Marketing is the focal point of all business activities because production or purchase has no meaning unless a firm is able to market its goods and services. It is an integrated process of identification, assessment and satisfaction of human wants that is the focus is on the customer and his wants. The concept of marketing is based on three fundamental ingredients:
- Profits through satisfaction of customers rather than maximization of sales volume should be the objective of the firm
- All planning, policies and operations of the company should be oriented towards the customers
- All marketing activities of a firm should be integrated to achieve organizational goals. For a successful business, marketing campaign should concentrate on the target group of customers and determine a suitable marketing mix for them.
The scope of marketing is very wide and can be understood in terms of three main functions of the entrepreneur, which include: -
- Functions of exchange or selling
- Functions of physical supply or storage and warehousing
- Functions of facilitation or market research
Your business is already up and running, marketing is the lifeblood of your business. Marketing in a nutshell:
- In order for your small business to succeed, you need cashflow
- To get cash flow, you need customer’s who pay you for your product or service
- To get customers, you need to market your business
- Remember that it’s not enough to produce a product or provide a service. Your number 1 goal must be to market your product or service.
Marketing is all about letting people know that you are in business. However good the product or service you are offering, your business cannot survive unless you attract customers. You must create a coherent marketing strategy that drives the engine of your business and enables you to operate at a profit. Failure to do so means that all the energy and expense that went into creating your business plan will be wasted.
Marketing is not:
- A luxury
- An expense
- Something you can or cannot afford
Marketing is:
- A financial investment – and your customers are your ROI (return on investment)
- A time investment – don’t spend a single penny on marketing until you have taken the time to learn about your market, to consider your options, and to plan how to market your business
The Objectives of Market Research
- To link the consumer with the company through information
- To investigate the real needs and requirements of customers
- To search for and analyze information that can be used for arriving at the best alternative marketing decision
- To suggest necessary changes in the goods and services in order to meet the market demands.
- To know in advance what kind of target markets exist in the economy where the company may launch its product.
- To know about the reactions of the people in the market about the existing or newly introduced products of the company
- To identify opportunities and threats in the external environment of the company
- To find out reasons for slowly losing market share, and identify ways and means for strengthening company's position in the market, within and outside the country
Market Research Process
- Identification and definition of the objectives: - This is the first step in the process of marketing research. It is of crucial importance as it shows the direction of the research work. The research process begins by making a clear and concise statement of a problem or issues to be investigated. A clear definition of the problem helps the researcher in all subsequent research efforts including the setting up of proper research objectives, the determination of the techniques to be used, and the extent of information to be collected.
- Statement of research objectives: - In the next step, the researcher makes a formal statement of the research objectives and states the reasons and aims for which the research is being undertaken. Such objectives may be stated in qualitative or quantitative terms and are expressed in the form of research questions, statement or hypothesis.
- Planning the research design: - The next step is developing research design which is a master plan specifying the procedures for collecting and analyzing the needed information. It represents a framework for the research plan of action. The objectives of the study are included in the research design to ensure that data collected are relevant to the objectives. The researcher also determines the sources of information needed; the data collection method such as survey, interview, etc. the methodology, timing and possible costs of research.
- Planning the sample: - Sampling involves procedures whereby a small number of items or parts of the ‘targeted population’ are taken to represent the whole population. It involves several important decisions relating to: - defining the target population, selection of a sample which truly represents the population, the sample-size to be used for the purpose and selection of various units to make up the sample.
- Data collection: - It involves gathering of facts to be used in solving the problem. Data is primary, if it is collected from the original base through empirical research by means of various tools such as observation, experiment and survey methods. It may be collected from salesmen, customers and dealers. Data is secondary, if it is collected from concerned reports, magazines and other periodicals, especially written articles, government publications, books, etc. The data sources may be internal or external. Internal sources exist within the firm itself like accounting data, salesmen's reports, etc while; sources outside the firm are external sources.
- Data processing and analysis: - The data collected is processed and analysed. It is thus converted into a meaningful format so as to suggest answers to the initially identified and defined problems. Data processing begins with the editing or inspection of data for checking consistency in its classification and coding. The analysis of data represents the application of logic to the understanding of the data collected. It may involve determination of consistent patterns and summarizing of appropriate details by using various analytical techniques. The aim of this step is to check whether empirical findings support or refute the statements or hypothesis made earlier.
- Formulating conclusions and preparing the report: - The final stage is that of interpreting the information and drawing conclusion for use in making business decisions. The research report should clearly and effectively communicate the research findings. If needed, the researcher may bring out his appropriate recommendations or suggestions in the matter. The presentation of the report so prepared must be technically accurate and understandable.
Marketing tactics that help you deliver your marketing message to your potential customers. Marketing tactics cannot replace a properly defined marketing strategy
Every business needs a marketing function. Someone has to be responsible for the marketing operations.
A marketing manager has to make decisions about:
- Product or service
- Pricing
- Customer service levels
- Distribution
- Advertising
- PR
- Selling
It costs a lot less to retain a inactive customer than to acquire a new one. If you haven't heard from a customer in a while, send a personalized e-mail, inquiring whether all is well. For a customer who suffered a bad experience, pick up the phone, acknowledging the unpleasantness and ask if there's anything you can do. A discount can't hurt either. Being kind to customers is the smartest low-cost marketing you can do.
Zaid Rayeen
Marketing & Brand Consultant
nextleaderbiz@outlook.com
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