{"id":977,"date":"2021-06-08T07:53:27","date_gmt":"2021-06-08T07:53:27","guid":{"rendered":"https:\/\/www.sivioinstitute.org\/labs\/sec\/?page_id=977"},"modified":"2021-06-10T12:52:43","modified_gmt":"2021-06-10T12:52:43","slug":"marketing","status":"publish","type":"page","link":"https:\/\/www.sivioinstitute.org\/labs\/sec\/marketing\/","title":{"rendered":"Marketing"},"content":{"rendered":"\n

\n\t\tMarketing\n\t<\/h2>\n

\n\t\tWhat is Marketing?\n\t<\/h2>\n\t

Marketing refers to the broad range of activities that a company or organization undergoes to promote the buying and selling of a product or service.\u00a0\u00a0The Marketing\u00a0Mix is\u00a0a term used to define the key factors affecting how a product or service will be marketed. The most basic\u00a0include\u00a0the\u00a0Four Ps of Marketing namely product,\u00a0price, place,\u00a0and promotion.\u00a0The\u00a0marketing\u00a0mix is used by companies to make key decisions on what consumers want, how they want it packaged, at what price, and\u00a0from which locations it will be available.\u00a0\u00a0<\/p>\n\t

Product<\/strong><\/h2>\n

Refers to the good or service being offered by a company. The inherent value to the customer will dictate the\u00a0type of\u00a0audience\u00a0for the product\u00a0and the\u00a0subsequent\u00a0demand for the product\/service. Obviously,\u00a0the\u00a0product\u00a0needs to\u00a0have demand\u00a0for it to be supplied and an understanding of the value proposition\u00a0must\u00a0be present for it to be sold effectively. The product affects\u00a0‘the place’\u00a0through its impact on\u00a0distribution\u00a0e.g.\u00a0perishable\u00a0products\u00a0need refrigerated trucks, whilst non-perishable\u00a0products\u00a0can be sold\u00a0anywhere.\u00a0High-end\u00a0clothes appealing to a more\u00a0affluent\u00a0demographic may need to be sold from a physical location\u00a0near the residential areas of affluent people.<\/p>\n

\u00a0\u00a0<\/p>\n\t\t\t\t\"devin-avery-BRVqq2uak4E-unsplash\"\n\t\t\t\t\"neonbrand-8fDhgAN5zG0-unsplash\"\n\t

Price<\/strong><\/h2>\n

This\u00a0refers\u00a0to the amount of money customers are willing to pay and the value of the product to the customers. Different price points appeal to\u00a0diverse groups\u00a0of consumers even if the quality\u00a0remains\u00a0the same.\u00a0The pricing\u00a0strategy\u00a0is a\u00a0combination of\u00a0an understanding of different consumer demographics and their ability to pay, the profit\u00a0margins\u00a0per product\/service, input costs, the need for discounts or sales, and guarantees\u00a0on the product.\u00a0\u00a0The price will\u00a0have a\u00a0bearing on distribution\u00a0as the distribution costs can be a\u00a0significant\u00a0aspect of the business.\u00a0\u00a0<\/p>\n\t

Place\u00a0<\/b>\u00a0<\/h2>\n

This\u00a0referes\u00a0to how and where a company’s\u00a0product will be placed\u00a0for\u00a0it\u00a0to reach\u00a0the intended customer and generate maximum value for its sellers. This\u00a0additionally\u00a0the dis\u00a0affects the\u00a0ditribution\u00a0strategy where the mode of\u00a0distrbution\u00a0is decided by a company in relation\u00a0to consumer needs or habits.\u00a0\u00a0<\/p>\n\t\t\t\t\"johan-mouchet-Z95viY3WaZs-unsplash\"\n\t\t\t\t\"merakist-jyoSxjUE22g-unsplash\"\n\t

Marketing\u00a0Materials\u00a0<\/b>\u00a0<\/h2>\n

These\u00a0are the varied items that\u00a0a business can use to share messaging\u00a0and information about the\u00a0product or service-offering,\u00a0to current and potential\u00a0customers. The products can be digital or physical. These products help a business remain top of mind\u00a0for a consumer\u00a0when\u00a0there is\u00a0need to access that product or service.\u00a0\u00a0For a small business,\u00a0not all the\u00a0marketing\u00a0materials will be feasible\u00a0at the early stage\u00a0of\u00a0 a\u00a0business because they may cost too much or they may not be useful at all.\u00a0<\/p>\n

