Marketing

Marketing emphasizes the customers’ needs and wants. A comprehensive marketing plan starts with describing your market place. The customer should drive your business. The marketing plan should fit your product development, pricing, promotion and distribution around the customers’ needs.

A typical problem in an entrepreneurial business is that the marketing is focused on a product and when it does not monitor change, then it fails to adapt to the real needs and desires of clients. Take for example the typewriter sales business. Entrepreneurs who did not monitor the innovation of personal computers were put out of business when they failed to monitor the real needs and desires of customers. With the customer as your guiding light then, all your company’s policies should be aimed at satisfying your customers’ needs and desires. Everyone in the company has a marketing job.

A second problem commonly made in entrepreneurial companies is that they focus on increasing sales rather than increasing profit. Profitable sales volume is better than maximum sales volume. Regular sales analysis will uncover your most profitable market segments and product lines.