Do you know about - Ten modern Marketing Myths Small firm Tend to Buy Into
Fashion Merchandising Degrees! Again, for I know. Ready to share new things that are useful. You and your friends.In nearly 40 years of working with small businesses, especially start-ups, I've found new marketers, because of their lack of background in marketing, often buy into base myths about marketing. And, unfortunately, will make ill-advised decisions based on these myths, at best wasting itsybitsy resources and at worst putting their firm at risk.
What I said. It isn't outcome that the actual about Fashion Merchandising Degrees. You read this article for info on a person want to know is Fashion Merchandising Degrees.How is Ten modern Marketing Myths Small firm Tend to Buy Into
A myth is a traditional story used to by comparison a custom. These myths get repeated from firm to business, from generation to generation, until they take on a life of their own that may or may not have any basis in today's marketplace reality. Over the years I've collected what I call my Ten contemporary Small firm Marketing Myths.
#1The Rational Buyer - As firm people we're trained to approach decisions rationally, conferrence relevant facts, analyzing trade offs, seeing for alternatives, including cost, and then choosing on the best course. We assume every person else makes buying decisions based on the same rational basis.
The reality is that while some buyer buying decisions are in effect based on rational thought, most
are influenced more by emotions, convenience, peer identification or fashion. Using a promotional strategy based on the Rational Buyer myth --- for instance, stressing reason and logic instead of emotions in your ads --- may be missing a large portion of the potential market.
#2The Magic riposte - This is one of my favorites. It holds that in any given situation there is a Magic riposte that will solve all problems.
The Magic Medium is a base variation. It assumes there is one advertising medium that works for every person in all situations. It regularly focuses on television, since it is the most illustrated and glamorous --- "If we could just afford to be on Tv, we'd have more customers than we could handle!"
While Tv is in effect the advertising medium of choice for some businesses, for many small, narrowly focused businesses, it could be the worst choice.
#3 The Knockout Punch - This myth goes something like: "If we could just find the right opportunity (Magic Answer), we could in effect take a big chunk of market share away from the competition (deliver a Knockout Punch)."
The "nobody" who has an idea, pursues it with vigor --- and is also fortunate sufficient to be in the right place at the right time --- and hits it big (i.e., takes the competition by storm), is a base "hero" among entrepreneurs. But they are also rare!
If you look at the big picture, you'll see that most businesses supervene not by a breakthrough (a Knockout Punch) but by doing dozens and dozens of small, day-to-day things just a itsybitsy good than their competitors.
#4 We Have No Competition - A firm that believes they do not have competition is living in a fool's paradise. For decades, excellent Sears, Roebuck refused to believe they had competition, until they were on their knees, staring into the pit of extinction.
Whether we're talking about the worldwide marketplace mega-corporations compete in, or the narrowly defined, more or less local marketplaces in which most small businesses operate, the reality is today's buyer has far more product choices to choose from and far more places in which to buy those products than they can ever perhaps use.
#5 The good Mousetrap - This one has lots of variations:
• "Just design the good mousetrap and the world will beat a path to your door."
• "Our products are so good, they sell themselves."
• "Our prestige is our best advertising."
The truth is today's marketplace is filled to overflowing with mousetraps. They are available in virtually any store and at practically any price you want to pay. So that, even if you could in effect come up with a good mousetrap, chances are the marketplace will greet your phenomenal invention not with a thunderous stampede to your door, but with a disinterested yawn.
#6 every person Is Our customer - The basic belief here is that every living man in a given market area is a potential customer. When, in fact, the demographics of the area, the products that are offered, the price of the products, the location of where the customer can find the products and the proximity and relative force of the competition in the marketplace... All tend to define and limit the potential customer group.
A firm that understands this and learns as much as potential about their customer group will spend advertising and promotion dollars much more effectively.
#7 Price Is all - The only reason most people buy anyone is price --- they will go where its cheapest. Therefore, the only way to compete is to cut price. That's the basic reasoning behind this myth.
There's no doubt that pricing is important. The increase of Wal-Mart and other price oriented mass merchandisers is ample proof that consumers love a bargain, or what they realize is a bargain.
However, for the small, locally owned firm to try to cut price to keep up with the big boys is a fool's game they can't win. There is all the time man willing to make it a itsybitsy more cheaply or accept a itsybitsy less markup. What the small firm must do is find ways other than price --- for example, serving a small, specialized niche --- to compete.
#8 We Don't Have To Promote - This myth is base among well-established firm that fall into the trap of complacency. They believe they "own" their customer group and don't have to go out after new customers or do anyone to hold existing customers.
In our over-promoted marketplace, if you're not talking to your customers or potential customers, reminding them of what you have to offer that the competition doesn't, you can be sure that man else is telling them what they have to offer that you don't.
Certainly customer loyalty and sure word-of-mouth are two of the most excellent competitive advantages any firm can enjoy. But by themselves they may no longer be sufficient to assure a business' continued success.
#9 Just Make More Sales Calls - The assumption here is that marketing is a numbers game. It holds that all you have to do is make more calls and you'll sell more product, perhaps ignoring the fact that your product line hasn't been updated in a decade.
A disagreement is that if you just run sufficient ads, things will turn around, again ignoring the fact that the competition has recently remodeled and vast their store and is now open evenings and weekends.
#10 How Can We Do It On The Cheap? - I make a indispensable disagreement between spending itsybitsy resources wisely and naturally seeing for the cheapest way. Some of the most base mistakes I've seen that grow out of buying into this myth are:
• Choosing an out-of-the-way location (i.e., low rent), when your firm depends on walk-in traffic.
• Picking the cheapest advertising medium in the market, even though its audience doesn't in effect include many of your customers or potential customers.
• Hiring only inexperienced, minimum wage people, when the high tech nature of your products demands a knowledgeable sales force.
Did you find yourself identifying with one or more of these myths? Don't be embarrassed. It's only human nature to look for nice neat explanations for what we see nearby us. That's how myths get started in the first place.
Mine is the Magic riposte Myth. I still want to believe that if I could just read sufficient books, go to sufficient seminars, get sufficient experience... That I could "know everything."
The leading thing is to recognize that to one degree or another we all buy into myths about marketing. And through this recognition, not allow myths that are no longer valid to sway our decisions.
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