Agency 20: Marketing
The twentieth agency in the community is the Marketing Agency. This agency forms part of the Business Development Bureau, together with Agency 19 (Business Planning) and Agency 21 (Risk Management and Underwriting).
The Marketing Agency helps businesses and community agencies in their marketing strategies and communication. The agency provides businesses with means through which they can employ empirical data to effectively create and exchange value with their target market
The Capital Bank Agency (agency 8) receives investment in the form of partnership interest from limited partners, which it in turn invests in community agencies, including the Marketing Agency. The agency uses these funds for operations, including delivering chargeable services to participants. From its revenues, it pays the Capital Bank a return on its investment, which in turn enables the bank to pay limited partners superior returns on their investments.
What is marketing?
A basic definition of marketing is that it is the process of exploring, creating, and delivering value. It is also what a business must do to create and exchange value with customers. The American Marketing Association’s latest definition of marketing is: “… the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
4Ps of marketing
A good marketing strategy teaches customers about their needs and directs them where to get the solutions. To convince them, the marketing strategy needs to blend four marketing principles, known in marketing circles as the 4Ps: product, price, place, and promotion.
“Product” is something that a business offers to the market to satisfy a need. To succeed, the business needs to understand the market and the needs it intends to satisfy. A business must identify a specific need that only it can satisfy, and communicate this effectively. Important attributes that help in communicating are the product’s specifications, how it is branded and labeled, packaging, and after-sales support.
“price” is what a business charges for customers to acquire its product. A product’s price is important as it determines sales volumes and a business’s profitability. If set right, it can make a business highly successful and enable it to penetrate the market more efficiently. A product’s price is a factor of the product’s cost, supply, and demand dynamics, how customers perceive it, and how the competition prices substitute products.
“Place” is where a business offers its products for sale. Traditionally, this meant a physical place, but this has evolved to include digital selling points as well. Distribution channels are essential in ensuring that people get the products they need when they need them.
“Promotion” is what a business needs to do to raise awareness and interest in its product. Once a product is ready, a business needs to inform the market and communicate the need that the product will satisfy. In the process, the business must make the product as appealing as possible, without mis-selling or exaggerating its qualities.
In the recent past, marketers have added an additional 3 Ps to better respond to market needs. These include:
- People – customers need to have a memorable experience when they interact with a business, to come back
- Process – the process of delivering a good or service should be streamlined and efficient to improve quality and cater better to customer demands
- Physical evidence – the tangible aspects of a product, such as packaging and branding should also be geared towards enhancing customer satisfaction
Limited partners as businesses
Every current and upcoming limited partner 1 is a business. The community’s ultimate success lies in the success of individual businesses. The community is therefore deeply interested in having businesses succeed. To do this, it provides services through various agencies and invests in them through factoring services, and access to space and equipment, among others.
The Marketing Agency’s priority is to ensure that businesses have the right information and marketing skills and that they can use these tools to formulate effective strategies that enhance their profitability and branding. The agency does this so that agencies can effectively attract and retain clients.
To be considered successful, a business in the community can retain at least five clients regularly. Doing this gives the business financial and operational stability and autonomy. They can get several sources of income, while the varied nature of the contracts they get means that their experience is richer.
In many contractual arrangements, work is paid per hour, rather than on a set deliverable, meaning that people are essentially selling their time, instead of a stated goal at the end of the engagement. The community appreciates the weaknesses of this approach. An hourly rate punishes efficiency, such that a person who completes a project faster earns less. It does not incentivize a business to work quickly and deploy its expertise in providing quality work in good time. Ultimately, this suppresses income growth, with the quality of work sometimes being a secondary consideration to time spent.
For instance, a graphic designer who is just starting off may need more time to deliver on a project. They will have to try out different templates and tools for each project and have to perform more research before they deliver. They may therefore prefer an hourly wage.
