Decent Essays
Marketing is the management process for identifying and anticipating customer requirements profitably. All company policies and activities should be directed toward satisfying customer needs.
Those setting up their own business should remember that profitable sales volume is more important than maximum sales volume.
There are four steps to successful marketing:

Market research may be carried out to determine the needs of potential customers


Analyze competitive advantages to develop a market strategy


Define your target market


Determine how to satisfy customer needs by identifying a market mix

1. Market Research
Before undertaking any research you need to be clear about what you want to
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Ideally, the strategy should address unmet customer needs that offer adequate potential profitability. A good strategy helps a business focus on the target markets it can serve best. Getting your new products/services to market effectively and efficiently is the key to market penetration, sales growth and profitability. This requires detailed market planning including product launch and sales strategies and should be included within your business plan.
A SWOT analysis is a structured approach to evaluating the strategic position of a business by identifying its strengths, weaknesses, opportunities and threats. It provides a simple method of synthesizing the results of the marketing audit. Once a SWOT analysis has been completed, thought

can be given as to how to turn competitive weaknesses into strengths and threats into opportunities. Be realistic – do not select options which are not likely to be viable or which might be impossible to achieve. Your marketing plan should be based on the latest market intelligence and research, should detail your company’s competitive position and consider both the opportunities and risks in the marketplace. You need to highlight your attributes: how can your company differentiate itself from the
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