Basics of Marketing
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It is the first step of any business or enterprise which defines the market dynamics and identifies personвЂ™s position in the market as it currently exists and will summarize the current situation from an internal and external perspective.
In the second step we should target the existing industrial overview which defines the current market situation and explores market trends and Product consumption.
S.W.O.T. (Strengths, Weaknesses, Opportunities and Threats):
It is the time to know the exact potential of the business. SWOT analysis should provide an in-depth view of the strengths and weaknesses of his or her organization, both from an internal and external perspective. It also defines potential opportunities and threats. This section is critical because it provides an objective summary of both perceptions and issues that will affect the success of future marketing efforts.
One should always be aware of the competitorвЂ™s tactics and market share. Here it identifies key players in the market and defines their positions, strategies and initiatives. This stage should be designed to give the person a clear understanding of the competitive dynamics of the marketplace and will provide you with valuable information for developing your future strategies and target markets.
In this stage, one should know exactly about consumerвЂ™s needs and the products features which can fulfill perceived value to the consumer. This stage should provide an analysis of each of the potential target markets, regarding their use of the product and the factors affecting their buying process. This information can be gathered by using basic marketing strategy of consumer feedback forms, rate cards, surveys etc.
After identifying the consumer needs one should be able to extract the target market which is his or her audience to cater. Key target markets will be identified given the competitive situation, growth potential and product offering of the client. These markets will provide the best opportunity to develop strong brand awareness and will maximize the potential for both market share and revenue growth.
After identifying exact information about the target market and its potential, one should position the brand which is fulfilling all consumer needs. Consumer might have conscious and subconscious attachment with the product. So the positioning should be able to satisfy both the needs of the consumer.
After the completion of the 1st phase which is business intelligence in place, the most important thing which should be taken care is the availability of the product within the target segment. It is the basic marketing tactics which involves development of organization, setting up structure and infrastructure, creating basic system which can generate the maximum availability.