Identify and describe what marketing is in relation to new venture opportunities.
Promotion is the range of methods used by the business to communicate with its customers, employees and other interested groups.
If you want your marketing efforts to be successful, you must be able to give a clear and precise description of who your target customers are. The target customers will determine all the marketing decisions that the business makes.
Products or services have a definite life cycle, just like people. The product is developed, introduced, competes in the market, becomes mature and eventually they are taken off the market.
Market research is the collecting, analysing and interpreting of marketing information pertaining to the customers, competitors or market.
Once you have decided on your methods of gathering information and you have put together your questionnaire, you have to conduct the market research. This means that you have to interview, telephone or observe.
The marketing plan is the plan which a business needs if it wants to succeed in the market place. It can also be said that the marketing plan is the result of planning the marketing process.
How do you plan on achieving your objectives ? Now you must decide on the promotional mix you are going to use in order to market the product to your target market. Once again, you have to bear the four P’s of marketing in mind: product, price, promotion, and place.