younger and ever changing shops. The company takes pride in having any kind of hair products in stock. Some barbers have specialty shops that only cater to an older market and likes nostalgic products and equipment to make their shop look and feel like the barber shops of the past, and ABBS has these products and items in stock and can ship them anywhere all around the world.
This element does not affect the development of the company’s marketing strategy because it helps it by making sure the company keeps plenty of stock of their products. This element also gives the company a reason to look at other countries hair products to see what new products are being made and used in that country that can be sold to that market in the future. In the price element this affects the marketing strategy of the business by making the company decide how to price their products without making the price to expensive but attractive to customers to gain more customers than the competitors.
The prices for the products are at competitive rates but lower than other barber supply companies because they give discounts to the owners of the barber shops. They also give a discount on shipping on all items purchased $60 and over. That is a strategy to bring in and keep more customers to use their internet website. The place element/distribution element for the ABBS is placed in 186 Mitchell St. S. W. Atlanta, GA that is the main building set for distribution of all barber and beauty products. The company utilizes its internet website by offering its products via e-commerce to a worldwide market.
The Business plan on Apple Computer Corporate And Business Strategy
... generating buzz for its products. Their marketing campaigns have been successful and remain a value added activity. Financially, the company remains liquid with ... this vision and strategy in mind, we now will examine the four elements to the scorecard approach: customer perception, internal business perspective, innovation ...
This affects the company’s marketing strategy and tactics in a good way by broadening their market to attract more customers. The more the clients they can generate worldwide the more the companies’ profits will increase. The internet is the best tool to advertise a business and its products these days, because of its power to reach a mass amount of people around the world in a matter of seconds. They also use catalogs to keep their existing customers updated on new products and price and can also be a good way of keeping them in the loop of new adventures to come.
In past years the radio and TV ads were the top marketing tool for businesses, but it came with an expensive price to get a radio or TV ad spot it also only reached a local market so small businesses were stuck only doing business domestically. The internet made it easier and cheaper for mainly anyone to advertise anything to anyone all around the world. Now the company distributes its products from the main building in Atlanta to thousands of clients in many different countries. The ABBS Company has developed policies for its internet clients that are overseas; it also ships to APO/FPO addresses.
In the promotion element the company communicates through the internet to advertise its products it also sends out catalog magazines to all new barbershops that are listed in the phone books of each city. The company is a top search when searched on Google. ABBS promotes the business in all forms of the marketing aspect, from newspaper ads, magazines, radio/TV ads, and the internet. Conclusion In conclusion new entrepreneurs understand that the marketing mix is a good tool to use when planning the marketing strategy of the business.
It shows that these strategies are ever evolving with time and for a business to be and keep being successful their approach to cater to their consumer must also evolve. After identifying the four elements of marketing mix which are product, price, place, and promotion I was able to describe how each element affected the development of the company’s market strategy and tactics. I also described how each of the four elements was implemented for the business, and identified the industry in which ABBS exists.
The Business plan on Marketing and Product
... essential parts in the marketing strategy that can help company to market their product better using the appropriate marketing mix. The following ... Importance of Positioning It is important for a successful business to market itself right. Through positioning, a lot ... and shop lots. • Promotion: Uses internet and newspaper to announce their new products. Conclusion Positioning is how the target ...
