INTRODUCTION
How you advertise and promote your business may make or break your
business. Having a good product or service and not advertising and promoting it is like
not having a business at all. Many business owners operate under the mistaken concept that
the business will promote itself, and channel money that should be used for advertising
and promotions to other areas of the business. Advertising
and promotions, however, are the life line of a business and should be treated as such.
Devise a plan that uses advertising and networking as a means to
promote your business. Develop short, descriptive copy (text material) that clearly
identifies your goods or services, its location and price. Use catchy phrases to arouse
the interest of your readers, listeners or viewers. If you are a franchisee or a
distributor for network marketing company, the company headquarters may provide
advertising and promotional materials as part of the business package, or you may need
approval to use any materials that you develop. Whether or not this is the case, as a
courtesy, allow the company headquarters the opportunity to review, comment on and, if
required, approve these materials before using them. Make sure the advertisements you
create are consistent with the image the company headquarters is trying to project.
Remember the more care and attention you devote to your marketing program, the more
successful your business will be.
THE
MARKETING PLAN
Marketing plays a vital role in successful business ventures.
How well you market your business, along with a few other considerations, will ultimately
determine your degree of success or failure. The key element of a successful marketing
plan is to know your customers -- their likes, dislikes, expectations. By identifying
these factors, you can develop a marketing strategy that will allow you to arouse and
fulfill their needs.
Identify your customers by their age, sex, income/educational level
and residence. At first, target only those customers who are more likely to purchase your
product or service. As your customer base expands, you may need to consider modifying the
marketing plan to include other customers.
Develop a marketing plan for your business by answering these
questions.
1. Who are your customers? Define your target market(s).
2. Are your markets growing? Steady? Declining?
3. Is your business market share growing? Steady? Declining?
4. Are your markets large enough to expand?
5. How will you attract, hold, increase your market share?
6. What pricing strategy, if any have you devised?
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