Business Builder Report

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

Marketing focuses on discovering and satisfying consumer needs. The cycle starts with gathering information. The information is used to discover what a consumer needs. Next is to find the right combination of product, price, and promotion or marketing mix to optimize delivery of your goods, services, or ideas.

An Internet business can’t satisfy the needs of all consumers, so it must focus on one or more subgroups, which are its target markets or niches. Also consider the uncontrollable variables or environmental factors that your marketing can’t control. These include social, economic, technological, competitive, and regulatory forces.

Customer value then must be developed in the unique combination of benefits received by targeted buyers that include quality, price, convenience, on-time delivery and both before-sale and after-sale service. Customer value is built by relationship marketing, a process linking your business to individual customers, employees, suppliers, and other partners for their long term benefit.

The marketing concept is the idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve your business goals. Overall, your marketing program is a plan that integrates the marketing mix to planned outcomes.

Underlying the above stated assumptions is the market orientation your business focuses its efforts on like continuously collecting information about customers’ needs and competitors capabilities, sharing this information across departments, and using the information to create customer value.

Customer relationship management then is the process of identifying prospective buyers, understanding them intimately, and developing long-term perceptions of your organization and its offering so that buyers will choose your marketing mix above your competitors’ in the marketplace.

Utility is the benefit or customer value received by users of your product or service. When you hear or read about over-delivery bear in mind that quality will always trump quantity. The cliché goes something like; the bitterness of low quality lasts longer than the sweetness of low price. In the end, micromarketing is how your business directs its marketing activities and allocates its resources to benefit its customers.

Since all products have a life cycle, some that are given away freely may be marginal or have lost utility. The irony lies in the fact that new prospects coming online daily may find some utility, try to pass it on, only to discover their rank in the fast paced marketing arena. Nevertheless, the Internet marketing cycle is a process in a constant state of change so here is a general Internet business system MAP or management activity plan.

The effectiveness of Internet business building revolves around creating a powerful online presence. In particular, it’s about making your products and services easily accessible to potential buyers who are looking to get some use value from you are offering. If your business is to be built for long run operation, then you must establish systems for operation that can be leveraged to constantly improve customer value and build more effective internal and external customer relations.

A Brief Glossary of Marketing concepts

Profit
Profit is the reward to a business firm for the risk it undertakes in offering a product for sale; the money left over after a firm’s total expenses are subtracted from its total revenues.

Mission
A mission is a statement of your business scope.

Stakeholders
Stakeholders are individuals or groups within or outside your business that relate to what it does and how well it performs.

Culture
A culture is a system of shared values, attitudes, and behaviors.

Goals
Goals or objectives convert the mission into targeted levels of performance to be achieved.

Market Share
Market share is the ratio of sales revenue of your business to the total sales revenue of all business in your niche.

Competencies
Competencies are your company’s special capabilities, including skills, technologies, and resources.

Competitive Advantage
A competitive advantage is a unique strength relative to competitors.

Quality
Quality means the features and characteristics of a product that influence its ability to satisfy customer needs.

Benchmarking
Benchmarking is discovering how others do something better than your own company so you can imitate or leapfrog competition.

Strategic Marketing Process
The strategic marketing process is how your business allocates its marketing mix resources to reach its target markets.

Marketing Plan
A marketing plan is a road map for the marketing activities of your business for a specified future period of time, such as one year or five years.

Situation Analysis
Taking stock of where your business or product has been recently, where it is now, and where it is headed in terms of the company’s plans and the external factors and trends affecting it.

SWOT Analysis
SWOT refers to strengths, weaknesses, opportunities, and threats.

Market Segmentation
Market segmentation is the process of aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.

Points of Difference
Points of difference are those characteristics of a product that make it superior to competitive substitutes.

Marketing Strategy
A marketing strategy is the means by which a marketing goal is to be achieved.

Marketing Tactics
Marketing tactics are detailed day-to-day operational decisions essential to the overall success of marketing strategies.

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Brian Hack is an Internet analyst and business builder that writes for the Business Builder Report. He is a Publisher and Distributor of Audio + Ebooks located at http://waymore.info. You can subscribe to Brian’s waymoreEzine to get free Quick Video Tips about packaging your own ebook as well as information about making, marketing and advertising your own products and services.

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