Marketing for Entrepreneurs Business & Marketing Essay (Essay Sample)

Marketing for Entrepreneurs
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Marketing for Entrepreneurs
Marketing is a significant process for entrepreneurs because no business venture can be developed and sustained without a customer market. As a management process responsible for identifying and satisfying consumers’ needs profitably, acquiring customers and retaining them is at the core of marketing. Entrepreneurs must design a product, set the price, and communicate about their offer to consumers. While entrepreneurs strive to achieve their marketing goals, they must emphasize on planning a marketing strategy, developing a marketing plan, and building brand awareness.
Planning a marketing strategy begins with a detailed and ongoing evaluation of the market and its segments. According to Yang & Gabrielsson (2017), firms majorly focus on cultural, social, political, technological, and economic trends which define the market. With intense competition from multinational companies, entrepreneurs also investigate their position within the market. Additionally, they identify strategies and consider the resources needed to change or influence it. Since marketing plays a significant role in the growth stages of any venture, entrepreneurs focused on expansion must be able to conduct an adequate market audit. It is crucial for firms to identify customers’ requirements and complains, and to provide goods or services satisfactorily.