1-3 What - Your Business?

In the previous lesson, we looked at a marketing framework we will use. You'll find that keeping a framework in mind helps you to not get lost in all the options and choices you have when you start planning your campaign. It's also important to keep in mind the bigger picture. After all, marketing is a function within a larger business. So it's good to understand the business you're working for a bit better before delving in. In this lesson, you'll learn the components of a business, write a value proposition, and understand different business models.

• Digital marketers Should Understand The Business They Market And Their Core Components
• A Business's Value Preposition Is A Key Starting Point For Marketers.
• A Company's Business Model Will Affect The Type And Amount Of Marketing That They Can Do.

Articulating The "What," Helps To Understand The Business You're Working. What Is It Exactly That You're Going To Market? Say The Business OR Its Product, Marketing Plan Starts With An Understanding Of The Core Components Of a Business. Like

•  Revenue: “How Do You Make Money?”, 
• Revenue: “What Prices Do You Charge?”, 
• Product&Services: “What Is The Product Or Service Itself?”, 
• P&Service: “How Does It Benefit Customers?”, 
• Customer: “Who(What) Are They Like Consumers Or Businesses Or Both?”, 
• Customer: “Do Your Customers Interact With You Online, Offline Or Both?”. 

Value Preposition :

• What Are You Selling?
• What Are The Benefits Using Your Product Or Service?
• Who Are Your Target Customers For Your Product Or Service?
• What Makes Your Product Unique From Your Competitors?

Value Preposition Schematic :

• For__(Target Customer)
• Who__(Statement Of Need/Opportunity)
• Our__(Product Or Service/Category)
• That__(Statement Of Benefit)
• Unlike__(Closest Competitor)
• Our Offer__(Primary Differentiator)

Business Model :

It's Important To Understand How a Company Derives Value, Because This Helps Marketers Figure Out What They Can Spend On Their Efforts And Why Remember That Making Money Is Not Always Revenue Or Gross Revenue. It Can Also Mean Profit.
Profit = Revenue - Costs Incurred.

What Part Of The Marketing Plan Is Understanding Where a Business Is In Its Life Cycle.

     Sustainable Interest     Growth Over Time          Profit                          Revive Growth