Foundations of Marketing

By Pat Smith

The foundations of marketing involve proven strategies to build a customer base and generate sales. Those who enter into the business arena without a solid marketing plan are destined for failure. You can have the best product or service ever known to man, but without some sort of marketing strategy no one will ever know about it.

Embracing the foundations of marketing can help establish your brand, build a loyal customer following, attract new customers, and stave off competition. The first facet of any marketing plan is to establish short-and long-term goals. Determining business goals allows you to determine which marketing strategies to implement.

The next facet of developing a marketing plan is to engage in market research. If the market is saturated with the widget you plan to sell it can be very difficult to make headway. However, this doesn't mean you can't sell it. You simply have to make your offer more appealing to your target market. This might be accomplished by offering a reduced price or selling at a higher price, but offering bonus gifts, free shipping, or discount coupons for future purchases.

Knowing your target market is one of the most important foundations of marketing. Engaging in market research is fundamental for learning what consumers want and need, as well as the price they are willing to pay.

There are many factors to consider when pricing products and services. In order to generate profits, you have to weigh all factors involved in selling. Many businesses have failed by pricing their self out of the marketplace. In addition to the direct costs of buying or manufacturing your product line, you must account for the indirect costs including that of marketing.

Thanks to modern technology there are multiple online marketing strategies that can be implemented. Although some strategies don't cost a dime, it's important to factor in the cost of time required to create marketing materials.

For example, social media marketing is a free resource, but requires man-hours to publish marketing messages and interact with fans. Many internet business owners utilize Facebook fan pages, but neglect to calculate the costs involved with posting on a regular basis, answering questions, and responding to comments.

Video marketing and podcasting can also be low-cost marketing tools, but can take a considerable amount of time to create, edit, and submit to online directories. Those who want to use these marketing mediums must account for the cost of HD camcorders, audio equipment, and video editing software, as well as the man-hours spent developing online videos or audio presentations.

The foundations of marketing are constantly changing as new technology is developed. Those who are unfamiliar with how to develop a marketing plan or the various types of online marketing strategies should consider enrolling in a marketing training course or enlist the help of a marketing agency.

Last, but not least, business owners should also include a plan for customer support. Offering human customer service has become a rare occurrence, but can take your business to the front of the pack. People yearn for person-to-person interaction when they are experiencing a problem or have concerns. Developing a solid customer satisfaction program can help your business achieve the level of success you desire.

We have developed a proven marketing system for brick-and-mortar and Internet businesses that combine the best online marketing strategies with personal coaching. Together, these products and services can help every business owner reach their goals. Contact us today if you're ready to dominate your niche market using tried and tested strategies developed from the foundations of marketing.