Profit Accelerator > Resources > General business > Knowing your market

Knowing your market

9 months ago
admin5276
207

Marketing covers all aspects of your business, from defining your product or service to the identification of market opportunities and filling those opportunities at a price which covers your costs and generates a profit.

Arguably, the most important function of any business is marketing.

Arguably, the most important function of any business is marketing. To many people marketing just means selling, but it is far more than that. Making a product or being able to provide a service is relatively straightforward. The hard part is ensuring that your potential customers are aware that you exist. It is essential, therefore, to prepare a detailed marketing plan – a plan of action. You need to define your overall marketing objectives, you need to identify your target market and you need to know what “marketing mix” you will use.