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7 Functions of Marketing: All You Need to Know

When you launch a product, it isn't guaranteed to succeed. To actually get your product seen and loved by your targeted customers, you need to market it.   But most entrepreneurs misunderstand what is marketing. Most consider marketing to be just outreach and promotion. But that's not all.   Being a startup consultant, I have seen several startups fail because of among other reasons, inability to market their product or services.   Now, promoting your product or service is a vital part of marketing, but there’s lot more. So, before you hop on the digital marketing ride , you need to create a plan – a S.M.A.R.T plan .   And, for that, you need to understand the 7 functions of marketing. These 7 marketing functions will help you plan an overall marketing strategy and execute it with perfection.   The 7 marketing functions are – Product or service management, Promoting your product or service Selling your product or service Gathering and using data for your marketing ne

All the 9 Phases of a Merger and Acquisition Process: The Complete Guide

Mergers and acquisitions process is one of the most strenuous legal and financial process in a business' life cycle. Although many startups look forward to being acquired by a large MNC, thus bringing in the pay-day, most don't realize the numerous phases involved in a merger and acquisition process. Although the words "mergers" and "acquisitions "are used separately, the process is quite similar. Both a merger and an acquisition involve two businesses fusing together to become one. In the case of merger, we generally indicate that the two business fusing together are of a similar size whereas in the case of acquisition, we generally mean one larger business absorbing another smaller business into its fold. Although the M&A process is quite long-drawn, I have divided the process into a few key steps that are essential in order to close a successful merger deal. The steps are- Creating a merger and acquisition strategy. Identifying targets for M&A. Ex

What is the Minimum Viable Product? - A Guide on What MVP Means

When you have a business idea, there's a high degree of certainty that the idea is not perfect. And, that's why you need to test it out in the real world. Well, there are numerous ways for testing your ideas - for example, you could create a proof of concept, a prototype or even an MVP and show it to your target audience and get their feedback. MVP is short for minimum viable product. Although it has product in its name, it could well be a service as well. An MVP is the most bare-backed feature stripped model of your business idea that you can sell to your audience initially. That's why it is called "minimum viable". It has the minimum necessary features so as to be viable for your audience. What is the Minimum Viable Product - The Basics A minimum viable product (MVP) is a Lean Startup concept that emphasises the importance of learning in new product development.  An MVP, according to Eric Ries, the founder of the book, Lean Startup, is the version of a new prod

LLP vs LLC: Which One Should You Go For in the US?

Limited liability companies (LLCs) are a form of corporation with its liability limited. It may be considered as a toned down version of corporations. Usually large LLCs get turned into corporations.  While corporation is a favourable business structure for high growth businesses, they also involve more paper-work and compels you to put more information about your company, in public.  That's why if you are just starting out LLP and LLCs are the most favourable business structure, until you achieve and are able to sustain a high revenue, growth rate and investments into your business. Limited liability partnerships (LLPs) are a favoured choice for business owners in the US as it has a unique way of combining key elements of corporations and partnerships and offers the best of both worlds for small businesses.  Although there are some mammoth businesses operating this legal structure, for example, consulting firms and law firms, these are usually the preferred choice of operation for