I have noticed that your business is running so well with a good business concept and ideas that fundamentally helps the community as a whole. This will ignite the continuous movement of the economy either micro or macro. However, as I have checked your balance sheet, it does not meet the sale expectations with the quality that you have outpoured overtime since you opened your business in the last 2 years. I believe you will be able to achieve higher sales if and only you will boost your Marketing communication and apply strategies that would increase your business profit. I would be glad to explain to you the role of Marketing in an organization and how important it is to be given much attention as a firm.
The vast array of Globalization enables the intense competition everywhere, especially in the Business world. You might be left behind with the fast moving industry if you would not indulge yourself in the race. The main thing to bridge this gap between your business and the world is boosting your Marketing strategy. According to S. Carter, Marketing is the process of building lasting relationships through planning, executing and controlling the conception, pricing, promotion and distribution of ideas, goods, and services to create a mutual exchange that satisfies individual and organizational needs and objectives. You must understand how important it is to apply theories and concepts of marketing to your business to achieve your peak goal in obtaining higher profit and market share. Also, it would help you to understand your business vividly. It would drive the spirit of your company, either you outshine among your competitors or you will be left behind for being uncompetitive in the market by not having enough exposure. It would also take the lead where your company goes for it will have a cab-web effect on your business. When you have a distinct, pragmatic, and effective marketing strategy, people would be aware and become educated about your business. With these, you would build the trust and the strong connection with your customers that would enable them to embrace and become your loyal customers in the long run. As an effect, you will increase your sales and become profitable that would give the maximum satisfaction to your customers\' tangible and intangible needs. Of course, as the ultimate goal, your business will grow qualitatively and you might expand your organization. Not only you are easing and enriching people\'s lives but also you are giving them the quality of life. There would be a synergy effect if you are on the right track in marketing. Believe me, your financial success depends on your marketing strategy and on how you maintain the sustainability of your company.
Moreover, to give you a clear viewpoint of the main role of Marketing in your business, I would be happy to lay to you some of the basic structures of the Marketing Plan.
First, you must understand your target market by identifying your customers through segmentation. Make an analysis of your situation by describing the demographic, geographic, psychographic, behavioral segmentation and the scope of your business for you to know how and where to position your business in the market. Knowing what your consumers want, how to reach them, how sensitive they are in the price or value of your products and how they use your products would help you reach the grass-root level of your business towards your consumers. By applying these, you would be able to capture and identify your target market that needs your products and services. It would help you identify your market that is within your niche and focus on the most important things in your business. Thus, avoiding the unnecessary expenses in your production. This could help you in meeting your expectations to hit your target sales that could help sustain your business. To become realistic in doing your business, make sure that your product is Specific, you have to give the exact details that need to be done in order to measure and identify the limits of your scope. It is also measurable, you should also be aware of the pace to achieve the progress, it should not be exaggerated. In addition, it must also be actionable, you have to make it to a point that you know what you are going to do. Also, it must be Realistic that you foresee the effect and relevance of your product that would motivate you along the way no matter how challenging it may be. Lastly, it has to be time bound, you must be clear the time period to when you wanted to achieve your goals. Make a short term and long term plan for your business.
Second, you have to understand your own business by creating the SWOT analysis. It is the most basic structure to help you analyze the internal and external movement of your business. It would help you identify your strengths, what are the qualities of your business that drive you to keep moving and functioning as a firm. Also, you would find out your weaknesses, which gives you hint what to really focus on that needs more improvement. Your challenge is to make those weaknesses as your strengths for you to be able to empower more your business. In addition, opportunities will also be discovered and highlighted. This will be your opening door for a wider scope of your business. If you would be able to identify your opportunities, there would be a huge possibility to improve and grow more and expand your business. Lastly, you could also identify your threats, like your competitors that might lessen your profit if not given proper action. You would also become aware of the bargaining power of your consumers by knowing and then meeting their satisfaction. It may seem so hard to capture everything, but by following these techniques you would be able to magnify every niche and detail of your organization. SWOT analysis helps you to identify your core values and achieve the organizational objectives that convey information from the inside to the outside aspects f your company.
Third, the conventional marketing or the marketing mix structure 4PS, the Price, Place, Promotion and Product, which consequently become 7PS adding People, Process and Physical Evidence or known as the unconventional marketing. It has been the most common marketing program that is being used by most of the marketers. This will sharpen your ability in gauging your organization apart from the measures that I have mentioned above. However, even though this unconventional way of marketing is effective, it had been surpassed by the dramatic increase of Web Marketing because of Globalization for the last 5 years. Technology has become the trendsetter in reaching out people all over the world. Most organizations are using social media as a tool to instantly connect anytime and anywhere. It is also cheaper compared to the conventional marketing because no need for you to allocate an extra money for any materials like tarpaulin, fliers, tv and radio ad, etc. If you would like to embrace this way of marketing, I would suggest that you will hire an IT person that will create and maintain your website for the constant update of your organization. But, it is more economical if you can do it by yourself. Although most of the business entities nowadays are using social media to boost their marketing communication online, it is also necessary for you to understand the concept of 7PS. Not all people are dependent on social media, most of the social media users ranging from 15-40 years old. You must also capture those above 40 clients for they are the ones who can really afford your products.
I hope that you learn something from the notes that I have presented and you would be able to apply and adopt these strategic marketing tools, concepts, and structures in your organization. Understanding the role and importance of marketing in an organization helps each and everyone to have a prosperous, dynamic and successful organization.
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