Survival of Marketing

Often in case of small businesses, managers play a vital role in understanding and development of marketing strategies and plans for their services and products. Market experts say that you can survive in the long run only if you have a huge number of satisfied customers. However, if the number of satisfied customers is stagnant, it won’t help. With time, the number of satisfied customers should increase. You have to first identify the need of the customers and then satisfy their needs. But the process does not stop here. In order to keep the customers satisfied, you have to regularly follow up the customers. This is a relatively new marketing concept towards maximizing the profit.

The concept of marketing depends on the relationship between the customer and the company. The primary object of any company should be the ultimate satisfaction of the customers or clients. Apart from customers’ satisfaction, you should try to maximize the profit rather than increase the volume of sales.
As a small business, the needs of the customers should be determined (marketing research) initially. Strategies should be developed in order to outsmart (marketing strategy) any competitors in the market. The next step is to target the potential market. Then you have to figure out how you can satisfy those demands. And once the customers are served, you have to analyze your own performances.

Market research plays a very vital role. It will help you to identify your potential customers and their needs. Even these kinds of researches help you to find out the defects of your products or services. And once you are able to find any fault in your product, you can easily rectify them. Market experts suggest that one should properly evaluate the market trends as sales and profit margins are often affected by them.

Apart from knowing your potential customers, market research has other roles to play. With efficient market research, you can understand the effects of advertisements and promotions, developments of new products, market share etc. Visit http://www.blue-sky-ltd.com and enrich your marketing skills.