by Victor J. McCoy Sr.
Sales and marketing are the "lifeblood" of business. Understanding your target audience is the "DNA" of that lifeblood. Understanding the dynamics of what constitutes a successful marketing strategy can be difficult if you do not have the right information and can skillfully use that information to your advantage.
The goal of marketing is to move goods and services from concept to customer. Making the best widget for the market means nothing if you can’t get it to market. So, step 1 in marketing is having a product to market. Step 2, determining a price that people will pay while producing a profit. Step 3, is delivery (not using the 4P’s) meaning, how will I get my product/service to the customer? Step 4, how will I promote my services so that my targeted audience will know I exist and contact me?
Below are a few terms that all business owners must understand to make the "lifeblood" flow.
Market - The set of actual of potential users/customers.
Market area - A geographical area containing the customers/users of a particular firm/library for specific goods or services.
Market Demand - The total volume of a product or service bought/used by a specific groups of customers/users in a specified market area during a specified period.
Market Development - Expanding the total market served by 1) entering new segments, 2) converting nonusers, 3) increasing use by present users.
Market Positioning - Positioning refers to the user's perceptions of the place a product or brand occupies in a market segment. Or how the company offering is differentiated from the competition's.
Market Profile - A breakdown of a facility's market area according to income, demography, and life style (often.)
Market Research - The systematic gathering, recording and analyzing of data with respect to a particular market, where market refers to a specific user group in a specific geographic area.
Market Segmentation - The process of subdividing a market into distinct subsets of users that behave in the same way or have similar needs.
Market Share - A proportion of the total sales/use in a market obtained by a given facility or chain.
Marketing - The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
Marketing Channel - A set of institutions necessary to transfer the title to goods and to move goods from the point of consumption.
Marketing Mix - The mix of controllable variables that the firm uses to reach desired use/sales level in target market, including price, product, place and promotion- 4 P's.
Marketing Opportunity - An attractive arena of relevant marketing action in which a particular organization is likely to enjoy a superior and competitive advantage.