Marketing can be seen as the process which identifies, informs, satisfies and retains customers. Many are of the view that marketing simply involves the creation of advertisements or doing promotions. However, marketing is much more complex as advertising and promoting are both parts of the entire marketing process.
One of the first steps of marketing is identifying the “target market”. This is the type of client or customer that you want to purchase your service or product. In addition it also involves market research in order to determine what product or service to be provided, the price at which it should be provided at, the place it would be distributed from or made available for purchase, and the promotional techniques that would be implemented.
If your business is not attracting new clients or customers as well as retaining those that already exist, it may not be marketing itself effectively. With globalization and enhanced ICT, businesses now have the opportunity to market domestically, regionally and worldwide at the touch of a button. However, the marketing message must be clear and concise so as not to confuse customers. With this occurrence in mind, in addition to sustaining their competitiveness within domestic markets, firms need to reorient their marketing strategies to meet the challenges of the regional and global marketplace.
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