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Marketing

Marketing emphasizes the customers’ needs and wants. A comprehensive marketing plan starts with describing your marketplace. Your business should be driven by the customer. The marketing plan should fit your product development, pricing, promotion and distribution around the customers’ needs.

A typical problem in an entrepreneurial business is that the marketing is focused on a product. When it does not monitor change, then it fails to adapt to the real needs and desires of clients. Take for example the typewriter sales business. Entrepreneurs who did not monitor the innovation of personal computers were put out of business when they failed to monitor the real needs and desires of customers. All of your company’s policies should be aimed at satisfying your customers’ needs and desires. Everyone in the company has a marketing job!

A second problem commonly made in entrepreneurial companies is that they focus on increasing sales rather than increasing profit. Profitable sales volume is better than maximum sales volume. Regular sales analysis will uncover your most profitable market segments and product lines.

To reduce the risk of starting a new business, you can do market research. Although research cannot guarantee success in your business, it can improve your chances by estimating sales potential and avoiding losses caused by lack of responsiveness to market demand.

The five key variables to successful marketing – called the marketing mix – are people, products, services, price, promotion and distribution. In marketing textbooks these are called the five P’s of Marketing.

Your marketing strategy should work to disclose customers’ problems and areas of dissatisfaction that can be easily remedied. 

A marketing plan is one of the most important aspects of any small business. It will assist you in evaluating your company’s marketing needs and give a concise direction to your marketing efforts.

While advertising is a key component in a marketing strategy, advertising alone is not marketing. It is important to develop a clear message before committing and spending advertising dollars.

After you have completed the research, developed your plan and created your marketing tools, you need to monitor the effectiveness of your hard work.

Resources are available to those businesses in agriculture, exporting and selling to the government.

Small businesses seeking to market their goods and services to the federal government must register.