subject: Good ways to make money 2 [print this page] Good ways to make money 2
A very good way to make money is to market a product or a service. There are tens of thousands of products and services to market and many ways to do so.
Marketing and innovation (or having new ideas and putting them into practice) together constitute the heart of commercial enterprise. Finance, Human Resources, Information Technology and even operations (or production) are merely support functions of Marketing and Innovation. If you get this wrong (not uncommon), you will have a case of the tail wagging the dog!
Many confuse selling and marketing, but they are not the same as Peter Drucker famously declared "...the aim of marketing is to make selling superfluous."). Selling is a tool of the marketing process as is production or operations.
Let's revise the basics of Marketing, because by doing so, we will have a blue print for many good ways to make money.
Lesson 1 on the importance of demand and supply
Marketing Ice to Eskimos would probably not be a good way to make money. Marketing Ice at a tropical seaside resort would probably be a good way to make money. The reason for the difference is the likely demand and supply in each case.
Lesson 2 on the importance of 3 critical aspects of your product or service
However there is more to it than this. For example: The product or service must be:
sold at an appropriate price (that must cover costs, but be low enough to be attractive to potential buyers). Remember that a lower priced product that sells greater volume can be more profitable than a higher priced product sold at smaller volumes.
made available at an accessible place
promoted such that potential customers are aware of it.
Conclusion
Scarcity of supply and abundance of demand are likely to be a key success factors in the success of a business that is marketing something, but product, price, place and promotion cannot be ignored either. Get these 6 factors right and you will be well on your way to some good ways to make money.
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