Everyone knows that Marketing is key to succeed with your business, and in many cases even the mere survival revolves around how well you market your products and business.
So, what is marketing? There are many definitions, but I like this one – Marketing makes selling superfluous. Obviously marketing and selling go hand in hand and we know that sales teams execute what the marketing teams want them to do. But making the sales process very easy and providing the tools to make each sale a highly probable win is the goal of marketing.
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l keep you focused? Yeah, sure there is a process that you can follow. It will certainly help you to go through this process than approaching the problem without structure.
There are broadly three steps in going through a typical marketing exercise. They are:
- Situational Analysis – Done using the 5Cs –> Company, Customers, Competitors, Collaborators, and Climate/Context. This exercise will generate the questions/problems your marketing team will need to answer/solve.
- Marketing Plan – Done using the 4Ps –> Product, Price, Promotion, and Place. This exercise will try to generate the potential answers to questions raised in step #1.
- Prioritization of the Actions using a matrix involving the 5Cs and 4Ps. Are we answering the questions raised by the 5Cs well? Out of all the actions that came out of the marketing plan, which ones do we implement considering our budget constraints?
We will cover each of these steps in a four part series, with this article being the first part.
