Apply Marketing Concepts Within a Small Business - Free Essay Example

Sample details Pages: 11 Words: 3370 Downloads: 8 Date added: 2017/06/26 Category Business Essay Type Essay any type Did you like this example? Title- apply marketing concepts within a small business Outcome 1 1.1 Define the following objectives of marketing in terms of the organizational objectives as identified in your marketing plan: a) Sell products/ services There are many advantages to starting your own business selling services . Perhaps the biggest advantage is that you are your own boss, take control of your future, and in fact , become the master of your destiny . I am a freelancer for a number of years , and for me , the temptation of self- employment is the freedom and independence that provide the strings , which can be difficult if you work for others difficult . Don’t waste time! Our writers will create an original "Apply Marketing Concepts Within a Small Business" essay for you Create order Operating your own business gives you the opportunity to earn more money , in some cases , two, five or even ten times more than they currently earn . Why? Duplication simple. When you work for someone else , its just you and only so many hours in the day to work for an hourly wage or salary . When you run a business, you can duplicate by hiring employees and salespeople to increase revenues ; You can duplicate your customers and find more like them to purchase services ; and you can duplicate your business model into new geographies and open to serve more customers and earn more profits. These are all things that you can , if you work for others , and if not, chances are it will benefit financially much more than you head . Taking advantage of your skills Do not worry if you do not have business skills and experience in areas such as time management, personal contact , sales, negotiation , accounting and the ability to create effective ads . There is no doubt that everyone should have important skills at the same time they are also practice skills that can be learned and mastered. More important is the question: What qualification (s ) of which can be sold as a service ? Each skill (s) may hold the most marketable asset at your best , and by far . If you know how to ride safely a dog that is a skill people are willing to pay for . If you know how to plan and throw one heck of a party , which is a skill people are willing to pay for their event and party planner . If you know how to play the piano is a skill that others will pay you to teach them . If you know how to sell products and services online again, it is a skill that people are willing to pay for an online marketing consultant . All are examples of skills that people pay others to perform or to learn how to teach . Each person has one or more other skills people are willing to pay as a service provided to them, or learn . However, with that said , most people tend to underestimate the true value . Skills and experience you have to remember what might come naturally to you might not be so obvious to others. Also , you might think it could be low value , specific knowledge or expertise , but if anyone needs or wants to learn about this knowledge . b) Generate new customers One . Advertising . The key to successful advertising is to generate , in exchange for money. Promising Lead To do this, it helps to have a message that not only saves the target audience , but also shows the value it can provide to them. Take television , for example. In general, expensive TV option . We designed based on programming but instead of channels or networks that is, placing ads on Cooking with Joe versus a campaign cooking network provides an outlet for more specific resources. Radio can also selectively target formats and programming. And even in major metropolitan areas , you can sign often cheaper sponsoring weather or traffic reports. And though newspaper subscribe rship has declined in recent years , according to your market , they are still a worthy option for attracting new customers . If your target is , say, for people 55 years or older, you may want to consider community papers or niche publications of older consumers still rely on them for information. But older people are increasingly turning to the Internet what an obvious starting point for any advertising strategy . To tap into this environment , the first step is to have a web presence to determine if you have one. Then , depending on the target market consumers in general, companies or other choose your channel web. LinkedIn, for example, support companies, CEOs and other owners and entrepreneurs , while Facebook remains extremely popular with consumers. Two . Networking and referrals . Reference landing from past business associations or networks is not just a cheap way to get new business. It is also a way to raise customers with the utmost restraint . What s more, cust omers concerns tend to buy more time, and in turn, a source of additional references . How do you find find referrals ? Then with a product or service that is in demand , you have a clear picture of who you are perfect or customers ideal have . In this way , you can communicate with others in your network what type of client you are looking for . You can also target products or services to the needs , wants and desires of the very specific profile . Then you should ask for references from satisfied customers . Make sure you also continually ways to thank their continued advocacy sources for your business to be found. Three . Teaming . Another way to use the available resources is through what is known as a host beneficial arrangement . In this system , another company with the same target audience will use their database to promote your business. They may have a gift voucher or other discount offer products attach to the end of a newsletter or mailing . Examples inc lude: a high-end hair salon and a high-end car dealership or a lawyer and an accountant. To establish another company offers to pay for postage or e expenses the business owner , entrepreneur or offer commission on each sale. April . Strategic Alliances . You would think that partnership one step further and form what is known in the industry as a strategic alliance . While a host beneficiary relationship is usually once or short term commitment alliances strategy can take several years . For example , to send customers who require value-added services . With reference to a web designer and an advertising agency c) Develop and maintain customer loyalty Develop and maintain customer loyalty is the most