Marketing Teacher : Businesses Adopting The Marketing Concept Cont.....

I know of a business which fully adopts the marketing concept. It is a service-related business that started in 2006.

The boss is someone with an entrepreneurial spirit. He runs the business almost single-handedly, with only one part-time assistant.

He understands the importance of the marketing mix (product, price, place, promotion, service, goodwill etc) and applies it in an effective and balanced manner to ensure that sales stay at a very healthy level, while keeping costs low.

The boss first started with a service that he knew consumers need and that there were not many competitors at that time. So he did his market research and combined the use of the marketing mix in such a way that he did well in his first year of business operations. From 2007 and 2008, he diversified into other service areas, and has done equally well, particularly in the promotional aspect of his various service lines.

Now, he could easily make a net profit of between $90,000 - $99,000 a year. It certainly beats working for someone, where one has to listen to mostly demanding orders from the bosses and cope with the everyday office politics. Mind you, an average graduate's pay (someone in his/her 30s) is only about $50,000 - $60,000 a year.