\u00a0Logo<\/b>\u00a0is a unique identifying symbol\u00a0(letter, word,\u00a0mark,\u00a0inscription) adopted by a company to identify its products\u00a0or intellectual property. Good logos should be simple, easy to remember, timeless,\u00a0relevant\u00a0 to\u00a0the product or service, and versatile. This is because they are the first point of contact of your products with consumers. Logos are important for creating brand awareness and visibility. The value of your brand will improve with the growing awareness of your brand with logos being a key part of the awareness needed.<\/p>\n\t

Online Presence\u00a0<\/b>\u00a0<\/h2>\n

Social\u00a0Media\u00a0<\/b>refers to any digital\u00a0tool or\u00a0application\u00a0made\u00a0accessible through the\u00a0internet and\u00a0designed to allow people to receive and share content quickly and in\u00a0real time. These applications come in many forms and have different capabilities\u00a0allowing\u00a0\u00a0one\u00a0to share opinions,\u00a0research\u00a0information\u00a0and new products. As a small business\u00a0owner\u00a0you can decide which application(s) allow you to reach your target audience\u00a0most efficiently.\u00a0\u00a0Some\u00a0application\u00a0like Twitter\u00a0allow\u00a0you to\u00a0share short text and links whilst others like\u00a0Instagram ,\u00a0Tick Tok and\u00a0Youtube\u00a0allow you to share videos.\u00a0Some of the most commonly used applications in Zimbabwe\u00a0are\u00a0WhatsApp, Facebook, Instagram, LinkedIn, Twitter and YouTube. You\u00a0can\u00a0 research\u00a0which you think you can effectively and consistently use to build a following, keep your customers updated or find new customers for your products. The key with social media is regular and consistent use\u00a0of\u00a0 the\u00a0chosen platform.<\/p>\n\t\t\t\t\"leon-seibert-2m71l9fA6mg-unsplash\"\n\t\t\t\t\"artem-beliaikin-kTd2PvtqE_o-unsplash\"\n\t

Promotion\u00a0<\/b>\u00a0<\/h2>\n

This\u00a0is the\u00a0part of the\u00a0marketing mix which refers to the activities you undertake to advertise your product and create consumer awareness of the\u00a0product. This requires\u00a0innovative ways\u00a0to create awareness and communicate the value of your band\/ product \/ service.\u00a0 Effective promotions contain clear messages to target a certain audience using appropriate channels.\u00a0\u00a0Promotions\u00a0catch the attention of potential\u00a0consumers convincing them to buy\u00a0the product. Effective promotions create loyalty and repeat business from customers\u00a0\u00a0<\/p>\n

Advertising:<\/b>\u00a0This is a form of sales promotion which can use radio, television, print (newspapers,letters, coupons,\u00a0physical flyers,\u00a0brochures and magazines),\u00a0elctronic\u00a0media (website and social media,)\u00a0and word of mouth\u00a0to sell a product.\u00a0<\/p>\n

Public Relations<\/b>: Focuses\u00a0on giving the brand a favourable image through community\u00a0enagagement\u00a0or\u00a0other forms of public interactions.\u00a0\u00a0<\/p>\n

Personal selling<\/b>: is done by individuals or agents of the company who then promote the products by word\u00a0of mouth.\u00a0\u00a0<\/p>\n

Sales and promotions<\/b>\u00a0include free samples,\u00a0sales, competitions, prizes, loyalty programs, and cash\u00a0back incentives. Such\u00a0promotions are audience specific, designed to appeal to unique aspirations of\u00a0targetted\u00a0consumers.<\/p>\n\t

Business Card<\/b>\u00a0<\/h2>\n

Is a physical or electronic card identifying a person in connection with\u00a0his or her business. They\u00a0are generally given out to a client or potential client or\u00a0given out for networking purposes.<\/p>\n\t\t\t\t\"neonbrand-VwAOjP-m3bA-unsplash\"\n\t\t\t\t\"sigmund-uo8Jfqdzs18-unsplash\"\n\t

Websites<\/b>\u00a0<\/h2>\n

These are digital locations built and identified through codes.\u00a0 Each website is unique and is used to display text, images or videos\u00a0that speak about your company, products\u00a0or your services.\u00a0 Websites are an\u00a0easy way to make yourself visible to a large audience because the internet is internationally accessible.\u00a0You can link your social media and\u00a0email\u00a0 accounts\u00a0to your\u00a0website to create a central method of\u00a0intergrating\u00a0product leads. You can design the website\u00a0your self\u00a0using a\u00a0templates\u00a0available online (eg\u00a0Wix.com, Bluehost) or you can engage a developer to\u00a0assist you in the development.\u00a0However\u00a0the second option will cost much more,\u00a0which may\u00a0be\u00a0 a\u00a0deterrent\u00a0for\u00a0 small\u00a0entreprises.\u00a0<\/p>\n\t

