“Marketing is the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customer, clients, partners and society at large”(AMA, 2007).
So, why it is so important to create value for all of those persons above? And what the reason could be to do so for entrepreneurs? Let’s try to find some answers.
When we speak about founding new business we used to think about business planning to have an idea how we should grow up, then we think about our strategy. Would it be low cost leadership, or differentiation or focus strategy?
But when we should start to think how we plan to sell our products or services, who will ...view middle of the document...
When new entrepreneur writing his Business Plan, essential part of it would be Marketing research, Marketing Analysis and Marketing Plan. Before putting product in to live, business man should answer is it some niche for his product, that somebody will buy it. This action could help to save significant volume of money before production plan will run in case future product is uselessness. Marketing instruments like SWOT, PEST, Strategic Group Map could help entrepreneur to find his strategy and position in the market and whole industry. By matching strength and weaknesses businessman carve out his or her strategy.
Than if product is essential for market and has its customer in order to respond his needs, businessman should find a way how make customer aware about its product or service. And this also should be included in Business Plan or separated in view of Marketing plan. Marketing creates Brand name of product to make it recognizable and differentiable for customers. Where ads should meet customer? When potential consumer should see ads? How customer should react on it? What should customer feel about ads? How she or he should respond on ads? Marketing promotion helps to find answer on those question and best way of communication.
Marketing Plan included marketing status and the potential of market, marketing aims, market entry strategy, marketing mix and promotion (audio, video, social etc). Marketing plan has some certain time and objectives which it tends to achieve. On this stage of market entry marketing could not only help to create awareness, but increase revenue of company.
Marketing could drive a company in general. For example low cost Jewerly sales are nothing about new technology(excluding design), it is about good promotion and marketing to convince customer to buy more for any reasons( Weddings, Birthdays, 14 February, second Jewerly for free and ets.) There are no new technology innovations, only good marketing and...