The Marketing Mix and the 4Ps of Marketing - from MindTools.com. Understanding How to Position Your Market Offering Prime your product's entry into the marketplace by asking the right questions. What are the 4Ps of Marketing? The 4Ps of marketing is a model for enhancing the components of your ‘marketing mix’ – the way in which you take a new product or service to market.
It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand. What is marketing? It's simple! There's a lot of truth in this idea. But if you get just one element wrong, it can spell disaster. 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 4Ps of marketing are often used as synonyms for each other. The 4Ps are: Product (or Service). A good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix. The Five Stages of Small Business Growth. Categorizing the problems and growth patterns of small businesses in a systematic way that is useful to entrepreneurs seems at first glance a hopeless task. Small businesses vary widely in size and capacity for growth.
They are characterized by independence of action, differing organizational structures, and varied management styles. Yet on closer scrutiny, it becomes apparent that they experience common problems arising at similar stages in their development. These points of similarity can be organized into a framework that increases our understanding of the nature, characteristics, and problems of businesses ranging from a corner dry cleaning establishment with two or three minimum-wage employees to a $20-million-a-year computer software company experiencing a 40% annual rate of growth. The framework also provides a basis for evaluating the impact of present and proposed governmental regulations and policies on one’s business. Developing a Small Business Framework Stage I: Existence 1. 8 Tips for Successful Business Development.
This post originally appeared on the American Express OPEN Forum, where Mashable regularly contributes articles about leveraging social media and technology in small business. Many founders and CEOs come asking, “we need to hire a biz dev person, do you know anyone?” Few roles have more varied job descriptions than business development. It’s no wonder why it is hard to figure out who to hire, what this person should do and how to measure success.
Read below for tips on successful business development for startups, including how to avoid many of the typical frustrations with business development. 1. A person with deep industry knowledge and strong network ready to “do deals” can turn into a disaster if it is too early in a company’s product lifecycle. Scouting: The earliest stage of a company. 2. In general, business development will identify and create partnerships that enable leverage for driving revenue, distribution or that enhance the product. 3. 4. 5. 6. 7. 8. Eric Grafstrom. Why is it important to define a target market for your business? Find answers from Entrepreneur.com experts. One of the first things I always ask anyone starting a new business is, "Who or what is your perfect customer or client?
" If they can't answer that I have them go figure it out before we go any further. In marketing if you have no target it's not like the motivational speech of "Shoot for the moon if you miss, you'll land among the stars. " It just doesn't work that way in business. You'll be shooting into the black expanses of space--where no one exists. Sit down and look at what you are offering and look around at who you think would be perfect for your product or service. You need to know exactly (or as exact as you can possibly make it) who your customers are. It's called demographics. Geographic, demographic and psychographic are the three main ways you can find your target market. If you try to blanket everyone with one marketing message you'll lose over half of your audience simply because it doesn't apply to them.
15 Tips for Selecting a Profitable Market for Your Ecommerce Business #MoonlightingontheInternet. In Moonlighting on the Internet, internet entrepreneur Shelby Larson presents the most reliable and proven ways you can create an extra paycheck for the short term and establish a continual revenue stream for the long term with your own website. In this edited excerpt, Larson offers 15 ways to determine if the market you’re interested in will be profitable for you. There’s a lot of information out there about how to choose a profitable market. The simplest explanation I’ve found from a resource I trust is a 15-point checklist from ecommerce marketing expert Ezra Firestone.
I’ve excerpted parts of it here with his permission. Keep these tips in mind when you are thinking about your ecommerce business in relation to profit margin, risk, and income potential: 1. You want your average order value to be between $75 and $200. 2. 3. A quick and easy way to evaluate this is to type the top 15 or 20 content page keywords into Google. 4. 5. This one’s pretty self-explanatory. 6. 7. 8. 9. 10. 11.