Marketing Research
While market
asks who, where and how many? marketing addresses "How." Once you have
identified geographic area, competition, and the ideal customer, the
big question is how can these perfect customers be reached? The main
areas of marketing are product, price, packaging, and promotion.
Product/Service
Is there a demand
for the product/service you are offering? If so, then your ideal
customers are currently getting it from one of your future competitors.
How can you provide your product/service better, faster or cheaper?
Give your customers a reason to buy from you rather than the other
stores.
Price
Determining a
good selling price is complicated as it affects both marketing and
finance. Products/services should be priced in line with the current
market and competitor pricing. Selling price should be sufficient to
pay all business expenses and should make a profit for the owner, given
a reasonable amount of sales. Keeping business expenses in mind, set
reasonable sales goals and strive to meet them every day.
Packaging
Along with
packaging your product/service, you also must present your business
itself in the most attractive way possible. A business's name is its
most important marketing tool, and you should spend plenty of time
brainstorming ideas before you commit to a name. The best business
names are memorable, clever, and as informative as possible.
Promotion
The best way to
reach your customers is to advertise within your own logistical and
financial means. One of the most important pieces of advertising is
your business card. Make sure it conveys your who, what, where, why and
how to contact your business. Then decide which of the three basic
advertising methods to employ-media, direct mail, and personal
appearances.
After you have researched your potential customers and think you have
found your niche among the other businesses, it is time to go to work
on the business plan.
Western Dairyland will help create a marketing plan that will give you
a leg up to grab the highest possible market share.
Links to
Marketing Web Sites
Below are a
list of links that provide access to web sites where you can learn more
about marketing.
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