Success And Failure Of Marketing Essay

744 Words Sep 8th, 2016 3 Pages
KNOW YOUR MARKET Understanding the peculiarities of every market is key to succeeding in marketing. Every intending market has different needs, aspirations, beliefs, values, etc. So, the fact that one product or service succeeds in one market does not guarantee success in another. To know the market you intend to do business with, research must be carried out. A good way to start is by asking questions. Attempt to know if the same product you wish to sell, or service you wish to render has ever been offered to the market in question. If it has, did it fail or succeed? If it failed, what caused the failure? And if it has never been offered to this market, what are the possibilities of success and failure? When all these questions (and more) have been asked and answered, the first step to effective marketing can be considered to be on course. CHOOSE YOUR PRODUCT OR SERVICE WISELY When the peculiarities of the market have been known, the next logical step is choosing what product to sell or service to render. The product or service must be able to address issues that are peculiar to the market. A market that is relatively poor will seek products or services for sustenance of life (most likely). While a relatively rich market (that can do away with more money than the former), can pay for products and services of ostentation. In a nutshell, every product and service must reflect the needs of the market. TEST THE PRODUCTS This point deals more with products, especially if the…

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