Business Sphere

The heart of any business is marketing, and without a market there is no business.

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It is how you market your products and services that can make your business grow or decay, make money or lose your investment. For your business exists for the customers.

How do you market your products or services to the customers? How you market is a function of strategy – marketing strategy.  And the best marketing strategy is one which results to improving your bottom line, in short, profit. Here’s the basics to help you design an effective marketing strategy that work for your business.

1. Product or Service

Your products and services must meet the needs and wants of your customers. Otherwise, they won’t buy and you won’t have sales, revenue, and profit. Product and service quality are important.

Therefore, your strategy is to know your customers, their needs and preferences, and offer the products and services that can meet those needs.

2. Price

Your pricing strategy must be competitive for your products and services. If your price is high, only few people will buy and they will go to your competitors. If your price is low, it might result to losses as you have production cost, buying price, and other expenses.

In pricing, it is important to know how much your customers are willing to buy, taking into consideration the price your competitors are charging, plus your desired mark up or profit objective.

3. Promotion

The purpose of promotion is to create awareness to your target customers, for them to know your business and what you are selling.

To create awareness and make your products and services known to your target market is to advertise by  using media, billboards, online advertising, flyers, etc.

4. Place

Your business location is a factor in generating sales, revenue and profit. Where to locate your business depends on the type of business you have.

The rule of thumb is: locate your business where there is traffic, where the market is.

5. People

Your marketing strategy must focus on who your target customers are. You must position your business close to your customers to know their needs, and offer the products and services to meet those needs and wants.

It is important to have good customers relations and to offer fast and friendly service.

The foregoing are the basics in making your marketing strategy, without which your business will not grow, survive and become profitable.

To summarize: It is how you market your products and services that can make your business grow or decay, make money or lose your investment. For your business exists for the customers.