First, IM is about selling something, your own product/service or someone else's. When you already have a product you intend to sell (after niche research), you must do the things below to sell the product:
1. Squeeze page - You must create a squeeze page with details about your product and you capture email addresses of visitors from it by offering a free report or e-course via auto responder for the purpose of up-selling later on.
2. Article marketing - You write your product review and submit to article directories like ezinearticles, squidoo, buzzle, blogs, etc. You then link your affiliate link, or own product sales page, or squeeze page from your article/resource box.
3. Joint Ventures - You partner with a group of people and ask them to sell your product to their list, you then pay them commission.
4. Traffic - You must drive traffic to your articles/squeeze pages via:
Organic Search - May require link building from related sites5. Focus - Pick one thing and get good at it forget about mastering all things. - Terry Hatfield
Pay Per Click - Requires money per click (Adwords, YSM, etc)
Social Bookmarking - Use Digg, StumbleUpon, Reddit, etc.
Video Marketing - Youtube, Metacafe, etc.
So that's quite it. Do I still miss important points? Hope the gurus will add more Anyway, I hope this also helps newbies who are confused on what really internet marketing is all about.