As much as selling is considered to be the lifeblood of any enterprise, marketing is without a doubt the heart pump that produces the income which transforms the business idea into a reality.
MOST ENTREPRENEURS TOTALLY underestimate the value of proper marketing and as a result do not spend enough time or money on it. They also make the mistake of cutting back on marketing during difficult times when they would be better served by increasing their efforts.
As a rule, with a few exceptions (of course), most small businesses across the globe spend between ten and 35 percent of their total overhead expenditure on marketing. As with any rule there will be exceptions, so research the norm or trend in your particular industry and work accordingly.
The primary objective of this series of articles is to provide prospective entrepreneurs and perhaps even existing business owners with the necessary knowledge and skills to compile and implement a comprehensive, practical marketing plan with confidence. Secondary to this, entrepreneurs should also be able to:
a. Establish proper practical marketing objectives;
b. Conduct a proper STEPCOM analysis or environmental scan and SWOT analysis;
c. Design their product or service concept properly;
d. Define and understand their market segmentation strategy;
e. Appropriately position their product in terms of the price-quality matrix; and
f. Compile a marketing mix by applying the seven Ps of marketing.
Entrepreneurs should become intimately familiar with these marketing principles so they can customize these principles to suit their particular type of business and feel comfortable with the implementation thereof.
WHAT IS MARKETING?
Denne historien er fra November - December 2016-utgaven av SA Franchise Warehouse.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Denne historien er fra November - December 2016-utgaven av SA Franchise Warehouse.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Why SA Needs More New Franchises
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Should You Convert Your CC To A (PTY) Ltd?
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The 7 P's Of Marketing: People, Processes & Physical Evidence
The 7 P’s of marketing — Product, Price, Place, Promotion, People, Processes and Physical Evidence — is a foundation concept in marketing used by businesses and marketers to help determine a product or brand’s offering.
Spar Embraces Transformation
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Marketing For Success
As much as selling is considered to be the lifeblood of any enterprise, marketing is without a doubt the heart pump that produces the income which transforms the business idea into a reality.
Franchisors, Franchisees & The CPA
The Consumer Protection Act (CPA) to a large extent codified our South African consumer-related common law and provided a Bill of Rights for consumers. As franchisees fall within the definition of a consumer, there are various key considerations which franchisors must be cognisant of when supplying goods to their franchisees.
Exclusivity Clauses in Lease Agreements
The contentious and longrunning issues around clauses in commercial leases granting a major tenant the exclusive right to carry on a particular type of business in a centre, and a corresponding clause in the lease of another tenant prohibiting them from carrying on the same type of business, appears to have a taken another step towards a conclusion.
Collaborate Grow
By seeing others as partners and not competitors, business owners can harness the power of the collective to attract customers, seek inspiration and help their overall bottom line. When it comes to building and growing a small business collaboration is the new competition.
Driving Transformation in Franchising
Following the establishment of The Department of Small Business Development (DSBD) in 2014, it did not take them long to realise the enormously powerful mechanism franchising presents in promoting enterprise development and transformation in South Africa.
Competitive Advantage for Franchises
Many organisations, including franchises, strive to attain a competitive advantage, but few truly understand what it is, how to achieve it and, perhaps most importantly, how to keep it.
