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Marketing - a "Black Art" or a Learnable Skill?
Of course the answer is that it is a skill to be learned, the trouble is that most busienss owners think that Marketing is little more than "Advertising and Promotion" when nothing could be further from the truth.
The process of Marketing can be broken down into four main categories, they are
Desk or Secondary Research
Field or Primary Research
Planning &
Implementation
Here we hope to give you a short insight into the processes involved in Marketing following what is know as the Marketing Mix.
The Marketing Mix
- Product
- Price
- Place
- People
- Planning
- Promotion
- Performance
We'll give you hints and tips while explaining in a simple way some of the basics of the Marketing Process and the Marketing Mix.
Desk Research
Desk Research is the usual starting point for all Market Research, it is also called Secondary Research. Seams a bit odd that we should call the first port of call "secondary", but the secondary bit refers more to the value of the data collected rather than anything else.
Desk research is something everyone can do. As the name suggests is it concerned with collecting data when you sit at your desk. Typically we would look at reference books or lists, registers, market statistics, local information on types of people who live in certain areas etc.
The Library is a good place to start or even better these days if you have access to the Internet you can carry out your desk research often without having to leave your home or office. Having said that, you do have ot be careful with some of the marketing data you will collect from overseas sources on the Internet. It may not be as reliable as it looks, always bet to check it out with information back in the UK. At trhe end of the page we will list potential sources of marketing information and data.
What are you looking for?
- Background to the "Target Market"
- What is the size of the market and likely demand?
- What products are available in that market and how good are they?
- What legislation or standards apply to the products or service in that market?
- Where are the customers and how may of them are there?
- Can they be accessed easily?
- Is Credit Worthiness a problem in that market?
- Will you need special packaging?
- What literature will you need to support your products?
- How will they pay you?
- Who are your main competition?
- How do you compare to them?
- What will make them buy from you rather than your competition?
- What makes yo so different?
Field Research
Field Research is generally thought of as the best data you can collect, you will see why as we explain further.
Having done your secondary research your can now begin your primary research. In our secondary research we will have probably found out information which allows us to assess the aceesibilty of markets, their size, potential profitiablity, whether the market is growing, static or declining etc. Now with Primary Research we get the opportunity to test the secondary data in the field. How, by talking to People! Primary data can be collected by talking to:-
- Your own staff
- Your own internal reports
- Documents and sales records
- Customers (the best source of data)
- Competitors
- Trade Journals
- Surveys
Once you have collected your secondary and Primary data you will be able to analyse your potential options in markets and then formulate a strategy on how to penetrate that market sector.
Use the Marketing Mix to help you formulate a strategy!
Product:
Is it right for the market you intend to service?
What are its selling features?
What is its Unique Selling Point (USP)?
Why will they want it?
How many will they want?
and so on......
Price
What is your cost plus price?
How much will they actually pay for it? (the Market Price)
What will you need to sell to break even?
Will you be able to give bulk discounts?
At that price will you be able to meet the demand?
Is it value for money?
What defines that "Value for Money"?
PLace
Where will it be made or sold from?
Is it big enough to cope with potential demand?
Can people get to you?
Can they find you with ease?
Can you get to them easily?
How will you deliver?
People
Do you have the right people to carry out your plans successfully?
Do they need any training?
Can you increase the workforce if needs be?
How will you manage them?
Can they get to you to work?
Planning
What will you do to achieve your desired results?
Who will need to do what and by when?
Who will be responsible for the various tasks involved in delivering the results?
When will you start?
What steps will be taken and in what order will you take them?
Promotion
How will yo promote your goods or service?
Will you use special offers, BOGOF, (buy one get one free)?
Newspaper / TV / Radio Adverts
Leaflets
Mailshots
Direct Sales
The Internet, Search engines, directories, pay per click etc?
Performance
How will you know when you have achieved your objectives?
How will you measure your performance?
How will you review your performance?
How will you let your staff know how you are doing?
Will you tell "the market" how you are doing?
Will you need to change anything?
What will you need to change?
When will you change it?
We hope that helps
All we have done on this page is to give you a cursory glance at a vary large and sometimes complex subject - Marketing.
Hopefully it will give you some pointers to look at before you go spending money on entering a market by either starting a new business or diversifying an existing one.
Good Luck
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Artemis Media |
