Research is an essential part of owning and operating a business. Perhaps equally important is defining each facet of business especially marketing.
EPiC Measures simplifies the academic definition of marketing as follows: methods used to exchange value, i.e., a good and/or service, with a target audience. While advertising, branding, sales and public relations are valid marketing methods, they only account for 25 percent of the marketing mix (promotion) and therefore, 25 percent of marketing strategy.
The Marketing Mix is product, price, place and promotion. With this in mind, it’s easy to see that a company’s marketing efforts tend to weigh heavily on promotions (see examples above). In order to create a marketing strategy, which yields best results, research must also be conducted on product, price and placement.
Marketing Science Institute, Mintel and Direct Marketing Association are reputable research organizations. References below include tips that address online marketing, sales and customer service needs. The latter article speaks to boutique outfits as well as independent artists in entertainment.
Marketing is a Science
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