Marketing Is Vital For A Small Business

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Marketing is vital for a small business as it influences the way a company can efficiently communicate its products/services to its target market. The business needs to ensure the correct audience is being pursued to gain sales, make sure the market research carried out has been done so rigorously. It aids to identify what is appealing and will sell to its customers. This provides feedback to the company to understand if its ideas are viable in the long term. The strategy includes all aspects of public relations, advertising, sales and promotions. This enables a company to provide what the consumers’ need. It is ‘the difference between a persons current state and their desired state’ (Gbadamosi and others, 2013). Apple and Coca-Cola are…show more content…
There’s also observational research and focus groups, this being one of the most cost effective way to reach a wider group of consumers.
Often consumers are drawn to a business due to an intangible factor of a successful reputation, primarily from other sources as it sparks a strong customer reaction. This is due to a successful marketing strategy leading to good publicity of the business. This begins for a company once its first product/service has effectively penetrated the market segmentation, and therefore established itself within its market niche of internal and external stakeholders. Each stakeholder will have a different opinion of the association depending upon personal experiences and the impact of other peer reviews. Although, reputation is not the main focus for many, as they concern themselves with matters such as advertising or sales. It is however a crucial matter for many companies/organisations, such as consulting firms and universities for instance KPMG and Cambridge University. Notably, organisations with a renowned brand are able to price products/services at a premium due to a positive reputation increasing its corporate worth. This leads to higher sales, as more customers will trust the reliable brand name. Therefore when marketing is done well to build a
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