But, as the graphic designer gains more experience, they will have several templates that, once they get a gig, they have a wealth of experience to draw on. With less time, they will deliver high-quality work. Since they are constantly working with different clients, their skill set is progressively richer.
If they were to quote an hourly rate, they would earn less. They would also be tied down to one contract at a time, which diminishes their income and competitiveness. They are better off charging per every project they deliver.
Roles of the Marketing Agency
The Marketing Agency intends to enable businesses to discover their place in the market, and effectively communicate to make a sale. For businesses to effectively understand their target market and communicate with it, they need extensive market research to understand how they can interest it. The Marketing Agency accordingly performs the following roles:
- Facilitate marketing research
- Marketing strategy formulation
- Training
Marketing research
Marketing research is the systematic collection, and analysis of marketing data to establish how various aspects of the marketing mix (4Ps) influence consumer behavior. Businesses succeed because they have a clear and in-depth understanding of their target market, competition, and the environment in which they operate. This includes studying consumer buying patterns, how the competition is blending their various variables to appeal to consumers, and how other issues, such as buying power or a slowing economy, are affecting demand.
Marketing research includes collecting and analyzing huge amounts of data (big data), as well as more hands-on approaches such as simple observation of customers at a brick-and-mortar store, or on a business’s digital platform. Once collected, it is important to understand what the information means, and therefore make the information usable in formulating a marketing strategy.
The Marketing Agency collects and records huge amounts of information about individual businesses and the community’s economic processes. When a business needs to conduct marketing research, the agency can provide them with the relevant data and analytical tools needed to make sense of the data. The agency requires that businesses carry out research quarterly, enriching their strategic thinking, and ensuring that their marketing approaches are not the product of instinct alone.
Consumer behavior
A key part of marketing research is establishing consumer behavior, and the reasons behind it. A business needs to know its consumers’ behavior to predict who will buy, why they will buy, and what need they intend to satisfy with the product purchased. This will enable a business to target each segment of its target market with the right marketing strategy.
Marketing research helps businesses understand how consumers make decisions. Usually, it is a process that starts with awareness of need, information gathering, evaluation of competing choices, purchasing, and eventually, analysis of the outcome. The pattern is not always the same. By studying data that the Marketing Agency provides, businesses can be able to accurately predict who are likely to be its customers, and how they make their decisions so that it can more effectively turn them into consumers of its products.
Marketing strategy formulation
A marketing strategy is a comprehensive plan that a business, having established its marketing objectives from its marketing research, formulates to reach these goals. In other words, it is the overall game plan that a business employs to reach the market and convert potential customers into actual customers. A marketing strategy also details how a business will allocate marketing resources across its operations to ensure that it meets its objectives. Marketing strategy is not a preserve of only one part of a business. Instead, it is an all-encompassing operation that involves every facet of the business’s operations.
A key element of a marketing strategy is value proposition. This is a statement that succinctly describes why people should buy a business’s products and not another. A value proposition involves detailing how a product fills/ satisfies a need, what added benefits it offers, and how it is better than others in the market. It is designed to appeal to the strongest determinants of consumer behavior. Businesses use templates, assistance, and data provided by the Marketing Agency to produce compelling value propositions that anchor their strategy.
The Marketing Agency also helps businesses with brand messaging. Brand messaging is a structured communication pattern that a business uses to convey its brand’s value to the market. Brand messaging details how a value proposition will be delivered. To do so, the agency helps businesses identify the messaging’s audience, observe and contextualize market trends, and where possible, use references to past experiences.
Training
Relationship management and marketing are skills that every business will need to learn and exercise. The Marketing Agency provides courses to businesses so that they can be well-rounded marketers, and understand all the principles of marketing, and how to apply them. Through its website, the agency runs automated training modules for all participants, ensuring that they have all the necessary skills needed.
