Marketing Definition and Market Research

Overlooking your Business Plan

There are four (4) important factors you need to consider in Making Business Plan these are the Marketing, Production and Operations, Finance, and Human Resource. These (4) factors are essential elements of your business in the future.

Marketing- This factor promotes your business and serves as a tool in reaching out your probable Customers and Clients. It plays an important role in your Business in the future since this essential factor fuels your drive in serving customers and clients.

Rob Engleman was recently asked "What are the functions of a Marketing Department" and the following were his answers;

1. Focus on the Customer
2. Monitor Competition
3. Own the Brand
4. Find and Direct Outside Vendors
5. Communicate Internally
6. Manage a Budget
7. Understand the ROI (Return of Investment)
8. Set the Strategy, Plan the Attack, and Execute

Reference: http://www.wiglafjournal.com/corporate/2007/03-what-does-a-marketing-deparment-do/

If you are already making your Business Plan, consider conducting a Marketing Research (Market Research) it is really important to gather systematic data in order to facilitate decision-making  for a probable marketing situation and or problems that you may encounter in the future operations.

Marketing Research may be focused on  three (3) different areas

1. People - Consumers, Employees, Shareholders, and Suppliers
2. Controllable Marketing Variables- Product, Pricing, Promotion, and Distribution
3. Uncontrollable Environmental Factors- Economy, Technology, Laws and Regulations, Social and Cultural Factors, and Political Factors.

Factors that you can gather in Marketing Research