Marketing is a form of communication between you and your customers with the goal of selling your product or service to them. Communicating the value of your product or service is a key aspect of marketing.
The Four P's of marketing include identifying and developing your product, determining its price, figuring out placement in order to reach customers, and developing a promotional strategy. Developing a marketing plan is an important way to begin forming this strategy for reaching customers and encouraging them to buy. |
Marketing strategies
are the result of a meticulous market analysis. A market analysis
forces the entrepreneur to become familiar with all aspects of the
market so that the target market can be defined and the company can be
positioned in order to garner its share of sales
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Ask any entrepreneur that’s just starting out what the most difficult
aspect of their business is and they’ll likely point you to the
challenge of reaching and retaining customers. Yes, marketing a new
business or product can be a time consuming, costly endeavor, something many entrepreneurs don't have.
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Not all the information you need is going to be publicly available, and
you may have to settle for educated estimates. Sometimes you'll have to
extrapolate information from different sources to get the information
you're seeking.
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