by Guy-Michael Homa

Created on: December 15, 2009

Marketing – It is an essential component of every business enterprise for attracting new customers, as well as retention of existing ones.  There is no single marketing solution to fit all situations.  A marketing plan is unique to each enterprise even if the same product (service) type is sold by competing companies in the same marketplace.  The plan must also be dynamic because the market demands are in a constant state of change.

Plan review must be frequent.  Market conditions analysis is also a constant process.  Strategies require revision to meet the expectations of targeted verticals.  Knowing the difference between perceived buyer needs and buyer wants will directly influence demand.  Market feedback is also very important to adjust tactics accordingly to meet the expectations of the marketplace.

A marketing plan is problem-solving process.  Internally, the problem is centered around how to sell products and at acceptable profit margins.  Externally, the marketplace’s demand for a product must be identified and accurately understood.  Is there a market void that a product can fill?  Is there enough demand for the product or can demand be created?  Will the product have enough sustainability for long-term buying?  Problematic questions are many.  Most questions are rooted first by an idea, but research is required to support any validity of the idea.

Once an idea is validated, the next step involves product development if it does not already exist.  Although related to marketing, new product development is a complex process requiring distinct procedures to analyze the feasibility of a product.  We will assume the product is already developed and ready for market.

Market Positioning is a module of the Marketing Matrix used to influence demand.  Positioning can also create brand loyalty for repeat purchases.  Briefly, the marketing matrix is comprised of product, pricing, promotion, placement, and persuasion.  A product cannot be all things to all people - universal appeal is a myth.  Tastes are varied and preferences are diverse making it impossible to satisfy everyone with the same product.  Therefore, identification of a target niche is critical.  A niche market is one that research establishes a base demand for a product.  Creation of brand awareness is essential once a niche is identified.  The intent of branding is

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