important thing you will do in your business , whether you are a start- up or an already established business . The web-based environment for many companies fall victim to the fools gold of only gaining new customers. Thanks to the internet , anyone can set up shop an d start driving faster to their customers in a relatively quick turn-around . Too often, companies think that if they can drive enough new business their way , then everything will be fine. Because it is so easy to set up a store for the ability to maintain and develop customer loyalty is more important than ever . new business is large and can mean big money , but new business is fickle . It tends to come and go in waves, and have little to no control over how big the waves or the interval between waves. However, if the focus is to maintain a positive relationship with your customers, your business will become steady and stable . will result in steady waves that you can count on the size and range. There is much more loyalty than treating your customers . This is part of the course, but you have to maintain , so you can stay on top of their needs. The relationship with your customer Moreover, if they need something that they think of you first. Remember why you are a new custome r , primarily because their needs were not met by someone else. There are four crucial factors for the development of customer loyalty . First of all you have to understand what a client and meet their expectations of you. Second Your customers should feel confident that you can fix when confronted . In business, there are always problems , so make sure your customers know that you are the right things . Third need to understand the behavior of loyalty. You should know what to do and when to do it. Fourth learn how to speak and communicate effectively with customers in person or on the phone. Develop and maintain customer loyalty should be to make it in todays tough economy . At the forefront of thought process can not just one or two people in your company or department. It should be a grass roots effort throughout the organization. It is important to develop a system so that no matter who comes and goes in your business , your customers are taken care of and I feel that their needs are met. It should be a fundamental element , which is a focus at every level and with every person in your organization. Finally , while fixing the problem the customer is important , the first objective is to solve customer to solve their problem . Each interaction with a customer is an opportunity to strengthen the relationship that enhances customer loyalty . Building a strong customer base can only be done by putting your customers needs first . d) Maintain image Quality of work It is clear that in order to be considered a professional clients and colleagues have to work hard and be good at what you do. I consider this as the basis for the entire image . Responsiveness and Customer Service The degree of importance you place on your customers is an important part of creating a professional personality . Some aspects of responsiveness and customer service can be : à ¢Ã¢â€š ¬Ã‚ ¢ Be willing to go the extra mile to make customers happy à ¢Ã¢â€š ¬Ã‚ ¢ Respond to e mail and phone messages promptly à ¢Ã¢â€š ¬Ã‚ ¢ Follow up with clients after a project asking for their feedback à ¢Ã¢â€š ¬Ã‚ ¢ Be prepared to offer advice and solutions to problems responsibility Hold accountable can be a challenge at times , but if you do it successfully , you will receive . Respect other This means that , although we take credit and celebrate successes also have to deal with the role of any errors and shortcomings, no excuses. overview Essentially , the presentation is responsible for making a solid first impression and getting potential customers to move to the next level. This could be your website , marketing materials , proposals and project plans , portfolio, voicemail, e mail signature, look and voice when you meet with clients, and each item that you are in front prospects . Communication and listening ability How to communicate , orally and in writing, says a lot about who you are and how you work . Because it is clear, concise , respectful and responsive is essential to success. And do not take on the importance of listening to your customers and the time to hear and understand what they say. Social Networking persona While profiles on LinkedIn , Facebook , Twitter, on your blog and other networking sites also play a role in the overview, they deserve individual attention . What do you say in these forums is informal and relaxed , but keep in mind that these points can work against you if you do not consistently professional and honest. reputation Although sometimes we would like everyone to ignore what others think of us, can go a long way in helping ( or hurt ) your professional image your reputation . That is why it is so important to treat others with respect and honesty , even if you would consider working or work with them. These are factors that we focus on as part of my professional image , and I try each in accordance with the other to maintain. e) Provide i nformation Dashboards often provide at a glance view of KPIs ( key performance indicators ) for a particular purpose or business (such as sales , marketing , human resources, or production ) are relevant . [1 ] The term comes from the dashboard car dashboard where drivers maintain control of the main features at a glance the cluster. Dashboards signs about a company to tell them that there is something wrong or something is good person. The industry has spent years trying to come up with a solution that would tell if their business needs maintenance , or if their business temperature was above normal. Dashboards are usually limited to the show summaries, key trends , comparisons, and exceptions. There are four key elements to a good indent : . [2 ] One . Easy , communicates easily Two . Minimal distractions this could lead to confusion Three . Organized business support meaningful and useful information April . Apply human visual perception to the visual presentation of information 1.2 Explain the implication of the following marketing concepts to business operation as identified in your business plan. a) Needs 1 To avoid large errors. The last thing you want to do is work on its implementation for a year, only to realize that was doomed from the start. Many founders learn the hard way that not enough to achieve your goals for equity side, was partners with the skills and the wrong, or do not have a viable way to make money resources. Developing and sharing a business plan can help ensure that you are running down the right path. . 