BASE OF ENTREPRENEURSHIP

BASE OF ENTREPRENEURSHIP 

MARKETING MIX 

Marketing Mix is composed of four main components, known as the 4 Ps: product, price, place and promotion. It is a set of tools that can be adjusted to market needs, can also be used as tactics to promote a business. 

THE IMPLEMENTION OF 4PS

PRODUCT 

First, all business start with an issue. Then one can develop a product or service that will solve that issue. So the question you want to ask: 

• What issues which solved by this product?
• The product should fulfill a particular need of the consumer. 
• The product must do what consumers expect it to do.

PRICE

This refers to the amount that the consumer expected to spend on particular product 

• Who is the target market of the product?
• what are the income bracket of your target market 
• what price range is set by competitors
• what price range will be suitable or better, profitable for your product 

PLACE

This refers to how the product is available or can be reached by the target market. 

• Knowing where and how to promote your product.
• Knowing the audience' lifestyle.
• Know the offline and online place they usually gather  
• the target audience usually hang out or best market space and locations

PROMOTION

This involves all the marketing techniques and strategies out there. These include advertising, promotions, special offers. 

• Creating the message that will speaks to the target audience 
• Communicating a common ground needs embodied in the product
• Spark an interest that will resonate in the audience life
• Communicate what is your brand and what your product does      

Here is the Marketing Mix of my Tshirt business. 

MARKET RESEARCH 

Market research is the process of gathering, analysing and interpreting information about a market, and whether they are or can be a potential customers for a product or service. This product or service can be still on paper or already in production. Moreover, Market Research also can be used to see whether there are any changes or adjustments to the product or service itself to make it more successful.   

METHOD

Before starting a Market Research, you need to set the background, the objective, and the method of the research.
  
There are two types of Market Research : Quantitative and Qualitative. They usually being performed by surveys, focus groups, or interviews.

5 Most Popular Market Research Methods

Online surveys. This where people with lifestyle that suitable to the product being asked to review products.  

Social media research. Marketers now prefer posting on Facebook, or Instagram to get quick opinions about product launches or feature updates.

Focus group. Focus group of 5 to 10 programmer or gamer to test and review a new product 

One on one interview. This is where you are going directly to customers to learn about their needs and opinions.

Phone surveys. This is where people who are potential customer being asked about the effect of a products in their life.  


THE IMPLEMENTION OF MARKET RESEARCH

First step is to have a roughly identification who would be the customer of the business, then you need to understand their needs and issues, more importantly needs that be supplied by or issues can be solved by your products or services. Then decided when or how would be the great times to introduce the products or services. Also do not forget to evaluate the competitor in the marker.    

Here is the Marketing Mix of my Tshirt business. 

RELATION BETWEEN MARKETING MIX AND MARKET RESEARCH 

Some might argue that Market research is the foundation of your business by using the already formed marketing mix as a tool to market your business. 

Others could argue that the marketing mix consists of interrelated tools that should be set thorough research. Conducting the right kind of research to analyze what product will sell well on the market. 

While it is true that creating a product only relying on instincts can lead to assumptions that don’t deliver when you apply it. It is also not worthed to based a creation of a product on trends which happening these days since you want to have product that will stand the test of time. 

The relation between Marketing Mix and Market Research can go either way. You can start with Marketing Mix or some level of it, then you a Market Research for that product. This applies when you already have a product or a formed business, and only wants to use Market Research to better promote your product. Another way is you base your Marketing Mix on a research. This kind of approach applies when an entrepreneur does not have a product yet and want to form a business based on the research of best selling product on the market. 

Next stages are Marketing Research and Marketing Strategy.