Question: Discussion Topic-4: Marketing Research and Social Media

Choose one of the two topics below to explore and comment on when considering the importance of marketing your business.  Pick something that will create new learning for you and the class.

Topic 1: Marketing research is the function that links the consumer, customer, and public to the marketer through information. With new business failure rates at 90% within the first year of opening, marketing research has been described as the critical step in small business success or failure. Clear identification of your target market, industry, competition, and marketing plans are key steps in business planning. Professional healthcare services carry unique marketing concerns including ethics, confidentiality, and maintaining a certain image to attract your target market.

• Why is the failure rate of new businesses so high and how is failure measured?
• What are strategies to improve your likelihood of success?
• What are the unique issues for healthcare related to marketing that need to be considered?
• How could you use market research to identify your target market?

Useful links/references:

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