You are an entrepreneur launching a new business. Explain what Research Paper

You are an entrepreneur launching a new business. Explain what marketing is and why is it important to your new business. Include the benefits of a marekting plan - Research Paper Example The initial step that marketing takes is to get prospective buyers and after this base management which is aimed at retaining the customers takes over. Base management requires the business to build and nurture relationships with the customer by improving service delivery and the quality of the products the customer needs (Tybout & Calder, 2010). Enhancing customer-business relationships enables the marketer to participate competitively in the market and this creates customer loyalty because the customer trusts that the business will be able to meet all their product needs in the best way. Customer satisfaction is paramount for any business to be successful and marketing will enable the business to know the needs of consumers since it will also involve marketing research to know the needs of the society. Marketing will enable the new business to make use of the four P’s of marketing, which will reflect the desires of the customers and the target market (Tybout & Calder, 2010). The product aspect of marketing will enable the business to determine the product desired by the market and ensuring that this product is available to the customers. Pricing will ensure that the price if the product is set at a charge that is favorable and competitive enough, thus not run the new business out of the market. The promotion aspect of marketing will ascertain that there are advertisements, publicity and sales promotion, which are aimed at promoting the brand or the new business. The last aspect of marketing is placement, which will entail making strategies of how the product will reach the target market and the channel that will be used. The four P’s are useful as they will ensure timely and effective delivery of the product to the target market and this creates customer satisfaction, which will increase sales as customers will be able to acquire goods