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MARKETING MIX

Product/Service

Is there a demand for the product/service you are offering? If so, then your ideal customers are likely 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 an appropriate selling price is complicated because 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 in the most attractive way possible. A business's name is its most important marketing tool and you should spend considerable time brainstorming ideas before you commit to a name. The best business names are memorable, clever, and descriptive.

Position

Positioning your product or service means identifying the best location from which it will be sold. It is often referred to as the distribution channel and can include physical or online stores.

Promotion

Promotion includes any form of communication used to market a product or service. Generally, promotion breaks down into four categories: advertising, public relations, personal selling and sales promotion.

By far, advertising is the most common way to reach your customers. For example, one of the most effective pieces of advertising is a simple, inexpensive business card. Beyond that, consider brochures or flyers, email marketing, magazine ads, newspaper ads, newsletters, posters, radio ads, television ads, telemarketing, and web sites - to name a few.

After you have researched your potential customers and have found your niche among the competing businesses, it is time to go to work on the business plan. Western Dairyland will help create a marketing plan that will position you to attain the highest possible market share.

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