Entrepreneurship Marketing Paper
Marketing plays an essential role in managing and growing a firm. Marketing have multiple meanings depending upon who is asked. The broader definition is that “it is the activity set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (“Broader”, 2012). Marketing involves a process that every company follows. For a business to reach its full potential the people within the corporation must have great marketing techniques. One company in the health care industry that has a great marketing strategy is Band Aid. They use many techniques that have given them an advantage over their competitor. The techniques they use are very important to the success of their business. One slight mistake in the marketing process and the entire business can be ruined.
Two things that are essential in the marketing process are target market and branding. These two things allow a business to reach a connection with the consumers. Without a connection with the targeted market it is hard to build a market strategy that can appeal to the customers. Marketing has become a key focus point for many businesses. A good market plan can take a business a long way because it outlines how the company will catch the attention of the audience they are trying to appeal to. To have a great marketing technique the company must have a target market. A target market or target audience is a group of people that will basically need or want your products and services. Target market is defined in terms of age, sexual orientation, gender, economic class, religion, ethnicity, or location (Pencak, 2012). This is crucial information that an organization must have to be a successful company. Band Aid is one of many companies who have a broad target market. Their