People often confuse sales, marketing and advertising and even try to combine them into one area. While some of the principles do cross over, they are very unique disciplines with they own set of rules; marketing, however, is often considered the structure behind the advertising and sales area's. Simply put, marketing is the building blocks supporting advertising and sales.
Marketing includes an indepth research into the needs and desires of your target audience and the subsequent design of a plan to effectively reach them. Much like a business plan guides the direction a business will take, a marketing plan guides the direction the sales and advertising components will take. In fact, a well structured marketing plan is a key component to the business plan.
In this section of Entrepreneurial Acumen, we will take a deep dive into the various kep components of a marketing plan from research to design and final implementation, using real life examples and easy to follow suggestions.
Obtaining leads and closing the sale can be a costly and time consuming effort. Even more costly is losing a client to the competition. While some level of attrition is to be expected, a healthy relationship marketing plan can help to lock out the competition.
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