Introduction to Marketing

“ If a man write a better book, a better sermon, or make a better mousetrap than his neighbour, tho’ he build his house in the woods, the world will make a beaten path to his door.”

Ralph Waldo Emmerson1899

Marketing  The entire process by which a product or service is

moved from the producer to the consumer.

 ? How does a entrepreneur/business-person encourage today’s sophisticated consumer to “beat a path” to the businesses door and buy their product/service?

 Answer A carefully prepared and executed Marketing Strategy.

Marketing Strategy

Also called a Marketing Plan. Important for all types of ventures, both for profit and not-for-profit. Whenever something of value is exchanged for something else of value, a marketing strategy increases the chances of success. Ensures resources expended on marketing are properly aimed/focused and are appropriate.  

Marketing StrategyFunction One

 Identify target customers and define the product or service they are prepared to buy.

Marketing StrategyFunction Two

 Indicate the size of the potential market and outline possible trends.

Marketing StrategyFunction Three

Identify sales expectations for a particular product or service, and the kind of promotion or advertising activity necessary to achieve those sales.