A key goal of training as conducted by the Marketing Agency is to have businesses that are highly versatile, and able to create their own space in a highly competitive environment, and yet, are optimized to have opportunities for all. The agency equips businesses with the skills to project themselves, get varied and rewarding business, and in the process, boost their earning power. This ultimately creates value and prosperity for all.
How the Marketing Agency works
Background on presidencies
Every presidency in the community is a four-member entity whose members represent one of the four major demographic groups, known in the community as divisions: married men (A), married women (B), single women (C), and single men (D). However, a president serves the whole community in their role, rather than only their demographic. Presidents’ diversity and commitment to serve all is provided for in the community bylaws and ensures that all access services without any discrimination.
These four major demographics are evenly split in a normal society. Each group accounts for between 23 and 27% of the population, with regular fluctuations as people’s status changes. The community appreciates that discrimination across all social categories happens based on marital status, other social categorizations notwithstanding; married men are likelier to dominate other demographics, especially single men and single women.
The community’s infrastructure promotes equal access to economic and social resources and opportunities. The composition of the community as a whole and those who serve it in the community public service is closely monitored to prevent numerical domination, which can lead to nepotism or unequal access.
Besides marital status, the recruitment to be a participant, and to serve in the public service carefully considers other social categorizations, to ensure racial, ethnic, religious, and sexual groups are well represented in the community as they are in the society in which a community operates. These considerations inform the constitution of the community public service. The diversity in community public service, which is provided by bylaws, is aimed at creating a community that is blind to all other considerations besides service to participants. The service is therefore designed to be free of discrimination.
Agency presidency, bureau board, and demographic presidencies
The Marketing Agency is served by an agency presidency of four presidents. Each president represents one of the division, which are married men (A). married women (B), single women (C), and single men (D). The agency presidency sets the agency’s overall strategy and operating policies. It also sets up the automated system that performs the bulk of the agency’s work. The agency presidency adjusts the automated system, strategy, and policies from time to time as advised by the Business Development bureau presidencies, contractors, and its observations.
The Marketing Agency’s agency Presidency, together with the agency presidencies of the other two agencies in the Business Development Bureau – Business Planning and Risk Management & Underwriting – form a bureau board of 12 presidents. The board is a useful check and balance tool for individual presidents and agencies, with particular moves that impact the community in a significant way needing the board’s approval.
Within the bureau board, three presidents from the same demographic form a demographic presidency. There are four such presidencies in the bureau. The demographic presidency works on matters of common interest to a demographic, that cut across the three agencies. The demographic presidency also plays an important role in the mentorship and training of new presidents.
| Demographic presidency A | Demographic presidency B | Demographic presidency C | Demographic presidency D | |
|---|---|---|---|---|
| Agency presidency, Business Planning (19) | 19A | 19B | 19C | 19D |
| Agency presidency, Marketing (20) | 20A | 20B | 20C | 20D |
| Agency presidency, Risk Management, and Underwriting (21) | 21A | 21B | 21C | 21D |
Bureau presidencies
The duties of the Marketing Agency, alongside those of the Business Development and Risk Management agencies, are such that they need extensive interaction between the agency and participants. Marketing functions, for instance, are unique for every business and need tailor-made approaches. This necessitates the presence of 48 business development presidencies, who serve the three agencies in the Business Development Bureau.
Each presidency has four presidents serving and representing the four main demographics; married men (A), married women (B), single women (C), and single men (D). Each of the 24 districts is served by two business development bureau presidencies.
Bureau presidencies carry out the operations of the three agencies in the district. They implement strategy and interact extensively with contractors, businesses, and the automated system. Their recommendations to the agency presidency inform the agency presidency’s adjustments to strategy and the automated system.
Limited partners and branch presidencies
Limited partners and dependents
A limited partner is the basic unit in the community. A limited person, usually above 18 years old, but sometimes as young as 16, has been admitted into the community and has invested $20,000 as partnership interest, for which they earn a return. This is regarded as one unit of partnership interest.
