Marketing Basics You Should Know

Marketing is an all-encompassing term that describes how a business makes money. This includes everything from conceptualizing a product to its packaging. However, as most people understand it, marketing focuses on the act of selling the product. Here are some basic tips:

1) Create a distinctive product – You need to distinguish your product to get noticed. Use your creativity and start thinking outside the box. If you’re trying to break into a market, you need to differentiate yourself from existing businesses. Marketing is all about finding the best way to make a profit and this can be done most effectively by grabbing the attention of your target market.

2) Creative Pricing – Sometimes all it takes is a bit of psychology to come up with an effective marketing strategy. Creative pricing is all about anticipating how our potential customers would react to the costs of your services or products. The odd price marketing technique, for example, creates the illusion of a much lower priced product by deducting a hundred or two from the retail price. Therefore, it reads $1,995.00 as $1,000 instead of the much more realistic $2,000.00.

3) Mnemonic Tools – A great marketing technique is to make your product or service more memorable to people. This can involve clever wordplay, image association techniques, and sometimes even subliminal advertising. The goal of this marketing technique is to make your product unforgettable. After all, great marketing is about turning a product into a necessity. Take a look at various advertisements and you will notice that this method is used quite often.