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MARKETINGSTRATEGY IS AMUST FORBUSINESS SUCCESS

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Table of Content

1. Reality of Entrepreneurship inNigeria

2. The 12 big business lessons.3. Marketing Technicals4. Marketing Strategies and Initiatives5. Conclusion

Reality ofEntrepreneurship in

Nigeria

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PREVAILING FACTORS THAT BRING ENTREPRENEURSHIP TOTHE FORE IN NIGERIA

The role of entrepreneurship ineconomic development and jobcreation can’t be overemphasized .Many global and local factors have alsocontributed to makingentrepreneurship an important issue ofdiscussion in Africa and in Nigeriaspecifically. Some of these include butnot limited to the following:

PREVAILING FACTORS THAT BRING ENTREPRENEURSHIP TOTHE FORE IN NIGERIA Consistent increase in unemployment rate: The

International Labour Organization (ILO) definesthe unemployed as numbers of the economicallyactive population who are without work butavailable for and seeking work, including peoplewho have lost their jobs and those who havevoluntarily left work (World Bank, 1998).Unemployment rate in Nigeria increased to 10.40%in the fourth quarter of 2015 from 9.90% fromprevious period. Out of over 76.95 million labourforce populations, over 8 million people areunemployed (Trading Economics, 2016).

PREVAILING FACTORS THAT BRING ENTREPRENEURSHIP TOTHE FORE IN NIGERIA

Global trend of countries tendingtowards capitalism: Privateenterprise is at the heart ofcapitalism. The concept stressesentrepreneurship and ownershipof private properties (Suleiman,2015). The 12 big business

lessons.

1. Welcome detours and failureswith open arms.

Elkaterina Walter, CMO of Househappy

One thing you will notice about successful people,especially people with an entrepreneurial streak, isthat they welcome detours and failures as a naturalpart of the journey they are on.

It turns out that the cliché “When one door closes,another door opens” is more than a cliché after all.You just need to be confident enough to see thatother open door. And that requires that you not stareat the closed door too long.

2. Mistakes will surface newopportunities

Meridith Valiando Rojas , co-founder and CEO DigiTour Media

The greatest lesson I learned was that mistakeswill not end your business. If you are nimble andwilling to listen to constructive criticism you canexcel by learning and evolving. In my experienceas an entrepreneur, there have been times,especially early on, when I encountered issuesthat appeared to be insurmountable.

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3. Balance taking your time withacting fast

Matt Galligan, CEO and co-founder of Circa

Take your time to think through somethingand when you’re ready, act fast. Thisabsence of this diligence has been acommon thread among some of thefailures I can think on - hiring vs. firing,inadequate snap judgments, arguments,etc.

4. Pay attention to your customersfirst

Jon Beekman, founder and CEO of Man Crates

Though my previous company was ultimatelya failure, it taught me a very valuable lesson:be maniacally focused on your customers.

We had a great idea and the smartest techteam, but we fell in love with our technologyand our concept of what the customer wanted,rather than actually talking to consumers tohear their feedback directly.

5. Use data to help fail lessoften

Larry Kim is the founder of WordStream

Failures are unavoidable and ridiculouslycostly for start-ups with little time andmoney. So often start-ups invest hugeresources into big product or marketinginitiatives.

6. The quality of your team willmake or break you

Kiran Bellubbi, Founder and CEO of Applauze

When you fail at something - say your productdoesn’t scale to the level you expected, revenuesslump, or your rate of growth stalls - great teamsuse their shared experience to figure out whatwent wrong and develop a solution that generatesresults even better than previously thoughtpossible.

6. The quality of your team willmake or break you

Kiran Bellubbi, Founder and CEO of Applauze

When you fail at something - say your productdoesn’t scale to the level you expected, revenuesslump, or your rate of growth stalls - great teamsuse their shared experience to figure out whatwent wrong and develop a solution that generatesresults even better than previously thoughtpossible.

7. Being adaptable is the real test

Carrie Kerpen, CEO and co-founder of social media agency Likeable Media

Here’s what I’ve learned. The best-laidplans don’t always work out as you’d expect.The real test is how adaptable you are whenthings don’t go the way you’d planned.

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8. The worst decision is indecisionRyan Harwood, CEO of PureWow

One of the biggest lessons I’ve learned isn’t froma particular failure but from missed opportunity:the worst decision is indecision. When you’re anentrepreneur, you have to move quickly and gowith your gut. If you don’t, you could miss out onthings that can help your business immensely.