Over time, a limited partner can add more units of partnership interest, as their business prospers. The more partnership interest units a limited partner has, the more the return they receive from the Capital Bank.
A dependent is a minor, or a person living with a disability, under the care of a limited partner. In some instances, a dependent may be a fit adult, who for various reasons is supported by community agencies, and assigned by contract to a limited partner. Limited partners are responsible for any legal agreements that their dependents enter into, either with community agencies or other participants, and therefore have the right of attorney.
Together, limited partners and dependents are referred to as participants. Participants who are dependents, because they are still minors, can start a business when they reach 12 years of age. This allows them to save up and invest $20,000 into the community by their 18th birthday, and possibly as early as 16.
Limited partners and their dependents reside in apartments (village buildings). Each apartment has 4 floors, with each floor containing 16 apartments. Each floor has floor has 7 – 12 limited partners, with each limited partner having 1 – 3 dependents. Each floor therefore has around 25 residents. With four floors, each building has approximately 100 residents. An apartment building also forms a branch.
Limited partners and unit
A limited partner is the basic unit in the community. A limited partner, usually above 18 years old, but sometimes as young as 16, has been admitted into the community and has invested $20,000 as partnership interest, for which they earn a return from the Capital Bank Agency, which invests other community agencies. This is regarded as one unit of partnership interest. Over time, a limited partner can add more units of partnership interest, as their business prospers. The more partnership interest units a limited partner has, the more the return they receive from the agency.
A dependent is a minor, or a person living with a disability, under the care of a limited partner, and who has, in any of these cases, given their power of attorney to the limited partner. In some instances, a dependent may be a fit adult, who for various reasons is supported by community agencies, and assigned by contract to a limited partner. Limited partners are responsible for any legal agreements that their dependents enter into, either with community agencies or other participants. Together, limited partners and dependents are referred to as participants.
Participants who are dependents, because they are still minors, can start a business when they reach 12 years of age. This allows them to save up and invest $20,000 into the community by their 18th birthday, and possibly as early as 16. Limited partners and their dependents reside in apartment buildings (village buildings). Each apartment building has five floors, with four containing apartments. An apartment building also forms a branch.
Captains and branch presidencies
Of the approximately 100 residents in a branch, around 40 of them are limited partners.They are divided into 4 units, each of which has 10 limited partners and their dependents. The limited partner membership in a unit is diverse, containing different social groups that are reflective of the society within which a community operates.
Additionally, a unit contains members of the four main demographics: married males (A), married females (B), single females (C), and single males (D).
The 4 demographics in the branch form 4 groups, as follows:
- Group 1: married males and married females
- Group 2: single females and single males
- Group 3: married males and single males
- Group 4: married females and single females
Within each group, there are different subsets, known as classes, based primarily on age. There is a class for Nursery (0-2), toddlers (3 – 5), young children (6-9), pre-teens (10-12), teens (13-18), young adults (19-31), adults (32-72), and empty nesters (73+).
| Meeting week | Class 1 | Class 2 | Class 3 | Class 4 | Class 5 | Class 6 | Class 7 | Class 8 |
| Week 1 and 3 | All married adults | All single adults | Teen boys and girls | Pre -teens | Young children | Toddlers | Nursery | |
| Week 2 and 4 | All men | All women | Teen boys | Teen girls |
Further details on the composition of units, groups, classes, and branches, and their meeting schedules, is detailed here.
Recruitment and diversity
Captains are responsible for recruiting limited partners into the community through their council and by extension, branch. A captain does not recruit limited partners only from their demographic. Instead, they work to ensure that their recruits are diverse, considering social categorizations, gender, and social status, in addition to demographic groups.
Captains work in concert with their fellow captains in the branch presidency, and other presidencies in a village and district to ensure that the district is as diverse as possible. They are guided by present data on how diverse their district, village, and branch are, and what needs to be focused on to improve. They are also guided by community bylaws, which expressly require diversity as shown by demographic data about a population from which the community intends to recruit limited partners.
