Marketing4Biz
Quick-study

Owners of small and home-based businesses generally have limited resources to spend on marketing.

But, how well you market your business, along with a few other considerations, ultimately determines your degree of success or failure.

Marketing is based on the importance of customers to a business, and has two important principles:

1. All company policies and activities should be directed toward satisfying customer needs.
2. Profitable sales volume is more important than maximum sales volume.

To best use these principles, a small business should:

• Determine the needs of their customers through market research (researching size, location, and makeup of a product market.)
• Analyze their competitive advantages to develop a market strategy
• Select specific markets to serve by target marketing
• Determine how to satisfy customer needs.

Every marketing program contains four key components. 1) Products and Services; 2) Promotion; 3) Distribution; and 4) Pricing. These are combined into your overall marketing program.

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