2 To counteract their emotions: Sometimes during startup experience, you manic so passionate about their ideas is lost sight of reality. At other times, you will be overwhelmed by doubt, fear or fatigue. When your emotions get the best of you, having a business plan allows you to step back and take an objective look at what you are doing and why, you know what is fact and what is trying to figure out. . 3 To ensure that everyone is on the same page: It is likely that you are not building a business for yourself. Ideally, you will have partners, so you can launch faster, smarter and with less need to pay employees or suppliers. Even if you do not have partners, you can have family, friends and lawyers intervened. A business plan helps all those involved in its implementation goes in the same direction. . 4 To develop a game plan: Initially, execution is everything. That means you have to set priorities, set goals and measure performance. You also need to identify the key questions to answer, like What features do customers really want?, Do customers buy our product and how much to pay? And How can we attract customers in a way that profitable and scalable? These are all things you direction during the business planning process. May. For capital. If you raise or borrow money, even from friends and Youll need the family to communicate their vision of a clear, compelling way. A good business plan will help you do just that. An October 2007 study by Babson College found that the creation of companies with a business plan raised twice as much capital as they do not have a business plan within the first 12 months. b) Demands A business plan is a road map That Also provides directions to the business of can plan future ITS and IT HELPS Avoid bumps in the road. The time you spend making your business plan thorough and accurate, and keeping it up-to-date, is That Pays Big Dividends year investment in the long term. Your business plan according to Generally Accepted SHOULD guidelines regarding form and content. Each section SHOULD include specific elements and address relevant questions That the people who read your plan most Likely Will ask. GeneRally, the business plan has the Following Components: Title Page and Contents A business plan Should Be Presented in a binder with a cover listing the name of the business, the name (s) of the principal (s), address, phone number, e-mail and website addresses, and the data. You do not have to spend a lot of money on a fancy binder or cover. Your readers want a plan That looks professional, is easy to read and is well-put-together. Include the same information on the title page. If you have a logo, you CAN use it, too. A table of contents follows the executive summary or statement of purpose, so That CAN Quickly find the information readers Financial or time They need. Executive Summary The executive summary, or statement of purpose, succinctly encapsulates your reason for writing the business plan. It tells the reader what you want and why, right up front. Are you looking for a $ 10,000 loan to remodel and refurbish your factory? A loan of $ 25,000 to expand your product line or buy new equipment? How Will You repay your loan, and over what term? Would you like to find a partner to Whom Youd sell 25 percent of the business? Whats in it for HIM or HER? The questions pertain to your situation That Should Be Clearly and succinctly addressed here. c)market Amarketing planmay be part of an overallbusiness plan.Solidmarketing strategyis the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use. A marketing plan is a comprehensive blueprint which outlines an organizations overall marketing efforts. A marketing process can be realized by the marketing mix, which is outlined in step 4. The last step in the process is the marketing controlling. The marketing plan can function from two points: strategy and tactics.In most organizations, strategic planning is an annual process, typically covering just the year ahead. Occasionally, a few organizations may look at a practical plan which stretches three or more years ahead. d) Marketing mix What is marketing? The definition that many marketers learn as they start out in the industry is: Putting the right product in the right place, at the right price, at the right time. Its simple! You just need to create a product that a particular group of people want, put it on sale some place that those same people visit regularly, and price it at a level which matches the value they feel they get out of it; and do all that at a time they want to buy. Then youve got it made! Theres a lot of truth in this idea. However, a lot of hard work needs to go into finding out what customers want, and identifying where they do their shopping. Then you need to figure out how to produce the item at a price that represents value to them, and get it all to come together at the critical time. But if you get just one element wrong, it can spell disaster. You could be left promoting a car with amazing fuel-economy in a country where fuel is very cheap; or publishing a textbook after the start of the new school year, or selling an item at a price thats too high à ¢Ã¢â€š ¬Ã¢â‚¬Å" or too low à ¢Ã¢â€š ¬Ã¢â‚¬Å" to attract the people youre targeting. The marketing mix is a good place to start when you are thinking through your plans for a product or service, and it helps you avoid these kinds of mistakes. Understanding the Tool The marketing mix and the 4 Ps of marketing are often used as synonyms for each other. In fact, they are not necessarily the same thing. Marketing mix is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4Ps is one way à ¢Ã¢â€š ¬Ã¢â‚¬Å" probably the best-known way à ¢Ã¢â€š ¬Ã¢â‚¬Å" of defining the marketing mix, and was first expressed in 1960 by E J McCarthy. The 4Ps are: Product (or Service). Place. Price. Promotion. A good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix. Here are some questions that will help you understand and define each of the four elements: Product/Service What does the customer want from the product/service? What needs does it satisfy? What features does it have to meet these needs? Are there any features youve missed out? Are you including costly features that the customer wont actually use? How and where will the customer use it? What does it look like? How will customers experience it? What size(s), color(s), and so on, should it be? What is it to be called? How is it branded? How is it differentiated versus your competitors?