The captain serves as a service extension of the Human Relations Agency, though they also act as an interface between participants and other community agencies. For agencies that do not have bureau presidencies, such agencies in the Economic and Public Administration Bureaus, captains come in handy in helping participants navigate these agencies’ automated system and other relevant tools used by the agency to deliver services.
The automated system is designed to help participants with all the help they need in matters related to various agencies, including the Human Relations Agency. However, should they run into problems, captains assist them in navigating the system, or direct them to relevant contractors who help them at a fee.
Automated system
The Marketing Agency performs its duties through its automated system. The system can collect, analyze, and contextualize big data related to marketing. By using tools such as AI and machine learning, the system can provide business-specific decisions for every business owner, and therefore respond to marketing needs with minimal human intervention.
After a business has prepared its business plan, one of its most critical next plans is to originate a good marketing strategy or plan that will detail how it will get whatever it is producing to the intended market. The automated system comes in handy in this situation, first providing detailed, accurate, and current information on the market (marketing research), and using this information to suggest the best courses of action for the business.
The community requires that in addition to the initial marketing plan, businesses update their plans every quarter. They need to accommodate new information and happenings that can significantly alter their marketing perspectives. The automated system helps with this, and by checking the efficacy of the existing plan.
Contractors
The Marketing Agency closely works with contractors who provide marketing services to businesses. The agency ensures that these contractors well well-facilitated to provide high-quality services to businesses as required.
Every marketing contractor specializes in one aspect of marketing. They offer their services to businesses across the community, though it is likely that the majority of their clients are within a district. Every contractor has at least 5 businesses that they serve within their expertise. The agency works with them to ensure they are well-qualified to offer the services they mean to and are registered accurately by the agency.
For example, a contractor who specializes in helping businesses draw up marketing strategies will be skilled in marketing strategy, but is likely to have experience in a specific field, such as marketing strategies for restaurant businesses. Within the business, they will likely work with various restaurants, gaining experience over time, and enhancing their expertise in the particular field.
The nature of marketing as a function of businesses is such that it may not be possible to complete every aspect of marketing research and strategy through automated tools alone. The Marketing Agency encourages the critical role that contractors play in complementing the automated system, and in improving it to serve participants better.
Once the contractor engages with the business owner and resolves their problem, they also file a report with the bureau president who serves the business owner’s demographic in that district. The report details the problem that needed a contractor’s assistance and any shortcomings in the system that the Marketing Agency can resolve. After further consultations with the contractors, the bureau president forwards recommendations to the agency presidency for action. The Marketing Agency also hires contractors when it needs to conduct audits or adjustments to the automated system.
Inter-agency cooperation
Agencies extensively interact within their bureaus, but also within their columns. Community agencies form 3 columns, with the Marketing Agency forming part of the second column.
The Marketing Agency closely collaborates with the Stewardship Agency (agency 2) to facilitate businesses to have a clear market focus as they start up their businesses. The Marketing Agency also collaborates with the Data and Publishing Agency (agency 17) so that businesses can have access to the relevant information they need to draw up good marketing plans. The agencies also work together to ensure that data sharing does not affect its integrity.
The Marketing Agency also works with the Life Planning Agency (agency 5) to develop training programs for all participants on marketing, while also working with educationists in the community to have marketing as one of the common skills that learners acquire in school.
Presidencies’ offices, meetings, and quarterly conferences
Offices
The agency presidency serving the Marketing Agency has permanent offices in District Building 20 on the western side. The eastern side has offices for the trustee and the Regulatory Bureau’s bureau presidencies that serve the agency and District 20.
