The marketing of a business is vital in terms of attracting the right audience to your business. There are several factors that can determine the success of a business and the business must look at these factors to establish its self in the market.
PEST Analysis – We can look at what impact the PEST Analysis has on a business (Political, Economic, Social, Technological) what are the political factor that affects a business, for example, political decisions that will have an impact on the business, Economic factors that will impact the business for example demographics, interest rates, inflation. Social factors that may impact your business i.e, social media and finally Technological factors that may impact the business for example change in technology, for example, artificial intelligence. The above factors are all important to a business for identifying what affects these factors will have to your business. Advertising is important for business in terms of people knowing about the business, attracting people to the business will help grow your customers and create business awareness. Businesses have budgets for advertising spend this could be a form of advertising for example on leaflets to making TV advertisement or advertising on magazine, newspaper.
SWOT Analysis – A business will need to know what its strength, weakness, opportunity and threats are in order to manage its business risk, maximizing opportunity and minimizing threats. Most companies will look into these areas to make sure that they are aware of the impact on their business.
Creating awareness and marketing the business whether it’s online through a magazine, newspaper TV advertisement or radio is key is for the business to be established however in marketing a new business there is always a budget that will need to taken consideration when Marketing the business.
Thinking outside the box is a way of expanding your decision making for example when we look at an idea can we only think of doing things only one way or can we look at things in a number of ways. Let us look at an example when we are travelling from location A to location B, we always look at the fastest way of travelling so that it can save time even it will cost us more to get to location B, we will be thinking of the quickest way.
Now thinking outside the box might make you think, how can we save money to travel from location A to location B, even if the travel takes longer can we still reach the same location on time perhaps by leaving earlier setting a time for ourselves and asking our self-questions, for example, will the travel be the same using the cheaper option, will it be comfortable, is there any risk involved.
So we can see from this example that we are asking our self-many questions to determine how we can travel from location A to location B using the same method of travelling but thinking outside of the box in terms of time, cost, risk, all these factors will influence our decision making.
The brain is the key to making decisions for us it also has millions of magnetic signals that is travelling through our brains sending and receiving messages which all determines how we think and how our thinking leads to decision making.
It is important to exercise our decisions in terms of thinking are we making the right decisions and what are the right choices. We can here look at a marketing advertising example and how they may influence our mind to purchase a product for example when we see a mobile phone in the shops for a certain process i.e. £500 for a brand-new phone and within a few months time we see the same phone in the same store on sale for a reduced amount or on special offer our mind gets influence to buying that product, we can ask our self why is this.
The concept we are thinking about here is that we can afford £500 to buy this phone when we see it for the first time, however, the majority of us will wait for it to be reduced before we purchase or we will try other stores to see if we can get this cheaper, see my topic under the subject Marketing (Product life cycle) to get a better understanding of how the price model works in reality. So we can come to a conclusion to say our minds are influenced by marketing and what is being advertised to us to make our brains believe that this is the right moment where we get things for the price we want rather than the highest price, this is all to do with psychology and the way the marketing or advertising is used to control our minds.