Marketing is defined as the management process which helps in identifying and satisfying customers’ needs — profitably and efficiently. It encompasses market research, pricing, promotion, distribution, selling, customer care, and much more.
This page will show you how to plan and implement your marketing strategy. It covers:
- Objectives of all marketing.
- Reviewing your market.
- Creating a marketing strategy.
Every marketing activity you undertake should help you to achieve at least one of the four results below.
You retain your existing customers, provided they contribute to your profitability.
- A poor retention rate means you have to spend heavily on promotion and sales, to replace the customers you have lost.
- Replacing two $2,000 orders with a single order for $4,000 improves your profitability, as you halve the cost of selling and admin.
- It is generally much easier, and therefore more profitable, to make an additional sale to an existing customer than to make a first sale to a new customer.
- Identify your best customers and target new customers with similar profiles.