Marketing
Arguably the most important aspect of any business or business plan, is also one of the most misunderstood, and that aspect is marketing. The term, “marketing” is really a blanket term. There are so many elements of marketing, too many to list, so we are going to talk about the major categories of marketing. The three elements depicted below are the major elements of marketing, which most of the remaining elements fall into one of these three.
Analysis
Analyzation is crucial when developing any business strategy, whether it involves the current market and segments, potential advertising campaigns, and everything in between. The purpose of analyzation is to gather, study, and understand information pertaining to relevant market(s).
Information regarding areas such as:
Segments
Target Markets
Consumers
Competition
Market Share
(And many more)
*Please note, when we talk about analyzing, we include research within this category.
Planning
Planning is absolutely crucial when it comes to the world of business. There are different methods of planning, and there are different types of planning.
Some of those categories include:
Business Plan
Marketing Plan
Strategic Planning
Contingency Planning
Tactical Planning
Operational Planning
Targeting
In marketing, targeting refers to a specific area—niche, market, demographic, group, etc. a company wishes to do business with. These are the ones that businesses wish to appeal to or the ones they wish to target, hence the term, “targeting.” It is an extremely important component of marketing, and it is one that businesses should take the time to focus on. Targeting ties into every other aspect of marketing, whether you are creating a business plan, marketing plan, advertising campaign, branding, etc.
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