5 Things we Learnt from MTN’s Y’ellopreneur Training this Week

The training sessions for MTN Foundation’s Y’ellopreneur initiative in partnership with the Enterprise Development Centre, commenced on Monday, 31 October 2022, and although the training is self-paced, it features an instructor-led session every week to help the Y’ellopreneur engage better with facilitators.

Here are five things we learnt this week;

1. The importance of marketing: Marketing is the process of getting the right product and services to the right customers, at the right place and price, using the right promotions and publicity. Marketing is important for every business, as it makes your customers aware of your products or services, engages them, and helps them make the buying decision.

2. The marketing process: The marketing process is broken down into four D’s, and they are the design, development, delivery and determination phases. The design phase is where businesses identify customer needs, the development phase is where businesses develop products and services that meet these needs. The delivery phase, on the other hand, is where the business distributes the products and services, while the determination phase is where the business decides if the product or services fit the customer's needs.

3. The marketing mix: This is a unique blend of products, pricing, promotion and distribution (place) targeting a specific group of people. The marketing mix helps understand what your product or service can offer to your customers; helps with planning, developing and executing effective marketing strategies and helps businesses make use of their strengths and avoid unnecessary costs.

4. Importance of brand positioning: Brand positioning is key to the way customers perceive a brand and that depends fully on how the brand is positioned in the mind of the customers. Brand positioning helps differentiate a brand from the competition in the consumer’s mind. It also explains to your target audience why you are the best company for them.

5. Importance of value proposition: Value proposition refers to the value a company promises to deliver to customers should they choose to buy their product. A value proposition can be presented as a business or marketing statement that a company uses to summarize why a consumer should buy their product or use their service.

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Source: Legit.ng