MARKETING AND ITS ROLE IN THE SUCCESS OF A BUSINESS
It is only right that after the start of a business and the final product is ready, it is taken to the market for sale. This is probably the most exciting stage of an entrepreneurship venture as it is at this point that entrepreneurs are ready to sell to gain profits and measure their success after a while in the market. The ultimate goal of starting a business is of course, making profits and this is what shows that all the work and strategies put in place for the business has worked well. As a start up, especially with a new product, there might be difficulties in securing the goal and properly establishing into the market and that is where marketing comes in.
There is a belief that after all the production processes have been completed, it goes straight to the market but it’s not entirely true. Entrepreneurs must work out strategies to try and develop a marketing approach that will serve the product well in the market. This is of course a part of the business plan and it is one of the things individuals must have planned right from the start of the business. The need for research cannot be stressed enough because with proper research of the market requirements, a good marketing strategy can be developed for your new product
According to American Marketing Association, Marketing is defined as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Wikipedia also defines it as the process by which companies create customer interest in goods or services through which companies build strong customer relationships and creates value for their customers and for themselves. From both definitions, it can be concluded that marketing is a simple process of advertising or showing off your products to individuals in such a way that they will be willing to become customers and buy the product from you.
A good marketing plan always plays a role in the success of a business. Just like the business plan, the marketing plan is of immense importance to the entrepreneur and the business. From prior research, it gives the entrepreneur an idea of the current strategies in the market and how well they can be implemented and the different options that can be explored in the market. Also, it helps an entrepreneur put down a plan for how the business and final product can be advertised and introduced to the market. The plan also contains a number of contingency measures that can be applied in cases where things don’t go according to plan in the marketing process.
Before developing a marketing strategy, it is important to make use of use of four major tools in the decision making process. The tools are known as the marketing mix and they include the product, price, place and promotion and are collectively known as the 4Ps. These four concepts are to be considered for any decision making regarding marketing. The product aspect deals with elements like product design, branding, packaging, and labelling. This aspect lays emphasis on the use of branding to market a product.
For the price aspect, it involves coming up with a price which could also include discounts that would be reasonable enough to get individuals to patronize the product. Place aspect of the marketing deals with distribution channels and all the various ways in which products gets to the final consumers without any problems. It also takes into consideration the effects of an environment or a place on the chances of making sales. Lastly is Promotion and it involves creating awareness to potential customers and also all forms of communication that can be made to customers. Things like advertising, public relations, and exhibitions fall under this category.
Today, there are a quite a number of marketing approaches available in the world today. With the advent of technology and the rise in advancements, different opportunities are open to individuals to be able to market their products to reach their target audience. One of these methods is social media. This is one of the most popular methods of marketing in the 21st Century. The use of traditional methods of marketing have become a thing of the past and individuals can comfortably advertise their businesses from the comfort of their homes. Facebook, Instagram and Twitter for instance, provides entrepreneurs with opportunities to introduce their products to a lot of people. This method is low cost except in cases where you might choose to engage in some paid promotions in order to get even more engagements.
Another marketing approaches is through print media. Here, the use of newspapers and magazines are used to advertise the product. Though this is not as easy as the social media approach, it is also another effective method of marketing. In most cases, this method helps entrepreneurs reach a selected target audience as you might just need to get a newspaper or magazine with the same niche as your product. This is also costlier than the social media method and could end up being extremely expensive depending on the size of the advert and the target audience to be reached.
The use of television and radio is another popular method used for marketing. The advantage of this is that it can be used to reach a specific audience and will most likely reach more people than the print media approach. Adverts are also always replayed severally for a particular duration during the day. It is even more expensive than using newspapers and magazines but it is just as effective as the print advertising though it boasts the ability to reach an even larger audience than the newspapers.
Other marketing approaches are available and one very common one is through word of mouth which is the oldest form of marketing. During the start of entrepreneurship globally, it was this method that was mostly used. It was a time with no technology or social media, so individuals had to move from one place to another to advertise their products to people with the hope of making sales through the process.
Whichever way it is, marketing plays a huge role in the success of the business as it adds the last bit of spice to a product before it finally enters the market. A good marketing strategy ultimately leads to huge profits and leads to growth for the business while a faulty strategy could badly affect the business and its survival in the market.
One of the many advantages of marketing to a business is that it helps with promoting it. With good marketing, the product gets to be recognized in the market and this way it becomes easy to get to its target audience. It also helps with branding and packaging of the business and the product. Once a product is properly branded and has its logo and business name on it, it becomes easier to properly establish and gain grounds in the market. Another obvious advantage is that it brings more profits. With the business properly established and recognized by many in the market, sales start to boom and soon, profits starts to come in. Marketing boosts the entrepreneur’s chances of making sales which ultimately leads to success.
There is bound to be competition in all businesses and sometimes it becomes difficult to set up a business in an already established or existing market. Marketing comes in and could help many entrepreneurs face off with their competitors by coming up with innovative ways in which the products can be advertised in such a way that customers will find confidence and be willing to buy the product.
One of the important skills of an entrepreneur is developing innovative solutions to create a business and also to sustain it. The concept of marketing means entrepreneurs must continue to think outside the box with the hope to develop ideas that will prove decisive and effective in the running of the business.