The amazing success of once upon a time small companies like Google, Uber, Spotify etc. has revealed that entrepreneurship is its own class of business with many exceptional challenges and opportunities. As with the expansion of the internet many more small companies got onto the global floor and succeed, the specific features and challenges of the entrepreneurship has begun to be studied.
The key challenge facing the entrepreneur is competing against larger and more resourceful companies. How can a start up with a small staff, limited budget courage to compete against the goliaths in their business? They do this by turning their weaknesses into their strengths. By their very nature, start-up companies can be more flexible than their major competitors.
Marketing is one area where entrepreneurs can actually define a unique identity for themselves. Since marketing is a tool that is available to any business willing to invest in it, it is one of the best ways for developing companies to define their brand in the minds of clients.
Be comfortable with Marketing…
What is Marketing? Marketing, in simple terms, refers to the means of communication between a company and its target audience. Marketing involves techniques such as market separation, target group identification and market analysis to adopt the right strategy for customer engagement and service / product promotion.
Four primary elements that form the core of marketing include Product, Price, Place and Promotion. These are additional elements of 5 or 7 which has been introduced later on but to understand the core concept we focus on the main 4 ones.
A product is seen as an item that addresses a consumer need. It could be a tangible good or an intangible service.
This is the amount of cash the customers ready to pay for the product. Price determines the company’s profitability and thereby the firm financial well-being.
Products must be located at a place where consumers can access them. Place involves strategies such as selective distribution, franchising or web based warehouse.
All means of communication that a company adopts to provide information about the product are considered promotion. Promotion may include elements such as public relations, advertising and promotion.