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8 Marketing Essentials from William D. Perrault, Joseph Cannon, and E. Jerome McCarthy.
In the 17th edition of their essential marketing text, Marketing: Essentials, William D. Perrault, Joseph Cannon, and E. Jerome McCarthy introduce students to the eight vital principles of marketing that are consistently confirmed by successful marketers themselves, which they label as the 8 Essentials of Marketing )(p. ix).
Although these principles may seem simple and even obvious, they provide an excellent foundation to build upon as students move on to more advanced topics in the field of marketing.
William D. Perrault, Joseph Cannon, and E. Jerome McCarthy explain this concept in their book Essentials of Marketing by explaining the concept of market segmentation, which focuses on targeting one specific group of consumers that have needs that fit your company’s products or services.
Market segmentation involves looking at how similar or different your potential customers are from each other, the patterns of their behavior when purchasing goods and services, and how likely they are to buy what you are selling.
How can you do this? Keep these eight marketing essentials in mind.
- Understand your Customers: Understanding your customer's segment details the basics of how to get information about potential customers for a company's product or service.
The authors provide three questions to ask when getting the background of prospective customers: who are they? what do they want? and why do they buy?
Too better understand their needs, marketers need to be aware that people may use different products or services at different times throughout their lives based on life changes like marriage, divorce, the birth of children, etc.
2. Develop a Supportive Network: For Example, When a man started his last job in publishing, he didn't have a contact in the industry but he had a few people on social media that he followed so they could talk to each other and learn about the day-to-day running of publishing houses.
He is still not close to any of them in real life but they were instrumental in teaching me what goes on behind life - something nobody teaches you when you're just starting!
3. Create an Inviting Atmosphere: In deciding where to locate your business, take into account who you are selling to as well as what is available in the marketplace that meets the needs of your target market.
For example, if you sell beach apparel then locating on a busy shopping street with a lot of foot traffic would be a good idea.
Conversely, if you are looking for something less conspicuous such as a wholesale supplier of agricultural equipment then, an industrial warehouse in the suburbs might be ideal.
4. Get the Word Out about Your Business: Marketing is often an overlooked part of a new business launch, but it can be the most important aspect of securing success for your company.
There are many aspects to successful marketing campaigns: advertising on social media networks; doing research on your niche market; knowing what products or services you want to offer; creating promotions to bring people in-store or online; and more.
Start with what works best for you and the path that leads you toward success!
5. Take Advantage of Opportunities to Promote Your Business:
Whether you're an e-commerce business or a brick-and-mortar shop, there are many different ways to promote your company.
It is up to you to find the best fit for your company and budget by trying as many methods as possible until you find what works best for you.
You need to be fearless when it comes to trying new things!
6. Offer Superior Products and Services: Competitors will always exist for any company because the demand for products and services is high.
To make sure your company stands out in the market you need to differentiate what you offer by providing a higher quality product or service than your competitors can offer.
Your products and services should be convenient, affordable, good-quality, cost-effective, and that are worth their price point.
7. Charge Reasonable Prices: Charge a reasonable price for your product or service to compete with competitors who may charge less or offer a lower quality of service.
In general, customers will be more satisfied when they pay what they perceive as a fair price for the product or service, which allows you to increase repeat sales.
8. Monitor Performance: This is important to monitor because it will provide you with metrics such as the number of people who click on your ad or the number of sales that a particular promotion brings in.
For example, if you have an advertisement for a free t-shirt giveaway, monitoring performance means tracking how many people clicked on the ad versus how many people ended up ordering a t-shirt once they were directed to your site.
To learn more about MARKETING refer to:
https://brainly.com/question/10425684
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