Marketing isn’t just advertising and promotions. It is the continuing process of psychological study and analysis of prospective markets, which lasts through the lifespan of a business. However, marketing begins long before the business is established.
This is done through marketing research. Market research informs entrepreneurs about their prospective markets. It tell them about their markets needs and wants, desires, perspectives, cultures, populations, age groups, income, laws, trade regulations, geography, suppliers and the list can go on.
Proper marketing will inform a business person whether the product, service or experience that they propose to offer is actually in demand; what products, services or experiences are in demand; how much in demand they are; what price can it be sold at; determining profit margins; the level at which to effectively operate in order to meet the demand and when and why consumers buy.
Constant market research will allow entrepreneurs to gauge their operating activities and possibly pre-empt changes in the market place and execute effective marketing strategies to provide the right product, for the right price, at the right place; creating interest by using the right promotional techniques. All this is in an attempt to establish valuable relationships with customers by satisfying their needs and wants.
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