2 management - School of International Business and ...

Tina Klein
Ideas: Every market offering includes a basic idea. In addition ideas may be marketed by them-
selves. For example, some religious bodies try to promote their ideas on how to behave. Also,
inventions and other forms of intellectual property fall into this category. Google has created a
extremely successful business based on its search algorithm. See the hyperlink Google Marketing
Mix:
http://www.marketingteacher.com/case-study/google-case-study.html" \t "_blank
3 HOW TO MARKET
Now that we've got some sense of what can be marketed and that marketing is everywhere, let's
talk about how to market.
First, you need to define your target market as clearly as you possible. A target market is com-
prised of the people or entities who will buy your product.
Obviously, to be effective marketers, you need to understand your target buyers. What are their
characteristics? What motivates them to make a purchase? What do they have in common with
each other?
Nearly as important as who will buy your product is who won't buy your product, because you
don't want to waste any time trying to sell to these people. For example, Rolls Royce shouldn't
target Toyota drivers to purchase their luxury vehicles. The better you define your target, the more
efficient (and effective) your marketing efforts. Dell Computer has done a good job targeting their
consumers. Learn more from hyperlink Dell Target Marketing:
http://www.entrepreneurslife.com/thoughts/entry/dell-marketing-strategies/" \t "_blank
One of the most important concepts in marketing is called the marketing mix. This is the combina-
tion of elements that you will use to market your product. There are four elements that comprise
this »mix.« These elements are often referred to as the 4 Ps.
The 4 Ps include:
Product – as discussed earlier, products range from goods and services to political candidates,
events, and ideas. »Product« includes all of the attributes that define and differentiate what's be-
ing marketed. For example, a pair of jeans is characterized by the style or cut, color choices, type
of fabric, the brand name, attached labels, and even the packaging. Product characteristics are
designed to appeal to particular customer needs or wants, and provide competitive differences.
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