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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 go in partners programs? Marketing is truly the most misunderstood word in use today on the Internet. Let me see if I can straighten out this issue just a bit. In Marketing 101 at your local university, marketing is really-truly the process of Product, Place, Price and Promotion. PRODUCT No industry can exist without a product or service to sell. In a nutshell, entrepreneurs are the people who rely upon 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 playmate 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 file 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 go downhill a body without respect to the quality and value of the product, service or idea. PRICE Selecting a price is determined first on a point of view 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 help to to cogency 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 standing against of selecting the best price for your product or service will require a constant pas of testing. UNDERSTANDING THE PRICING EQUATION Let's go into we are selling a product. Let us also aver that we know that the product can be sold for $10 or $50. Let us also assume that if the price dips at a disadvantage $10 or rises atop $50, then the product sales fall off significantly. Our try 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 automatic electronic navigation of the point I am trying to make. Though simple, I put faith in this alternate 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 to serve them. Methods of promotion vary distinctly and should be formal 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 demonstrable dollar amount, and figure in your time into the cost of your promotional accounting. I say this as things go 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 baggage 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 motion 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 lend-lease work. They spend time planning, testing and measuring their posture and results to get the most out of every dollar spent and earned. Entrepreneurs finesse the art of marketing as they aesthetic form 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 finish 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.
Dear readers, In my book Nichework Marketing I recommend having a blog. There are many advantages to blogs that traditional web sites don’t have. BUT sometimes we don’t want a blog… Or at least we don’t want our web site to LOOK like a blog. Take a look at this new site of mine: The Custom [...] Post from: Network Marketing & MLM Training from Home Business Blogs - A blog about what it takes to succeed in network marketing & MLM. Article Index: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | 91 | 92 | 93 | 94 | 95 | 96 | 97 | 98 | 99 | 100 |
Advice Home Business Technology Online Advertising Motivational Internet Marketing SEO Help Online Games Science Articles Happiness More Articles:1. Stop TRYING to SELL and Start TRYING to HELP! Part II Summary: 'Oh Sue, I just started a new business, It's great, all you have to do is qualify 2 legs to build your downline, PV is 100, you can make $5,000 per month, the products are great!'Blah, blah, blah''Most people are not knowledgeable enough, at least not right away, to explain their company in an efficient manner, SO LET YOUR TOOLS DO THE WORK FOR YOU!Hey Sue, I started working with an Internet based company a few hours a week, it's really … 2. How to squeeze hundreds of dollars from even the oldest resale rights products within 48 hours Summary: For a start, many resale rights products have notably weak sales pages and graphics- you could rewrite the sales page completely- suddenly you're offering a product that (in your customer's mind) no one else is offering. Offer a book with resale rights and you are selling not only to the target audience but to the resale rights crowd too. Offer a good product with your own great sales pages, an exclusive special report and some neat bonu… Poznan Hotels iPad Cases 3. The Structure of Your Home Based Business: If You Build It... Summary: Starting your home based business can be an exciting venture, and deciding on the structure of your home based business is the first step toward your independence. Many of the profits from this structure of your home based business go directly toward your tax return, and the business is fairly easy to dissolve if necessary.The downfall of a sole proprietorship is that you will be legally responsible for all debts of the business, so your… 4. How to Use Your Current Job to Feed Your New Business Summary: If your company is willing to send you to training, take advantage of it. If you are fortunate enough to work in a small company, try to get to know the owner or the president. I know of one individual who spent his 'in between' period working on a software program using his company laptop. The last I heard, the company was suing the young man for intellectual property rights to the software. Article:For most people, starting a new call … |