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Business Owner's Manual
Marketing plays a crucial role in the success of any business venture. Whether you are in the start up or expansion phase of your small business, an effective marketing strategy will ensure that you reach the goals you have set for your enterprise. Marketing is an ongoing process. It starts with a thorough understanding of your business environment, and as your business is growing it needs to be continually refined and updated to accommodate changes in the marketplace. The American Marketing Association defines marketing as "the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals." Simply put, marketing is about finding and keeping customers and fulfilling their needs. The key to successful marketing is a solid understanding of the environment in which your business operates, your position in the market place, your products and services, your competition, and your customers. Because researching your market is such an important aspect of marketing, you should at least become familiar with the essential steps of the market research process. In this chapter you will learn how to:
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