When marketing a good or sen/ice marketing research and marketing strategy must coincide with one another. Marketing research is defined as “research that gathers and analyzes Information about the moving of goods or services from producer to consumer”. Marketing strategy is defined as “The articulated plan for the best use of an organization’s resources and tactics to meet its marketing objective”. In an article titled “10 Tips for Marketing Success” written by Kimberly McCall discusses the importance of different marketing strategies and research as well as useful tips for success in the marketing business The article states that the first thing a small organization needs to do to be successful is creating a marketing plan.
According to the article The Wall Street Journal states “only 14% of small businesses have an annual business plan in writing, and 60% have no plan on paper at all”. Assuming that a business plan creates the foundation for a marketing plan, it is safe to assume that even fewer businesses have a marketing plan.
The article makes the suggestion to new entrepreneurs to take the time to create a marketing plan and states that if you do “you will be head and shoulders above your competition”. The article suggests that an organization should create or obtain a marketing plan before spending any money on the advertisement or promotion of any products or services even if you get great deals on an advertisement you are wasting your money if the advertisement does not coincide With the objectives of the organization.
The author of the article also states the importance of knowing the demographics and psychographics of potential customers. This is extremely important when conducting market research it will also be very helpful later on when you are choosing a strategy to market the product. Another tip for marketing success from the author is “don’t try to be an expert at everything” the article states, “Small»business people are inherently self-sufficient”, The author makes the suggestion that new business owners should outsource different tasks and projects that are either too time-consuming or outside of you comfort range.
The author states in the article that “Getting a new customer is five times more expensive than retaining a current customer”. Market research suggests that you should use your past and current successes to attract new business. The happiness of your customers is essential for business sun/ival; you should make them feel appreciated every chance you get. However, according to the article not every customer is worth keeping, “You cannot be all things to all people. Sometimes you have to let customers go, and refocus energies on those clients who are a better fit for your business”. Another tip by the author is “Don’t be rushed into making decisions, if your marketing and media plan is in place, there is no reason to make hasty buying decisions”. The article suggests that the marketing and media plan if done properly will help your budget stay on track throughout the year Another tip by the author is to not abandon your marketing and advertising too quick.
“Just because you are tired of an ad doesn‘t mean its time Io pull it, your prospect probably hasn’t even noticed it yet. Don‘t expect overnight success from your advertising”. Selecting the proper marketing strategy can be vital for the success of a business the author suggests selecting a “media mix” for the most success “Advertising in one medium alone Won’t cut it Mix TV with radio, print With the internet, direct mail with trade shows. The last tip that the author gives in the article is that “Goofs can be your friends, you will make errors in Judgment along the Way. That’s ok. Remember the mistakes you have made, and you Will make better demsmns next time”. In conclusion, there are numerous reasons Why a small business or any business for that matter should take the time to create a marketing plan, conduct marketing research and prepare a marketing strategy. The article by Kimberly McCall discusses the importance of marketing a small business and the relationship between marketing and business. The different tactics that organizations use when marketing their products can determine the success of their business.