Opening a new restaurant is an excellent business idea, especially in a region like Orange County, Florida, which gets lots of tourists and where there is high demand for new and innovative local businesses. However, a receptive market does not guarantee success. Once you have opened the restaurant, you need to make sure that it …
Though it may not be difficult to explain what is marketing, truth is that this is a complex process that deals with a lot of aspects of dealing with a business and it is a vital part of keeping a business or organization alive, especially when it is dependent on the purchases of its customers.
Though generally the marketing mix is associated with the four Ps – price, product, promotion and place –, in some companies, depending on the product or service rendered, it can contain seven or eight Ps, the others being people, physical environment, process and packaging.
When wishing to promote and sell a product, a firm, company or organization must choose between one of the five marketing concepts available so far: the production concept, the product concept, the selling concept, the marketing orientation and the holistic marketing concept.
In order to devise a successful and comprehensive marketing plan, one must gather information from all the departments of the company, such as the management and accounting departments, the research and development departments, sales and packaging, advertising and promotion departments and many others.
A good business is run when it sets up some marketing objectives which are best remembered and understood if using the SMART approach method, which consists of: setting specific, measurable, achievable, realistic and time specific objectives; that way, devising a marketing strategy will be much simpler and clearer for everyone.
A firm, company or organization must first deal with a general business strategy which deals with how the firm will be evolving in the following period, and part of it must be the marketing strategy, something the marketing department must elaborate so that their products are well promoted and valued.