Marketing may seem like a useless expense, but it is vital for any business. Without proper marketing, no business can survive. Also, marketing is equally important for companies of all sizes and natures. Without adequate marketing, it is highly likely for any business to take a nosedive and plunge into losses. However, one main issue you may face as a business owner is that you may not have the resources to hire a proper marketing team. One dilemma here is that businesses in infancy cannot afford adequate marketing, but marketing is most crucial at this stage. If you feel like you, too are facing this dilemma, you are in the perfect place. By the time you reach the end of this article, you will be able to carry out marketing all on your own.
Principles of marketing
The following are some of the main principles of marketing that can prove to be highly helpful for you and your business:
- Firstly, you must be able to divide the population of the market into smaller and more manageable segments. This process is also known as market segmentation. The division may base on different demographics such as age, gender, educational levels, and other similar factors.
- Once the market is divided into smaller segments, you need to choose from these segments the most suitable population for your offerings. You may select one or more segments. The elected community is then called the target market.
- You need to know about the target customers. It is an essential step in marketing. It is also known as the study of consumer behavior. Without understanding consumer behavior, it is not possible to come up with effective marketing of any business.
- Next, you need to know about the different tools that you can use for marketing. These tools need to be according to the specific nature of the target market. For example, to reach out to teenagers, you may use social media as a tool for marketing.
- It is also critical for you to decide on a prudent plan for marketing. There must be timely goals set for this purpose.
- Another highly important principle of marketing is analyzing market conditions. These analyses can be conducted by the use of different tools like SWOT analysis and PESTLE analysis. These tools are commonly used for internal as well as external analysis of any business entity.
- You must also analyze the ongoing marketing of the company to observe any potential shortcomings there. You can also see firsthand how the consumers are reacting to the different techniques you are using.
Marketing can be best described as a fusion of sciences and art. There are some rigid principles to be followed, but there is also a significant role in creativity. However, you can’t carry out effective marketing without paying heed to these main principles of marketing. The use of different tools and techniques must be according to these principles.