9. Think simple from the start

Neil Patel , entrepreneur, investor, advisor and blogger

The single biggest lesson I learned is that youneed to make your solution simple. I’ve had a lotof businesses fail and typically the failure wasn’tdue to the idea. Instead the solution wascomplicated and hard to use. By making yourproduct really easy to use you are more likely tosucceed

10. Tomorrow is always anotherday

Scott Gerber, founder of Young Entrepreneur Council (YEC)

The most important part of failing is realizingtomorrow will offer another day to get it right.Earlier in my entrepreneurial career, I tookfailures very personally. One “big failure” wouldget me down for days, and in some instancesdiminished my confidence and productivity forweeks.

11. Regard failure as a strengthand not a weakness

Rohan Chandrashekhar, CEO of BUZZVALVE

The thing about failure is that it’s pretty frequentand almost always short lived, especially whenyou’re moving fast. I don’t think you’ll ever hear asuccessful entrepreneur refer to their experiencesaying: “Oh! This was easy.” But failing fast andhard comes with a certain charm to it.

12. Start now!Wade Foster, CEO and co-founder of Zapier

The biggest lesson learned is “start now”.Almost every decision I’ve made that’s ledto something awesome would have beenway more awesome had I simply decided tostart sooner.

Marketing Technicals

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Content:Tasks and Philosophies of MarketingMarketing Process and Opportunities in

the EnvironmentMarketing Research and Information

SystemUnderstanding the Marketing Mix

Tasks and Philosophies of MarketingMarketing is he process of planning and executing theconception of ideas, goods, and services to createexchanges that satisfy individual and organizationalobjectives. – American Marketing Association (AMA).

Tasks and Philosophies of Marketing

MARKETINGPHILOSOPHIES

MARKETINGPHILOSOPHIES

ConversionalMarketing

ConversionalMarketing Counter MarketingCounter Marketing Stimulational

MarketingStimulational

Marketing

DevelopmentalMarketing

DevelopmentalMarketing

Maintenance MarketingMaintenance Marketing RemarketingRemarketing

Tasks and Philosophies of Marketing Jerome McCarthy, (1960), distilled 12 elements

developed by Prof Borden into the 4 p's of Product,Price, Place, Promotions now commonly called the 4 Psof Marketing.

WHAT DO WE MARKET? (PRODUCT)1. GOODS2. SERVICES3. EVENTS4. EXPERIENCES5. PERSONS6. PLACES7. PROPERTY8. INFORMATION9. IDEAS10.ORGANIZATIONS

Marketing Process and Opportunities in the Environment

This is the development of themarketing effort within a company.

The marketing effort depends on theCompany Purpose or GOALS.

Marketing Process and Opportunities in the Environment

The MARKETINGENVIRONMENT

The MARKETINGENVIRONMENT

TechnologyTechnology PoliticalPolitical NaturalNatural SocietySociety

CompanyCompany SupplierSupplier CustomersCustomers PartnersPartners

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Marketing Research and Information System

MARKETING RESEARCH PROCEDUREGenerally, researches are expected to follow some basicprocedures which are scientific and universal with eachresearch being conducted with its own peculiarities.

1. Problem Definition 2. Research Design 3. Field Work 4. Data Analysis 5. Report Presentation 6. Findings and Report Presentation

USES OF MARKETING RESEARCH FOR INFORMATION SYSTEMS1. Sales and Market Analysis: Determination of the Market Potential Determination of Market Share Sales Forecasting Design of Market Segmentation Studies Test Market Distribution Channel Studies Determination of Market Characteristics Determination of Competitive Information

2. Product Research

USES OF MARKETING RESEARCH FOR INFORMATION SYSTEMS3. Business Economics and Corporate Research Studies of Business Trends Pricing Studies Diversification Studies Product Mix Studies Plant and Warehouse location Studies4. Advertising Research Audience measurement Determination of cost effective media plan Determining advertising effectiveness5. Consumer Behaviour Research

Marketing mix

Understanding the Marketing Mix

Marketing mixMarketing mix

ProductProduct PlacePlace PromotionPromotionPricePrice

Understanding the Marketing Mix Understanding the Marketing Mix

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Marketing Strategy andInitiatives

Marketing Initiative

A marketing initiative can also be assimple as a shift in an idea. You can have a

new marketing initiative that simplychanges the way you promote your

company, or more specifically what aboutthe company you are trying to promote. A

shift in positioning is a good example.

Marketing Strategy Tools of Marketing Strategy

Marketing Plans

Internet Marketing

Social Media

Press Release

Communications

ConclusionA CALL TO ACTION:

So,Lets

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