new business module

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50 BUSINESS SKILLS Customers buy products to satisfy a need or solve a problem. Satisfied customers are the key to a successful business. Without sales a business cannot exist. This underlines the great importance of knowing how to sell products to people, i.e. how to market products. This module is dedicated to the subject of marketing: it introduces the concept, explains the central topics of interest when conducting market research, and presents the principal marketing parameters and illustrates how they can be combined. Session 1: The basic concept of marketing This session begins with a general overview of what marketing is. It then discusses the information that is required to market products and the points to take into account when doing so. The points are important building blocks of marketing and important for participants to understand. 1.1 The concept of marketing When entrepreneurs define their business idea, they determine what product they want to produce and whom they want to produce it for. They also have to decide how their product is best presented and sold to potential customers. The objective of marketing is to make products appealing to customers in order to sell as many of them as possible. To achieve this objective, entrepreneurs obviously have to know what their target customers desire. They have to research the market (see also Module 3). Marketing is about many things, including: • finding out what customers want; • creating good will in the marketplace; • providing products of satisfactory quality; • choosing a good distribution mechanism; • finding the best way to inform potential customers; • determining business hours; • designing appealing products; • designing appealing packaging;
MARKETING PRODUCTS 51 • enquiring about customers’ opinions; • motivating customers to come back; • trying to make the business’s products unique; • choosing a competitive pricing strategy. The better entrepreneurs define what market segments they want to target and whom they intend to sell their goods to, the better they can focus their marketing activities. This is another reason why a well-defined business idea is so important. 1.2 What information is required? The following short exercise will reveal whether the participants are familiar and at ease with the concept of market research. It is a good opportunity for them to discuss what they have learned so far. Market information exercise (see Hand-out 21) The following four short business descriptions serve as a basis for a group discussion about what type of market information is required to be able to market the products concerned in the best possible way. A. Food stand Dan plans to open a food stand in his hometown. • What market information does he need before he starts his business? • How and where can he get the information? B. Small kiosk Talia lives in Gola and plans to open a kiosk in her district town. She wants to sell various everyday products (biscuits, candy, batteries, soap, oil, etc.) to the people living in the district. • What market information should she collect before starting her business? • How and where can she get the information? C. Bicycle repair shop Jack wants to open a bicycle repair shop in Dayton. He would like to serve cyclists throughout town. • What market information should he look for before starting his business? • How and where can he get the information? D. Chicken fattening business Mustafa wants to expand the chicken fattening business he is running in his village and start selling broilers on the central market in the neighbouring district capital. • What type of market information should he collect before increasing production? • How and where can he get the information?
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