200825: Understanding marketing practices and financial practices - Essay Writing Assignment Help

Topic:Understanding Marketing Practices and Financial Practices

Introduction

As business intensifies, it has become important for each business to adopt modern marketing practices so as to improve the brand's potential of achieving success. Finances have also grown to play a huge role towards any businesses successful establishment. Unlike the past when project managers focused on securing full funding to start-up a business, today entrepreneurs are adopting alternative approaches linked to setting up businesses (Xu, 2007). These approaches help reduce financial strain and pressure on the business owner as well as improve the businesses prospects of registering success during the early stages of establishment. High demand from consumers may have opened up many opportunities for entrepreneurs but competition has meant new brands must stand out so as to win the consumer and markets.

Adopting Effective and Low-Cost Marketing Practices

Every business leader must be able to market their brands products and services so as to achieve success. Marketing helps communicate a brand's products and services to the public, allowing them to learn regarding the product and even buy or utilize it. While many brands will adopt high-tech and costly marketing approaches, a successful businessperson must be able to undertake the marketing process on their own. Only after they have taken the first initiative can they consider hiring external marketing service providers or third party strategies. It’s important to understand a brand's success is not directly linked to the amount of money spend on the marketing campaign (Lele, 2011). Instead, the success of the campaign is directly linked to the amount of effort that is placed on communicating the message to the consumer. It’s also critical that the business heads initiate the marketing process as the consumer is more likely to be convinced when they deal directly with brand heads and senior representatives. This approach also reduces the cost associated with marketing during the initial establishment stages of the business thus helping reduce the financial burden on the entrepreneur. Well planned marketing campaigns will have a direct effect on the businesses success. This makes it important that marketing and financial planning are taken seriously and adequate time invested in developing secure plans which will, in turn, ensure the businesses success.

Personalized Verbal Communication and Meetings

Verbal communication and personal one to one meeting between business heads and customers have been identified to be the most effective mode of marketing. This is the basic form of marketing every entrepreneur must adopt and be prepared to practice at all times. The main attraction linked to this form of marketing is that it allows the business head connect directly with the consumer or client and communicate their message (Blakemen, 2014). This form of marketing is also the first form of marketing any business head must adopt while setting up their business and continue practicing it throughout business operations. This is important since it retains a personalized link between the brand and consumer which greatly improve the prospects of securing orders. Personal meetings also play a huge role as they allow the consumer to read the physical vibes being given off by the business head while discussing a business deal. This helps the consumer make a clearer decision with regard to dealing with the firm or not, helping greatly improves relations and sound decision making. While one to one interactions and meeting have been identified to be the most important form of marketing, it’s important to be careful not to over emphasize on marketing to the customer. This is a mistake many field and door to door marketing agents have done in the past, and this can lead to severely devastating a brand's reputation.

Adoption of Modern Digital Marketing Approaches

It’s also critical to understand that a business must be able to adopt and manage digital marketing so as to spread out to a wider number of customers. As more consumers utilize digital communication technologies, it has become important for businesses to market their products to the customer via these gadgets and medium. This form of marketing has been identified to deliver a level marketing platform with all stakeholders and businesses needing to follow a universal set of rules. Digital marketing has been identified to expose a business to a huge number of clients both domestic as well as international, greatly improving any brands prospects of achieving success (Kaufman, 2014). Digital marketing also allows a business to target a specific consumer group which further improves the businesses ability to improve its sales. This is achieved by the business targeting a specific consumer need thus greatly improving marketing campaigns response rates. Another major benefit linked to adopting digital marketing is associated with the low cost of marketing businesses incur. Traditional forms of marketing resulted in a business registering very high marketing costs, and many of these marketing strategies were monopolized by major players in the industry. This resulted in smaller businesses and brands not being able to capitalize and utilize traditional marketing approaches due to the major players in the industry controlling the business marketing strategies. Digital marketing on the internet helps businesses overcome this problem as it delivers a level playing field for all businesses big or small. This ensures every business is better able to advertise its products and services to the consumer. Low marketing costs also help a business reduce overhead expenses, allowing the business heads to focus on other aspects of the business which improves the chances of registering success and growth.

Management of Modern Marketing Strategies

While marketing has grown to become simpler and cost effective for businesses setting up their operations, business heads must keep their eye open for negative aspects linked to the modern marketing strategies. Failing to discuss the negative aspects linked to a business’s marketing approach will only mislead young entrepreneurs. While personal one to one and digital marketing have been identified to be the most preferred forms of marketing, they also bring along some negative effects. Over-emphasizing and badgering of clients through one to one marketing can results in consumers simply shunning a brand. Digital marketing also brings along a risk whereby the brand is expected to maintain positive reviews so as to convince consumers their brand is worthwhile (Paley, 2006). This requires for the entrepreneurs, business heads and managers to constantly check on consumer needs and feedback so as to maintain positive feedback at all times. Failing to satisfy consumers will only result in the business registering negative reviews and feedback which will automatically reflect on the businesses performance and reputation. It’s also important to understand that business reviews have grown to be a very powerful tool and many consumers will turn to reviews before purchasing any brand. This makes it very important that the reviews and consumer needs are properly managed and addressed to prevent consumers publishing negative feedback on business review websites.

Conclusion

Adopting Modern Business Marketing Strategies has become a basic requirement for every organization, but it’s important to understand and be prepared to handle the negative aspects linked to business. Only through proper management will any business be able to register successful establishment. Technology has made the establishment of businesses easier; businesses are now capable of tapping into international markets without over exerting their efforts (Schmid, 2013). But this also requires for the entrepreneurs to evaluate the entire situation and take every aspect both the good and bad into consideration so as to register success.