Marketing For Success

As much as selling is considered to be the lifeblood of any enterprise, marketing is without a doubt the heart pump that produces the income which transforms the business idea into a reality.

- Kenneth Fisher

MOST ENTREPRENEURS TOTALLY underestimate the value of proper marketing and as a result do not spend enough time or money on it. They also make the mistake of cutting back on marketing during difficult times when they would be better served by increasing their efforts.

As a rule, with a few exceptions (of course), most small businesses across the globe spend between ten and 35 percent of their total overhead expenditure on marketing. As with any rule there will be exceptions, so research the norm or trend in your particular industry and work accordingly.

The primary objective of this series of articles is to provide prospective entrepreneurs and perhaps even existing business owners with the necessary knowledge and skills to compile and implement a comprehensive, practical marketing plan with confidence. Secondary to this, entrepreneurs should also be able to:

a. Establish proper practical marketing objectives;

b. Conduct a proper STEPCOM analysis or environmental scan and SWOT analysis;

c. Design their product or service concept properly;

d. Define and understand their market segmentation strategy;

e. Appropriately position their product in terms of the price-quality matrix; and

f. Compile a marketing mix by applying the seven Ps of marketing.

Entrepreneurs should become intimately familiar with these marketing principles so they can customize these principles to suit their particular type of business and feel comfortable with the implementation thereof.

WHAT IS MARKETING?

The United Kingdom’s Chartered Institute of Marketing (CIM) defines marketing as follows, “Marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably”, while The American