Marketing of products
One of the main skills that business people should have is that of marketing. Entrepreneurs who have marketing expertise are able to increase their sales and make their businesses viable. It is vital, therefore that managers develop essential marketing skills. But, what is marketing and what is its scope?
Marketing involves a number of aspects. It is like a tool box. A good tool box is composed of many tools or equipment. The marketing tool box is composed of the activities that are important for persuading the customers towards buying some specific products. Marketing is everything you do in order to find out who your customers are and what they need. It relates to how to satisfy customers while making a profit.
Marketing therefore involves the following activities:
Therefore, marketing is like a tool box, composed of branding, advertising, direct mail, promotion, market research and public relations. Therefore, marketing deals with:
Why is the need for marketing?
In order to succeed entrepreneurs must attract and retain satisfied customers who are willing to buy your products. Marketing programs are aimed at:
In order for a business to be successful two things must exist:
There must be a product that customers want, that meets their need,
The customers must know of the existence of such products.
New business people must know of the importance of marketing and how to do that. Fruitful marketing drive leads to increased customers, which influences its sales and profit level.
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Marketing is one of the basic elements in having a feasible business. Some people forget this special part of business. If they can't able to determine the target market, pretty sure the company will flop. The core of having a business is to conduct a feasibility study.
This is great stuff. Marketing is really the quintessential tool of a business. Most companies spend millions of dollars in marketing. Sometimes even bad products can be successful in sales because of good marketing.