Marketing is the process of pricing, promoting, and distributing products to customers. It involves understanding the marketplace to price products appropriately and meet customers’ needs. When it comes to marketing, it’s imperative to know your customers and competition.
The marketing framework diagram below shows how to understand your markets. In addition to knowing your customers and competition, you’ll need to understand economic factors impacting your current and potential customers. Additionally, you’ll need to have an understanding of the larger political climate and how it could relate to your product(s).
Products can be sold directly to customers or to intermediaries who may use it as a component for a consumer product, or supermarkets.
Listed below are marketing strategies for varying types of products and buyers.
1) Commodity/Consumer – This involves producing a commodity and selling it directly to consumers.
Position your product for accessibility to consumers is crucial. Sell your product at the local marketplace where potential customers are already looking for produce or other food products.
2) Commodity/Intermediary Buyer – This involves producing a commodity to sell to an intermediary such as a processor, wholesaler, or supermarket.
It’s a good idea to have multiple buyers and market outlets for your products. Because, for example, if you commit to a sole buyer who falls upon financial hardship, you become vulnerable to losing the bulk or all of your sales if they go under.