The,Basics,Marketing,Principle marketing The Basics of Marketing Principles
Awhile ago, I got an email from one of the "gurus" I follow and it shocked me. The gist of it was this person wanted to trade services for a household item.To say it floored me would be an understatement.What was worse was a few days later t Automation technologies represent a fundamental aspect of any modern industry. The major types of industrial automation solutions, such as DCS, PLC, SCADA, and MES, are used on a large-scale in process and discrete industries.DCS technologie
The STP process is a great place to start, even before your product orservice is marketed. STP stands forsegmentation, targeting and positioning. Basically, segmentation is the way in which you recognize yourcustomers. Start by making a list ofevery potential customer. Then, splitthat list into smaller, more detailed segments. The best way to use segmentation is by starting out big. For example, put individuals in a differentsegment than businesses. From thatpoint, continue dividing each segment further. You may want to use demographics such as age, sex, location etc. Or, you might consider interests, hobbies orgroup affiliation. The main goal is tofind commonalities in buying habits between your segmented groups. Once you feel that everything has been segmented in just the right way,take time to evaluate each segment. Tryto calculate the size of the segment, the likeliness of obtaining them and howmuch they overlap from one to another. Targeting is the next step in the process. Here you will make decisions about which segments to pursue. First, you will need to determine the sizeof your market. Will you target a massmarket? Will you target a niche market? Basically, how large or small will yoursegment be defined? Niche markets arethe smallest way to go, which means for less competition. The two main considerations for choosing between market segmentsare: recognizing the competition leveland knowing the prospective value of the segment. Everything that you do will be dependent on which segment ischosen. It is wise to first evaluatewhere you want your business to go. The last step in the STP process is positioning. This will help you to define which methodyoull use to position your product or service. There is another method to help develop this element: the 4Ps Product, Price, Promotion andPlace. It is vital that the focus of your product follows the direction ofyour selected target. Find out theneeds and wants of the people in your segment. If you are marketing a product that isnt new, be confident that it fitswell within your target market. The price you choose for your product or service is a very importantelement. There are many factors thatmust be considered. Youll want tothink about the meaning behind a price. If it is too little, some might think that your product is cheap. Another factor is competition. It would be foolish to market a similarproduct at the same price as your competitors, while directed towards the samemarket. If you want a little assistancein this area, there are entire books written on the subject. Also, avoid the cost plus profit marginmentality. The best way is to evaluatethe price independently, while considering competition and value. Simply put, promotion is the method in which you will deliver yourmessage about your product or service. There are many methods to choose from: Internet, commercials, radio, mass mailings or magazineadvertisements. The last piece of the 4P method is place, which can also be referred toas marketing channels. Place is thetechnique used to bring your product to market. For example, who will sell your product and where will you sellyour product? Will your method bestrictly to the customer, or will you use distributors or retailers? Will you use the Internet alone to marketyour product or will there be traditional methods? This is a tried and true process that will allow you to organize theplan in your head. Invest time inidentifying your strategies and goals on paper and it may help you to exploreother opportunities.
The,Basics,Marketing,Principle