Trustees and the regulatory bureau presidencies alternate their offices. Trustees have the offices in building 20 on Tuesdays and Thursdays, while the bureau presidencies use the offices on Mondays and Wednesdays, as shown in this timetable:
| Building 8/ Capital Bank | Building 20/ Marketing | |
|---|---|---|
| Monday | Trustee presidency | Regulatory Bureau presidency |
| Tuesday | Regulatory Bureau presidency | Trustee presidency |
| Wednesday | Trustee presidency | Regulatory Bureau presidency |
| Thursday | Regulatory Bureau presidency | Trustee presidency |
The Business Development Bureau’s bureau presidencies have offices on the first floor of every district building, with 2 of the 48 presidencies (8 presidents) occupying 8 offices in one building. This graphic shows District Building 20’s first-floor layout, with offices for the agency presidency, trustees, and various bureau presidencies indicated.
Working hours and meetings
Agency presidents, trustees, and regulatory agency presidents work in their offices on a full-time basis. To allow for this, they are required to be at least 50 years of age, be experts in NewVistas concepts, an be semi or fully retired from their business. This allows them to dedicate much of their productive time to serving the community.
Other presidencies work from Monday to Thursday, from 8 – 8:45 AM. their offices are converted for this purpose, and can thereafter be used for other activities, such as office space for participants, hotel rooms and hospital consultation rooms. On Thursday, each presidency (four presidents representing A, B, C, and D) meets for a 45-minute meeting from 9:00 to 9:45 in the morning.
On the last Friday of each quarter, between 9:00 AM and 12:00 PM, each demographic presidency meets. The three-member presidency discusses common bureau matters that are of interest to the demographic they represent. On Saturday, again between 9:00 AM and 12:00 PM, the whole board meets, where the presidents present their input from the previous day’s demographic presidency meeting, and prepare for the quarterly conference. The aim is to have a cohesive presentation during the quarterly conference but tailored to specific demographic interests.
Quarterly conferences
Quarterly conferences are held on the last Sunday of each quarter, from 9:00 AM to 3:00 PM, with a lunch break in between. During quarterly conferences, each demographic presidency sits together in the same row.
Quarterly conferences are held in District Buildings 5 and 17. Each building has a lower and higher assembly court. The different demographic groups use the assembly courts as follows:
| Building | Assembly court | Demographic |
|---|---|---|
| 5 | Lower court | Married men (A) |
| 5 | Higher court | Married Women (B) |
| 17 | Lower court | Single women (C) |
| 17 | Higher court | Single men (D) |
Each of the four assembly courts has seats for 480 presidents representing the respective demographic. In the diagram below each of the 4 courts is illustrated. The ceiling of each court has an elliptical arch that enables agency presidents, who are the only ones who make a presentation during the conference, to speak without the need to amplify their voices. The 480 seats are easily rotatable to enable presidents to face whoever is speaking.
Each of the four courts has an identical arrangement and number of seats. The exact arrangement of each court can therefore be illustrated using one court, in this case, building 5’s lower court that is used by married men (A).
Within an assembly court, the 480 presidents are arranged in terms of demographic presidencies of 3. The Business Development Bureau’s demographic presidency for married men (19A, 20A, and 21A) sits as highlighted.
Some additional notes/definitions from an earlier version of this page:
- In its broadest sense, marketing is the management of relationships that involve exchange of goods and services. It is also termed as the process through which products move from the producer to the end consumer. Marketing identifies, anticipates, and supplies customer needs (Business-Dictionary. marketing. 2019. 30 06 2019).
- Algorithms are being utilized more and more in the business world, with some even suggesting even elite consultancy may be at risk. Among other things, machine learning is able to handle many diverse fields, with Amazon’s tool being utilized to handle 15,000 different jobs. Over time, the capabilities of machine learning are improving, and will be of great service to the Marketing Agency’s objective to provide marketing consultancy services to several participants across diverse professions (Libert, B. and M. Beck. “AI May Soon Replace Even the Most Elite Consultants.” Harvard Business Review (2017): online).
