Lessons For Marketing Newbies

It is also termed consumer sovereignty. It means every activity is geared towards the consumer. Identifying and satisfying a consumer's need at a profit is what marketing is all about. Your four Ps of marketing (product, price, place and promotion) must be targeted at the consumer. Keep your consumers in mind. Satisfy them at all times. Get this right and you will be in business for eternity.

Competition

Never underestimate competition. You must keep competitive activities in view and try to pre-empt your competitors if possible. If you do not keep an eye on competition, you will pay for it dearly. If you are a market leader, you have to try and stay ahead. Remember, it is tougher staying at the top than arriving there. You must never become complacent as a market leader. Never underestimate newcomers into the market. Never! The fact is you do not know their resources.

War

Like the game of chess, marketing is more about strategies than publicity. Marketing is a battle and sometimes it can be dirty. In a competitive environment like marketing, competing plans collide, creating unexpected situations. This requires quick and appropriate responses. All that goes with thinking and planning for war goes for marketing too. The war sage, Sun Tzu wrote: Know your enemy and know yourself, and in a hundred battles you will never be defeated; when you are ignorant of the enemy but know yourself, your chances of winning or losing are equal; if you are ignorant of both your enemy and yourself, you are certain to be defeated.

Quality

What is the degree of excellence of your product or service? What characteristic makes it unique? Your brand must offer a credible benefit to your consumers. It must be seen by the consumer to be in a positive light. Offer better quality than competitors and you are guaranteed substantial market share. Remember, you must have quality.

Pricing

You must make sensible pricing decisions based on market information. You must know what your competitors are doing in terms of pricing. You must know what the market can take in terms of pricing. The price must be in keeping with the brand image, with the target group expectation and their disposable income. Your pricing must cover cost. To remain in business, your profit margin must be built into your price.

Availability

No consumer wants to travel miles searching for your well priced quality product. Your product must be where the consumer wants it at any point in time. It must be properly distributed. Your product or service must be at the right place at the right time in the right quantity. This requires constant reinforcement of your distribution channel.

Adaptation

Think globally and act locally. Because of cultural differences, successful campaigns in other parts of the world can not be downloaded and used. You have to adapt. The values, ethics of your local marketing environment must be factored in when executing campaigns.

Segmentation

Do not attempt capturing the whole market with the same product. It rarely works. You must identify who your target group is first. Then reach that target group in the fastest possible and most appropriate way.

General

To stay at the top of your market, keep the quality of your product or service right through continuous improvements. The product should be at the right place so that you do not miss the boat. Make sure your public relations are superb; the company is well thought of; your image is good, so that any new product coming from the company is respected.

To your marketing success!