Success of a business depends on different factors – product or service offered, distribution channel, managerial skills of top management, financial management and accounting, marketing efforts, commitment of personnel to their job and other miscellaneous things that matter to a business. May it be a corporation, partnership or single proprietorship, all of them use guidelines in running their business to successfully carry out the vision-mission of their company.
Big corporations have different departments with diverse scope of work to disseminate work load and for mastery of specialization. Single proprietors may have 2-3 workforce with respective functions and there are single proprietors operating as a “one-man army”. Despite of business structure, product marketing is a must. In any nature of business, 4 P’s of marketing is important. The product has to be known, price has to be competitive, effective ways of promoting the product and the distribution channel/place has to be carefully examined to know if the business will be feasible in the chosen location.
Most of big companies spend an ample amount of money for marketing purposes. They have tv advertisements, print ads in newspapers, magazines and even in city operational buses, MRT and LRT. They often get the service of a famous artist/model to represent their product which costs millions of pesos. Association with a prominent and famous individual and a catchy to the ears and eyes commercial are both effective tools in promoting and advertising a product.
Nowadays, in the year of progress and innovation, most companies and even small-scale business enterprises use the internet in their marketing drive through advertisements in well-known and well-visited websites, email marketing campaign, promotions in Facebook, Twitter and Multiply accounts and other social networking sites. Product information is easily transferred to potential customers in less than a minute at a lesser cost and even sometimes for free. It is mostly important to tap this market since almost all of the population around the world are internet savvy whether they use it for professional or personal social interaction purposes only.