Marketing Concept for Your Business

Marketing is a management tool used in identifying and satisfying customer’s requirements profitably as defined by the chartered institute of marketing. According to this definition, a firm aims at making profit and at the same time it wants to give the best to its customers.

Marketing Mix for your Online Business

Marketing mix as commonly used in marketing consists of four elements commonly referred as the 4 p’s. They include the price, product, place and promotions. Price is the amount to be paid by a customer for a given product.

It’s influenced by factors such as the competition, forces of demand and supply, customers perceived value of the product, cost of production and income of the customer.  The forces of demand and supply have the following effects. 
When a product is on a high demand, the prices go high and vice versa. On the other hand, when the supply of a product is high, the market prices go down and vice versa. The relationship of the quantity supplied and that demanded is an inverse one compared to that of a quantity demanded which is a linear one.

4 p’s of Marketing Mix 

The factor on customers perceived value on a product works this way. If a customer perceives a product to be expensive, then the seller will set a high price for that particular product and vice versa. We have noted that the cost of production also determines prices.
Therefore, if the cost of production is high, the selling price is also high and vice versa. Finally, if the market is faced by a stiff completion you find that each competitor wants to sell. This causes the prices to fall since consumers will buy the cheapest.
Place is the location where the product can be purchased. It may be a physical place or a virtual place such as the internet. Virtual place came into existence as a result of e-commerce.
Product includes a tangible or intangible object that is to be presented to consumers for sale. When it comes to the product, there are specific decisions to be made such as the quality, brand name, functionality, styling and packaging.
Promotion is an art of selling by making the consumers aware of the existence of a product or service. It includes personal selling, advertising public relations and sales promotions. However there is an extension of the 4 p’s to make them seven. The other 3 p’s are people, processes and physical evidence.
People may include employees, management and customers. Processes involve all the activities carried out to make a product available to the consumers. Processed may include production, planning, marketing and pricing. Physical evidence is the surrounding environment in which a product is delivered.
A successful marketing mix can be developed through an adequate market research and trying the different elements.
Let’s assume that Evoke has two market segments, one segment is determined by products based on skin color and income.
For the segment based on the skin color, the marketing mix that can be applied is that of place, prices, promotion and product. On the other hand, the elements of prices, promotion, product and place apply when it comes to the market segment based on income.  
 All the elements of marketing mix have been used in both cases by Evoke thus no marketing mix element is different from each other.

Business Networking and Relationships

Business networking is the most effective marketing strategy commonly used by most organizations currently with the aim of creating more business opportunities with like minded people. Businesses which use networking as their core marketing strategy are seen to be open, random and supportive unlike those which adopt the traditional methods. 

Bases of Measurement in Financial Reporting 2013

Bases of Measurement in Financial Reporting
Bases of Measurement in Financial Reporting 2013: Financial reporting is an integral part of every organization. For a transaction to be recognized in the financial statement, it has to the criteria of measurement. This means it should be measured at either cost or value. Therefore, the term measurement means a process of determining the monetary value of an element that is to be recognized in the financial statements.

Tablet Wars: iPad vs. Nexus 7 For Business Use

Google has had a presence in the tablet space for a while now. It has been quite a presence considering that the company’s Android operating system powers devices such as the Samsung Galaxy Tab, Asus Transformed Pad Infinity, and Amazon Kindle Fire. But it wasn’t until the introduction of the Nexus 7 that Google entered the business with its very own hardware.

Facebook New Font Look

facebook fan page promote option
Facebook, the most popular social network site, has changed its news feeds fond. Facebook has changed the font to ‘Tahoma’ with a family font of Lucida grade. The social media giant is trying everything possible to give its over 1 billion users a reason to stick to the site. However, am not sure whether this kind of change adds any value to the customer sustainability in the networking platforms.

Facebook Changes Marketing Strategies By Letting Strangers Including Entrepreneurs Message for $1

Entrepreneurs can reach their targets that use Facebook for only $1. Facebook is the most popular social networking site on earth, and it has no match. Because of this reason, many companies, entrepreneurs use the social platform to market their products and services.

What Is Business Management

Business management is the method of the planning, co-ordination and management of a commercial enterprise. A venture must remain fruitful and liquid to withstand the challenges faced in the long run operations of the business.

Top 5 Social Networking Websites for Business People

This is a list Top 5 Social Networking Websites for Business People that should be embraced for a successful venture. Social networking websites have brought revolution of how business people market their products in a competitive environment because of their increasing popularity. Almost every elite person in the society is using the common social sites for connecting with friends or even reading what is happening around the world.

Small Business Management Tips for Entrepreneurs

Small Business Management Tips for Entrepreneurs: Small business (money) management tips for entrepreneurs play a key role in ensuring successful accomplishment of objectives of a given venture.  Entrepreneurs are people who see a gap in the market and decide to fill it, in order to satisfy a demand that is not being satisfied.

Top 10 Small Business Ideas and Opportunities in Kenya For 2013/4/5

Kenya, Nairobi, Top 10 small business ideas and opportunities to invest 2013 - 2015, Real Estate, Marketing, Transport, Start School, Best Venture, Cars. The article lists top 10 small business ideas and opportunities in Kenya for 2013, 2014, and 2015 you should invest. Kenya is a business hub country located in East Africa.Am analyzing the best business ideas to start and establish yourself in the market.

Top 10 Airports In The World 2012 – Images

Top 10 Airports In The World 2012 – Images : Getting to the list of top 10 airports in the world is not an easy thing in the aviation industry. In business, and this I hold, investing in the aviation sector is one of the best businesses should think of starting in 2013 and many years to come. 

Efficient Business Management Tips For Success

Business management is an important aspect the growth of the business and every entrepreneur must seek to evaluate ways of making it efficient. How you manage your business goes a long way to determine the success of the business for short term and long term basis.