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Many people assume that marketing and advertising are interchangeable terms that are used to describe the same process.
They only look at the end result, getting the product sold, and not at how each process contributed differently towards it. It is important for business owners to understand the vital differences between marketing and advertising in order to attract the most customers.
Some of the considerations at this stage of the sales process include:
At this point, you let potential customers know about your product or services through advertising. You can do this in a variety of ways, including print ads, online advertising campaigns, billboards and word-of-mouth advertising.
During the marketing process, your goal is to convince potential buyers that you have the right product for them. Advertising is the avenue in which you let them know about the existence of the product. Best Marketing Practices According to the Small Business Administration, the purpose of marketing is two-fold.
First, you need to ensure that company policies are centered on satisfying customer needs. Secondly, remember that profitable sales volume is far more important than obtaining the maximum amount of sales volume. In order to reach these goals, business owners need to do the following:
Before you develop a formal marketing plan, you also need to understand the four essential elements of good marketing. These are product, price, place and promotion. It means that you need to offer a quality product at an affordable price and determine the geographic area and customer demographics you want to market to.
You have complete control of where, when and how often your company's message will appear. You also have the benefit of directly targeting specific groups to purchase your product or services. The following steps can help you plan and execute the most effective advertising campaign:
This article written by Raul Esqueda, President of 1st Commercial Credit.