Top Marketing Issues Faced By New Entrepreneurs
Here we discuss about top most important marketing issues
faced by new entrepreneurs when they want to manage and grow their business.
As we know that Marketing is the process in which different
types of companies highlights the different aspects of their products and
services to create a strong value in the eye of consumers and induce them to
buy or atleast test the products and services. The Marketing Strategy depends
upon on this fact that how much an advertisers create value for customers and
build a strong relationship among customers and get better results in return.
Basically, the main goal of Marketing is “To Create Value
For Customers and Get Better Results In Return”.
The Marketing Campaign is not an easy task and lot of
efforts are made to achieve this main goal of marketing mentioned above. So, in
promoting the products and services, new entrepreneurial firms face many
marketing challenges, the most important of them are discussed one by one
below:
1. Segmenting And Selecting The Target Market
It is the most important challenge faced by every new
entrepreneurial firm that which segment of market is to target. The answer to
this question decides the niche of the entrepreneurial firm. Many factors play
an important role in selecting the target’s market. A company may target market
based on Gender, Region, Age, Cultural, Social Factors and many other factors.
If the entrepreneur decides to target market based on
Gender, then products or services should be made in such a way that meet the
demands of targeted customers. For Example, if the entrepreneur is willing to
carry on the business of shoes, then shoes must be fulfilled the demand of
customers. Quality and innovative shoes should be manufactured to satisfy
customers.
While selecting the market segments, an entrepreneur
chooses only that segment of market that is most viable and prospect for the
business. Also at the startup of Business, an Entrepreneur has limited
resources, so he / she should focus only one market segment at a time that is
more viable and prospect for the business.
Market can also be segmented based on products, price,
customers ‘demands and behaviors. For Example, we divide the Electronics market
into different market segments based on products, like Computers, Fans, Fridge,
Radio, Television, etc. We can divide the market based on prices, wholesale
markets, Retailer Markets, Customer Markets, etc. Market can also be divided
based on costumers’ behaviors and demands, like during summer season, more and
more Air Color are needed, Ice Creams are high in demand in these days, Special
leather designing liked by women and men, children, etc.
Within the selected segment chosen by an entrepreneur, he /
she can target the niche market that consists of narrow customers having
similar interests in it. So, an entrepreneur targets specific group of
customers within that selected segment. For Example, An Entrepreneur can sell
special shoes only to Teenager.
2. Establishing A Unique Position In The
Market
It is the most important step for an entrepreneur to establish
a unique position in the market that satisfy customers and differentiate it
from its competitors. If the entrepreneurs to do something better that others
and that is not doing by other competitors, then it will make entrepreneur
unique in the market. If an Entrepreneur provides quality products and services
at cheaper price than his / her competitors, then customers will be satisfied
and the entrepreneur attains unique position in the market. Customers love to
buy products or services from that company because of its unique position
established in the market and for which the company is well known among its
customers.
For Example, Google is the best Search Engine as it
provides updated and useful information to users and it is very simple to use
unlike Yahoo and other search engines. This quality makes unique position of Google
in the Market of Search Engine.
3. What Products or Services Can Do For
Customers?
The entrepreneur must focus on “what the business gives
benefits to customers if they buy its products or services. Rather than
emphasizing on features of products or services, the entrepreneurs show to the
customers that what benefits and results they get when they purchase the
products or services. If the entrepreneur only shown the features of products
or services, like Good Packaging, Designing, Demands, etc., then the customers
may not buy the products or services but if the entrepreneur shows that after
purchasing products or services, the lives of customers will become more
convenient than before. For Example, the customers are more willing to buy the
car if the entrepreneur emphasizes on the benefits of the car. He / She can say
that this car has good breaks and used less petrol for long distance
travelling. Also the seats of the car is more flexible and relaxable than
previous Car Model.
4. Establishing Strong Brand’s Name Among
Customers
If the entrepreneur fails to build a strong Brand’s Image
among customers, then the company can’t make successful Marketing of its
products and services. A Brand is a set of Attributes that are positive or
negative. If the company has good image among its customers because they find
the company Innovative, Trustworthy, Effective in the market, etc. But, if the
company has bad image among customers, then there may be the result of outdated
products and services, poor customer services, Lower Quality and Expensive
Products and Services, etc.
Brand creates Loyal Customers for the Entrepreneurship.
Brand Management is used to protect and monitor the image and value of Brand
among Customers’ Minds, its thoughts and perceptions. Any Right Negative
Thoughts among customers like poor Customer Service, Delivering Low Standard
Products and Services, etc. are handled by this management team to correct
these problems immediately, shortly and in the long run.
Creating Strong Brand’s Name is very important for an
entrepreneur, especially for Start-Up Entrepreneurs. A strong Brand’s Name
among customers not only creates Loyalty but also creates strong personality of
the company in the mind of Customers.
So, these are the most important Marketing Issues Faced By
An Entrepreneur at the Start-Up of the Business.
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