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The following article was published in our article directory on October 20, 2015.
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Entrepeneurship 101: The Marketing Aspect

Article Category: Advice

Author Name: Gideon Walcott

The marketing aspect is the important part of the business plan every entrepreneur needs to give attention to. All other aspects like the technical and financial depend largely on it. Its objective is to identify the number of products and services that can be sold at a definite cost given the tight competition in the marketplace. Profitability is the center of attention in a business plan, the question of demand is the most basic issue.

This aspect should determine the following:

 The price and description of the products and services to be sold
 The factors that affect the marketplace where the items will be sold
 The nature of competition
 The supply situation
 The suitable marketing program for the items
 The size, growth, and nature of total demand for the items

Segmentation and Targeting
Target marketing recognizes market segments and develops the product to satisfy each section. For example, fast food chain restaurants provide a salad meal for their vegetarian customers. To achieve target marketing, the entrepreneur must learn market segmentation. It divides the market in different groups according to their needs and wants. Examples of market segmentation are:
1. Geographic segmentation - divided into countries, regions, towns, and neighborhoods.
2. Demographic segmentation - divided into nationality, gender, age, religion, education, income, and occupation.
3. Psychographic segmentation - divided based on lifestyle, personality, and social class.
4. Behavior segmentation - divided into groups based on how a person uses the product, attitude, and knowledge.

Branding and Market Positioning
A brand is a name, symbol, or a term given by an entrepreneur to a product to separate it from the competitor's items. Branding has been a popular strategy to make a product known to the consumers. The advantages are: the product will be easily defined, easy maintenance of the standard and quality, increase of demand, and the product will be seen as the best worth for its price.
To define your own brand, you need to make a research and ask the following questions:
 What is the purpose of the business?
 What are the best features of your products and services?
 How do your customers view your business? What image are you giving them?
 What standard do you want them to connect with your business?

Market Positioning refers to the consumers' perception of the entrepreneur's products and services in relation to the competitors'. Here are some of the positioning strategies:
 Make specific characteristics of your products
 Consider and provide benefits to the customers
 Classify your business depending on your target market
 Make a product that is against a rival

Developing the Marketing Plan
A marketing plan is like a mini business plan, but it is all about the market research, analysis, and strategies. An entrepreneur should follow these steps to complete the marketing plan:
1. Do a market research.
2. Make a summary of all your plans.
3. Describe yourself and the business you are going to build.
4. Describe the attributes of the product or service.
5. Define your target market.
6. Know your competitors.
7. Anticipate the problems and setbacks you may face.
8. Indicate the costs of your goods.
9. Determine your short and long term goals.
10. Update and improve your plan every now and then.

Keywords: entrepreneur,how,to,advice

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