by Tessa Garcia

Created on: May 24, 2008   Last Updated: May 29, 2008

Marketing is a part of our everyday life. In my opinion marketing is more complex than a doctor. The doctor can easily detect what is wrong with the patient since he his diagnosis will be based on the symptoms. If a patient complained of a certain illness, some doctors will start giving the patient minor remedies. If it didn't work they will resort to stronger medications with an option to give antibiotics. If the situation gets worst other test such as blood work, x-ray, ultra-sound, CAT scan and MRI to detect where the problem is coming from.

In marketing when one product is not making money a marketing person have to tackle great deal of external issues. The product cannot speak what is wrong. Since the factors affecting the product are all external you really have to dig deeper on the issue: Why is the product not doing well in the market? The marketing person can start by relating the product with the four P's of Marketing, namely: Product, Price, Place and Promotion.

The product you decided to market is the actual goods or services you will cater to consumers. Pricing is considered based on a production cost of about .27-.30% which means you have to have 70% to cover for all overhead expenses. When you initially entered the market (with existing competitors) you must have a competitive pricing. Considering you have the same product weight (or the same type of services) versus your competitor. You should get the highest and lowest on how much is the same product/services. From there you can determine how much you're going to sell your product/services.

With promotion you should examine how your competitors promote their product/service. With little or less money you should at least do some kind of promotion in order to combat your competitors.

Advertisement is one aspect of marketing. The type of advertisement you chose will depend on your type of business. Lawyers use the TV to reach their potential clients. If you want to sell a particular product on TV there are some channels who concentrate a certain airtime for advertisement. If you have a pizza business door hangers, flyers and coupons to capture your market. Introductory price promotion and other types of promotion can be implemented to enticed people to try your product. Internet is a very good source of customers. The Internet offers various ways and means to promote your product. There are lots of websites where buyers and sellers meet. You just have to pay certain fees for using their marketing

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