The Importance of Marketing to an Entrepreneur

Marketing is the study and management of exchange relationships. Marketing is used to create, keep and satisfy the customer, with the customer as the focus of its activities, it can be concluded that Marketing is one of the foremost components of business management. The marketing concept advises that in order to satisfy the organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors.

Technology is creating customer choice, and choice is altering the marketplace. Gone are the days of the salesperson, gone as well is marketing that tries to trick the customer into buying whatever the company makes. There is a new model for marketing, a model that depends on the marketer’s knowledge, experience, and ability to integrate the customer and the company. When it comes to business, marketing is everything and everything is marketing, suggests that marketing is like quality, it is not a function but an all-general way of doing business. The goal of marketing is to own the market, not just to sell the product, when you own a market, you lead the market. Unlike a business plan, a marketing plan focuses on winning and keeping customers; it’s strategic and includes numbers, facts and objectives.

A good marketing plan spells out all the tools and tactics you’ll use to achieve your sales goals. The key elements of any successful marketing plan include the concepts of product, price, place and promotion, also known as the four Ps of marketing. The marketing mix of the four Ps functions as a guide to help the marketing manager successfully develop a strategy for promoting products and services to customers. As you already know, you simply can’t just set up shop and cross your fingers that people find you. Instead, being a successful business owner means constantly marketing and promoting your business in hopes of getting more eyeballs on your product or bodies through the door.

These are examples of aims that could be achieved with marketing plan

• Increase sales
• Bring in new customers
• Get existing customers to buy more
• Introduce a new product or service
• Increase market share
• Better establish your brand
• Offer existing customers exclusive offers

Marketing plan is important, it defines how you are going to market your products, services or business to customers. It lays out what your objectives are and how you’re going to execute them. But that definition is very broad, and a marketing strategy can in fact cover anything from a ten-year vision for marketing your business to how to shift sales on one product over the next three weeks.

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