Business and Marketing : Meaning, Introduction, importance, examples

what is business

Business is the key to the social upliftment and economic expansion of the Third World countries in the present century. It is a risky profession which involves devotion of time, money and importantly good ideas to the zenith. It needs diverse thinking rather than a linear approach. A good business shall provide exponential increments as compared to job prospects which hardly observe a fair hike in a year.

Business is less of a science and more of an art.

One of the key activities involved in business is marketing. It is a concept which is not much old, but being used pretty progressively these days in any business plan.

 what is marketing

A person is said to be a good businessman if he is able to explain his business idea in a single piece of paper rather than taking numerous slides of PowerPoint presentation to explain the same. Still, he is bound to fail, if he neglects to propagate the product he wishes to sell or the service he wants to provide to his clients.

Marketing is all about fostering the idea among the target audience. It requires analysis of public needs (demands or wants). One needs to observe from the customer’s perspective by fitting in their shoes if he wants to sell his idea and make his thesis a law.

The plan is simple. People require certain things and a manufacturing company or service provider fulfils the same.

Marketing is hugely based on reviews (especially mouth to mouth one).  If certain clientele appreciates a fine piece of product, then the work gets self-promoted through the cycle of constant whisperings among people. In today’s time, the internet serves the greatest platform for marketing any commodity. It is quick, cheap and highly reliable.

Marketing also requires keeping an eye on the distribution of sales and the company customer relations. However, if the product fails to garner the strength of satisfaction among the audience, then new marketing schemes or strategies must be floated to stand steady in the competing environment.

Marketing seeks to gain customers for a company and at least retain the same if not enhancing it gradually.

An example of an excellent marketing company is Reliance Jio. In a developing country like India, the company provided reliable 4G technology in the form of hotspot devices and nano-sims at pretty low costs. All the customer had to do was to obtain eight such sim cards by using his aadhaar card and a scan of his fingerprint. The company gained its customers by providing free 4G service for more than a year and retained the same by providing cashback offers on Paytm, Amazon, Mobikwik and through vouchers. The mouth to mouth promotion of jio sims had a profound effect on the rise of jio customers such that people are now unable to refrain from using it even if it is no more a free service and charges a reasonable price.

If a company is able to retain its customers, then the aim of the marketing team is achieved.

Furthermore, the marketing department also has to look for the price amiable technology or service it provides such that it neither becomes too shabby for the rich nor too expensive for the poor. The pricing has to be made based on social standards and living of the people. Once the sales go high, then slight price rising won’t bring an effect on the number of customers.

To gain the trust of the people, sometimes celebrity endorsements also help. But in the end, if the service provided is good then the customer shall easily get attracted and influenced by such service.