Marketing and your business

Customer reviews play a significant role in the success of your business. Word of mouth can either help your business grow or destroy it.

The ultimate goal of marketing is to build customer loyalty.

Marketing is about identifying customer needs and satisfying them better than your competitors to make a profit.

Use the marketing mix which includes the seven “P’s” to help you meet your customer’s needs in a way that will set your business apart from the rest:

Product refers to the item(s) or service(s) that you offer to your customers. This is the basic element in meeting their needs.
Price is the process of setting a price for your product that allows for a profit but is affordable enough that your customers are willing to pay.
Promotion means informing customers about your product and enticing them to buy.
Place refers to how the good or service will reach customers.
People are the key personnel that you recruit and train to make your business different and stand out from its competitors.
Process is how work is organized so that you can deliver your product to customers.
Physical Evidence defines the perception of your business in the minds of your customers by providing them with as much physical value as possible.

The marketing process consists of two key steps:

Positioning your good or service
Identifying the Marketing Mix (the seven “Ps”)

Source: Bureau international du Travail, Gérez mieux votre entreprise, 2015. License CC BY-SA 3.0 IGO. Translation and adaptation by Nicolae Sfetcu. This translation was not created by the International Labor Office (ILO) and should not be considered an official ILO translation. The ILO is not responsible for the content or accuracy of this translation.