Flyers\u00a0<\/b>\u00a0<\/h2>\n

Promotional fliers and leaflets are normally used to promote simple\u00a0services\u00a0 such\u00a0as handy man services, transport services and many others\u00a0which may be in high\u00a0public\u00a0demand.<\/p>\n\t\t\t\t\"alex-gray-0Rx1Fxa3v3I-unsplash\"\n\t\t\t\t\"karolina-de-costa-OjNkEeGinJE-unsplash\"\n\t

Product\u00a0Brochures\u00a0<\/b>\u00a0<\/h2>\n

An electronic brochure will suffice for a startup although traditionally\u00a0 hardcopies were\u00a0 common. In todays digital world with growing movement retsrictions you have to have something that will list in detail all the products you have with their prices and specifications .\u00a0 Having this as a link on your social media will make it easy for customers to choose products online and\u00a0\u00a0purchase from you. Product brochures can be intergrated in Whatsapp for business or Facebook stores.<\/p>\n\t

Display\u00a0Materials\u00a0<\/b>\u00a0<\/h2>\n

These are materials you can use to create a display of your products and or services at an event or in a public place. These could be free-standing or pull-up banners, flags, signage, and posters. \u00a0<\/p>\n\t\t\t\t\"murai-hr-2rCggxMjd_8-unsplash\"\n\t\t\t\t\"kate-trysh-Dnkr_lmdKi8-unsplash\"\n\t

Advertising Materials\u00a0<\/b>\u00a0<\/h2>\n

These are materials\u00a0used to generate public interest on your product\u00a0or business.\u00a0 They can use digital media\u00a0such\u00a0 the\u00a0internet\u00a0 using\u00a0blog\u00a0articles\u00a0\u00a0or\u00a0creating a social media presence through posts, tweets, product images and\u00a0banners,.\u00a0Advertising can\u00a0also\u00a0be done through\u00a0traditional mass media such as radio and TV jingles,\u00a0print (newspapers, magazines) or\u00a0billboards\u00a0 in\u00a0public places.\u00a0<\/p>\n\t

Multimedia products\u00a0<\/b>\u00a0<\/h2>\n

These\u00a0are products\u00a0that\u00a0highlight\u00a0your products or services using\u00a0a combination of\u00a0audio, visual\u00a0effects,\u00a0or imagery such as lighting, movies and videos, slides, podcasts.\u00a0\u00a0<\/p>\n\t\t\t\t\"onur-binay-O2-EZNGZIyk-unsplash\"\n\t\t\t\t\"glenn-carstens-peters-RLw-UC03Gwc-unsplash\"\n\t

Mailing Lists\u00a0<\/b>\u00a0<\/h2>\n

Can\u00a0be created through continued engagement with interested parties\u00a0on your blog or\u00a0through your business\u00a0with\u00a0indivuduals\u00a0voluntarily leaving their details for future communications. An\u00a0up to date\u00a0mailing list will ensure that you regularly keep interested parties informed about new products or services from your company.\u00a0\u00a0<\/p>\n\n","protected":false},"excerpt":{"rendered":"

Marketing What is Marketing? Marketing refers to the broad range of activities that a company or organization undergoes to promote the buying and selling of a product or service.\u00a0\u00a0The Marketing\u00a0Mix is\u00a0a term used to define the key factors affecting how a product or service will be marketed. The most basic\u00a0include\u00a0the\u00a0Four Ps of Marketing namely product,\u00a0price, … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-977","page","type-page","status-publish"],"yoast_head":"\nMarketing - SIVIO Entrepreneurship Lab<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sivioinstitute.org\/labs\/sec\/marketing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marketing - SIVIO Entrepreneurship Lab\" \/>\n<meta property=\"og:description\" content=\"Marketing What is Marketing? Marketing refers to the broad range of activities that a company or organization undergoes to promote the buying and selling of a product or service.\u00a0\u00a0The Marketing\u00a0Mix is\u00a0a term used to define the key factors affecting how a product or service will be marketed. The most basic\u00a0include\u00a0the\u00a0Four Ps of Marketing namely product,\u00a0price, ... 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