Understanding the Difference Between Marketing and PromotionGet Your Own Home Business on yourown-home-business.org. Understanding the Difference Between Marketing and Promotion topic will increase your understanding on Your Own Home Business. We at yourown-home-business.org only provide news, articles, information in Your Own Home Business. Your Own Home Business at yourown-home-business.org provides the most up to date news and articles. If you have questions please do not hesitate to contact us.
Let me see if I can clarify this issue just a bit. In Marketing 101 at your local university, marketing is actually the process of Product, Place, Price and Promotion. PRODUCT No business can exist without a product or service to sell. In a nutshell, entrepreneurs are the people who believe in a product, service or idea, so much that they are willing to invest their lives into the development of their dream. Historically, every major corporation in the world was started by an entrepreneur with a dream and the drive to make it a reality. However, there comes a time in the life of every corporation when those who fear the gambling nature of their founder, squash the entrepreneurial drive that made the company a viable concern in the first place. As a value dealer, Staples can afford to charge more for their products than Wal-Mart. So the question for you is whether you want to position your company as a discount or value company. Testing has shown that products and services can be sold at any number of prices and still reach a significant number of people. The challenge of selecting the best price for your product or service will require a certain amount of testing. UNDERSTANDING THE PRICING EQUATION Let's assume we are selling a product. Article: Are you an online marketer? Or do you simply promote accept programs? Marketing is truly the most misunderstood word in use today on the Internet. Let me see if I can crack this issue just a bit. In Marketing 101 at your local university, marketing is in truth the process of Product, Place, Price and Promotion. PRODUCT No question can exist without a product or service to sell. In a nutshell, entrepreneurs are the people who believe without reservation in a product, service or idea, so much that they are willing to invest their lives into the development of their dream. Historically, every major corporation in the world was started by an entrepreneur with a dream and the drive to make it a reality. However, there comes a time in the life of every corporation when those who fear the gambling nature of their founder, squash the entrepreneurial drive that made the collection a viable concern in the first place. The entrepreneur will either submit to the careful nature of the stockholders, or he will be forced to leave the first team he created. The only entrepreneurs who withstand the pressure to move more carefully are those who have maintained majority control over their companies. PLACE In the offline world, place is defined by location. On the Internet, place is defined by domain name and the web hosting service chosen. Both online and offline, place can make or declining market a circle without respect to the quality and value of the product, service or idea. PRICE Selecting a price is determined first on a major premise of whether the company wants to be seen as a discount or a value company. Take for example Wal-Mart and Staples. Wal-Mart is the lead discounter in the marketplace. Staples on the other hand is the specialist in office supplies. Both sell a significant number of office supplies despite the fact that the lowest price can usually be found at Wal-Mart. As a value dealer, Staples can give out to let fly more for their products than Wal-Mart. So the question for you is whether you want to position your company as a discount or value company. Testing has shown that products and services can be sold at any number of prices and still reach a significant number of people. The state a grievance of selecting the best price for your product or service will require a unpreventable equal of testing. UNDERSTANDING THE PRICING EQUATION Let's allow we are selling a product. Let us also make a pretence that we know that the product can be sold for $10 or $50. Let us also assume that if the price dips here $10 or rises on tiptoe $50, then the product sales fall off significantly. Our cry out against is to determine the best rate at which to sell our product. Testing has shown us that we can sell 1000 items a week at $10. Testing has also shown that we can sell 500 items per week at $50. And testing has shown that we can sell 650 items per week at $45. At $10, our projected weekly earnings are $10,000. When we sell the product at $50, we know that we can earn $25,000 per week. Most importantly, we know that we can earn $29,250 when our product is priced at $45. With the imaginary testing we have done on our imaginary product, we can easily see that selling our product at $45 per item will earn us more money over the long haul. Thus, when we make the decision for a national rollout of our product, then we will price our product at $45. Of course, this is a very simplistic game theory of the point I am trying to make. Though simple, I take stock in this makeshift will help you understand the methods of developing a product's prices. PROMOTION Promotion, on the other hand, is the process of notifying the consumers for your product or service of your existence to serve them. Methods of promotion vary distinctly and should be designed to meet very specific goals. As with product, place and price, promotion should not be left to chance. You should test every ad, every media, and every price point to determine the best bang for your promotional dollars. HEADS UP! If you are an online promoter or marketer, please factor in the most important element concerning the cost of your promotions. What element is that? Your time! Value your time at a unique dollar amount, and figure in your time into the cost of your promotional accounting. I say this seeing that too many online promoters lose sight of this concept and spend 20 hours to generate one sale while using free advertising. Even if you rate your time at the sales agent minimum wage, then you will have invested $105 of your time for one sale that might only net you a gross sale of $45! ARE YOU TRULY A MARKETER OR ARE YOU JUST A PROMOTER? Most people who run a calling on the Internet call themselves marketers. Yet, most of these same people are really just promoters wrapped in the label of a marketer. True marketers do not promote without a lot of retrogress work. They spend time planning, testing and measuring their style and results to get the most out of every dollar spent and earned. Entrepreneurs finesse the art of marketing as they build in their company into a major enterprise. If you are a promoter who does not keep an eye on the total marketing equation, then you are terminal date to fail. If you do call yourself a marketer, then do what a professional marketer does. Make sure that every dollar spent is spent well. Make sure that every dollar earned is put to good use. Market well so that when the people of the next generation look at your life, they will see a fine example of a successful entrepreneur that they will strive to emulate.
|
Advice Home Business Technology Online Advertising Motivational Internet Marketing SEO Help Online Games Science Articles Happiness More Articles:1. Do I really need to write articles for e-zines? Summary:When I was first advised to start writing articles, this was the first question I asked. For each article you get published by them, the traffic to your website is increased.What is there to gain from publishing e-zine articles?At the end of your article you can add a resource box. You never know, your articles may well inspire others to hire you to write articles, e-books. Article:When I was first studious to start writing articles, this… 2. Home-Based Business Start-Up: 7 Tips For Lowering Your Fear Factor Summary: Anne says,'finally a business associate told me how I could start it with no money, and to start looking forward not backward.' Well she started it in 1995, and her business is growing strong to this day. 7 Tips For Lowering Your Fear FactorHaving a Great Idea By concentrating on why you want to start your own home business, and visiting like-minded websites, reading newsletters or trade publications to gather more knowledge about the su… 3. Where To Find A Cash Windfall Of $10,000 To $1,000,000 - You Never Knew You Had Summary: Ultimately he dies sick and penniless, while thenew owner of his farm uncovers on his property the largest single diamondever known to man. Point of fact: After helping hundreds of thousands of entrepreneurs and business owners, I'll lay odds that story is true for YOU in more ways than you are currently willing to admit to yourself.No matter where you are on the success continuum, your ability to generate tens or hundreds of thousands o… 4. Succeed With Your Own Internet Business Summary:An internet business is by far the best way to support yourself if you just cannot stand working for others for less money than you need to survive. Some people eventually go back to work blaming some program or internet business opportunity that wasted their time and didn't work. But if you truly believe there are no good internet businesses, that they are all scams, then what are the thousands of people doing everyday in your hometown d… |