- The four Ps of the marketing mix are termed as the most important marketing tool for products, whether new or existing. For different businesses and products, the four Ps will be configured differently. The community is set to have different businesses, and different products, each with its own approach to the marketing mix. The Marketing Agency’s system will need to identify the specific attributes of each business, and thereafter train the business owner on how they need to configure their Ps for maximum impact and success (Hoffman, S. “Are the 4 P’s of International Marketing of Equal Importance to All Firms?” Grin Verlag (2005): online).
- Management consultancy services have been found to have a positive effect on businesses’ entrepreneurial spirit and skills. The services aim to improve knowledge, and offer practical solutions to problems which training and experience alone may not be able to offer. The effect is especially pronounced in small and medium enterprises, where the services are received by those who have greater control over the enterprise. Marketing, finance and long term business planning benefit the most from these consultancy services (Bruhn, M., D. Karlan and A. Schoar. “The Impact of Consulting Services on Small and Medium Enterprises: Evidence from a Randomized Trial in Mexico.” journal of political economy 126.2 (2018): 635-687).
- Marketing research is an important component in decision making, especially when a business wants to identify key market factors. Market research is however not used to decide the business’s next course of action. Instead, it is used to reinforce or adjust already existing management and strategic positions (Tarka, P. “Key determinants of marketing research effectiveness.” Poznan University of Economic review 12.1 (2012): 40-50).
- In the era of big data, it is increasingly necessary for businesses to turn to automation to analyze information according to their needs. Marketing research data is extensive, especially in the community setting, where it is more detailed. The Marketing Agency will use this information to better process the information that is then accessed by participants to aid their decision making (Amado, A., P.Rita, P. Cortez and S. Moro. “Research trends on Big Data in Marketing: A text mining and topic modeling based literature analysis.” European Research on Management and Business Economics 24.1 (2018): 1-7).
- It is essential to carry out proper product development to maximize the chances of a new product’s success in the market. The process is expensive, and requires significant risk taking, which may not be insurable. The Marketing Agency therefore equips participants with the necessary information and skills to prevent them from making costly errors that will jeopardize their enterprises, during and after a product’s development (Baxter, M. Product Design. Boca Raton: CRC Press, 1995).
- Marketing exhibitions, expositions and shows are a useful source of contacts for businesses. They have the ability to level the laying field for businesses, regardless of financial muscle. The same can be said of social media, where advertisement is cheap, and it is possible to reach a large number of potential customers. The Marketing Agency provides the organizational infrastructure needed to set up such expos, and the analytical tools business need to decide whether they are worth the effort (Situma, S. “The Effectiveness of Trade Shows and Exhibitions as Organizational Marketing Tool (Analysis of Selected Companies in Mombasa).” International Journal of Business and Social Science 3.22 (2012): 219-230).
- Proper product development must include risk analysis. Risks should be identified and assessed, so that the business can then formulate the best ways of responding to these risks. The matrix grid is usually used in such instances, whereby a risk is assessed based on the probability of its occurrence, and the impact it could have on the organization. The Marketing Agency relies on the Underwriting Agency for this analysis (Susterova, M., J. Lavin and J. Riives. “Risk Management in Product Development Process.” Proceedings of the 23rd International DAAAM Symposium 23.1 (2012): 225-228)
- Through branding, participants aim to control the perceptions that others have about them. It is therefore seen as the construction of a professional image, built upon an individual’s capacity, skills and talents, professional disposition, and their motives in the social and economic arena. Life Planning is important in constructing this image. The Marketing Agency offers important pointers on what to do to have a personal brand that is accurate, attractive, and can be used as a base for business branding (Gorbatov, S. “Personal Branding: Interdisciplinary Systematic Review and Research Agenda.” Frontiers in psychology 9 (2018): published online).
- An upcoming limited partner is a dependent who is between 12 – 18 years of age, who already has a business and is actively saving up to invest in the community.[↩]