Basic Marketing Principles For new entrepreneurs ✨

Basic Marketing Principles For new entrepreneurs ✨
Marketing is the heart of any business. It may be an advertisement that everyone knows each other. Or is it an analysis of how to set the price to be the most profitable? That is because marketing covers all parts of the business. This article will be an introductory marketing guide. suitable for beginners which in the article will talk about the basics that new business people should pay attention to learn what's there
📍 Functions of Marketing
The function of marketing is to assist sales. through the creation of various marketing strategies and tools for example Market Segmentation Considerations Target group selection and product placement Initially Marketing has a good page that is straightforward. especially helping sales However, this function can also be divided into subtleties.
- Segmentation Market segmentation – is the analysis of data to divide the market into smaller parts. Marketers can share market data in a number of ways. whether according to demography, psychology and geography by good market share
- Targeting. Selecting the target audience – the goal of selecting the target audience. is to choose a market that may be a bit smaller but has a preference for the product over the overall market. This makes the effectiveness of marketing campaigns in the sub-markets more.
- Positioning - positioning of the market - is to place the selling point of the product to suit the needs of the customer. and planning ways to communicate this point of sale to customers through various channels
📍 The importance of marketing
in the last part We have already looked at what the function of marketing is. which if to be said simply Marketing is also responsible for increasing revenue and reducing costs for the company. However, there are many elements of increasing revenue and reducing expenses. Most marketers will look at these factors.
- Communication - is the most fundamental aspect of marketing. because to start doing something about the customer and the consumer Marketers need to start with persuasive communication. especially the point of sale communication of the product In addition to that, marketing can also be a tool for teaching and educating customers.
- Sales - Promotion, such as advertising, which is achieved through various means of communication such as print media, images and video. A good product will sell itself through word-of-mouth advertising. However, in most cases If the organization does not market anything The chance that the product will be sold is very low.
- Growth - means doing advertising to grow your business, such as increasing sales. opening new markets new product launch Good marketing has to consider creating new customers and keeping old customers coming back to buy again.
What are the basic elements of marketing?
The basic marketing elements are price, product, promotion, and distribution channel. These four factors are marketing mixes that must be designed to complement each other. and was created to suit the customer group The goal of the marketing mix is to use it to determine a marketing strategy. where marketers can control various factors to promote marketing plans whether to make it different from competitors or convincing customers to buy
1. Marketing Mix 4P (Marketing Mix)
– Products and Service If you are starting a business, the first thing you should pay attention to is making a product And your service can meet the needs of customers. But customer needs can change at any time. So doing your business requires product development. and service all the time To prevent imitation of competitors and make customers see that the product has been developed to be always up-to-date or development to be more quality And this is what will build confidence in that group of customers.
- Price (price) Setting the price is very important. Because that means the profit that will be made in each sale. There are several methods of setting prices. including setting the selling price by adding the desired profit with the cost price Psychological selling price setting Competitive pricing and more strategies for novice entrepreneurs. But the price setting that is popular with many Business will be pricing using cost + desired profit. But that doesn't mean that this method will bring you huge profits. Because the pricing is still a number of factors that you need to take into account. This is why novice entrepreneurs should thoroughly research their pricing strategies before starting their business.
– Place (distribution channel) when you know that the product and what kind of services can meet the needs of customers and a reasonable price has been set The next issue you need to consider is location. that you choose to sell products and your service If you choose to sell products in an alley that is less crowded. Your sales can be difficult. In addition to choosing a location Distribution channels also need to consider transportation, inventory storage locations. Both of these can affect your profits as well.
– Promotion (marketing promotion). Marketing promotion is made to stimulate more sales. or to introduce new products into the market by giving out trial samples, price reductions, and organizing promotions on special occasions to attract attention that will cause the need to buy your product This will probably make you less profitable. But this is definitely a great way to expand your customer base.
2. Product life cycle
The product lifecycle is something new entrepreneurs should learn. In order to know the status of the product in which it is in the product life cycle. as a guideline for planning marketing strategies in accordance with the product life span There will be 4 phases in the product life cycle:
- Introductory period, during this period, it is the period that is less profitable. because the product is not yet known and also have to make publicity advertisements to bring your product to market or is the focus of the consumer group to make purchases But if a product fails to enter the market, it must be taken off the market.
- full growth period This is the period when products can be highly profitable. because there are not many competitors And the product has been well received by consumers.
- Saturation period. During this period the profit will be stable or there may be an increase. or slightly reduced More and more competitors make it difficult to expand the market of the product. The market share will continue to increase.
- During the recession, the product will no longer be profitable. The reason may be that consumers change their tastes. More and more competitors to cause the product to be oversupply of the market, which exceeds the demand of consumers And this will be the time when novice entrepreneurs have to decide whether to develop the product further. or will release a new product to enter the first cycle again
3. All 5 effects
Learning the five impacts can help you apply them as a competitive analysis method. analyze the competitive environment and planning a strategy for your business In order to reduce the risk, increase the stability of your business. The impact of the five is
- bargaining power of consumers
- Bargaining power of suppliers
- Threats from new competitors
- New arrival of replacement products
- Competition of the same business
4. Cost reduction
what a novice businessman One more thing should be learned is to reduce costs. Running a business needs to be costly in many ways. inevitably difficult Whether it is production costs, water costs, electricity costs, transportation costs, product storage costs And the way to reduce the cost is not choosing materials that are not of quality to produce products. to reduce production costs Using this method, in addition to taking advantage of consumers. It also affects the quality of the product. and credibility in your business as well The cost reduction you should be doing is figuring out the portions you can reduce within your business. without affecting product quality and your service
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