Marketing Notes

Paper 377 UNIT III Marketing Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or...

Paper 377 UNIT III Marketing Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company. 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. There are two primary purposes of marketing: 1. Capturing the attention of your target market. 2. Persuading a consumer to purchase your product. The 4 Ps of marketing are place, price, product, and promotion. Marketing is the promotion of business products or services to a target audience. According to E. J. McCarthy, the 4 Ps of Marketing are a simple formula for identifying and working with the essential elements of your marketing strategy. Product. Having a product is key and is the root of all things marketing. A product could be anything that a company offers consumers to satisfy a need. The best thing to do is to decide on your product or service based both on the needs and motivations of consumers and how the product would benefit the consumer, rather than on the object’s physical characteristics or attributes. Place. Strategic merchandising locations can be anything from an online store to a channel of physical stores across multiple towns or countries. The goal of the distribution strategy is to enable potential clients to have easy access to your products/services as well as offer a good experience throughout the purchasing process. Price. How you price your products and services is an extremely important part of the marketing strategy. This factor affects other factors such as: The margin you hope to obtain. What target market do you want to appeal to and what purchasing power do your consumers have? Do you want to enter the luxury market or the mass market? The company's financial goals. How does the competition price their products and what possible product substitutes are there? Trends and fads. Increasing your price in order to give a better perception of quality. Promotion. This refers to all the marketing and communication that is done in order to showcase the benefits of your product or service within the market. This is how you increase sales. Different Marketing Strategies Marketing is not just one single strategy, but rather a combination of many different techniques and tactics. Listed below are some essential marketing strategies:. Marketing Plan: Discover what a marketing plan is, why you need to design one, and the keys to creating a strong plan. Without a marketing plan, a company or brand can’t reach its goals. Digital Marketing: Digital marketing is the discipline of marketing which focuses on developing a strategy solely within the digital environment. Direct Marketing: Direct marketing is a type of campaign based on direct, two-way communication that seeks to trigger a result from a specific audience. Email Marketing: Email Marketing is one of the most profitable and effective techniques in terms of return. Naturally, it consists of sending emails to your audience, but make sure to define your segments well in order to be effective. Mobile Marketing: Mobile Marketing is a broad concept which brings together all marketing campaigns and actions focused exclusively on mobile platforms and applications (i.e. smartphones and tablets). Viral Marketing: Having something go viral is every company’s dream. Viral Marketing spreads from one person to the next and is capable of going incredibly far incredibly fast. Performance Marketing: Performance Marketing is a methodology which applies various marketing methods and techniques and guarantees advertisers that they only have to pay for achieved results. Inbound Marketing: This methodology focuses on creating valuable content to attract qualified web traffic and work towards the final sale. IMPORTANCE OF MARKETING IN BUSINESS Marketing is a strategy that businesses do to advertise their businesses. Every business entity needs to understand such a strategy and how to employ it. Business sectors have been using marketing strategies. They even hire people knowledgeable in marketing to help them sell their products. Marketing helps to boost the sales Marketing is one way to give information to consumers. This way, consumers will have a basic idea of what is your product all about. They will also know the benefits of buying your products. Marketing educates many people about a certain product. When people are well-informed about your product, your sales will increase. Marketing creates revenue options Marketing is a great help for many business establishments to create revenue options. It is when business sectors use different marketing strategies to increase business profits. One way to increase the profit is to reduce the product costs. This way many customers will buy the product. Reducing the product costs will increase the number of potential buyers, thus getting more sales. It is better to gain smaller profits but consistent sales. Another way to increase the revenue is to run media advertisements and promotions. It is the easiest way to make people know about your products. Set better goals for your business The success of a business depends on its goals and objectives. Marketing can help a business set its goals. By practicing some marketing strategies it will lead to the popularity of their brand. By this, it will motivate the company to maintain its reputation. They will now set clear goals and objectives for their employees to know their targets. These goals will also reach their consumers. Build a Reputation for your Brand Another benefit of implementing marketing strategies is to build a reputation for your brand. But it is essential to ensure you are giving outstanding quality and useful products to your target market. This way, you won’t only build an excellent reputation for your product, but also your brand. Improves Decision-Making When a company hires a market specialist, they will do everything to boost the sales of your products by making appropriate marketing actions. The first thing to consider in doing these activities knows your audience. When the company has known fully their audience, this will help them decide what lines and details they will create in convincing people to buy their products. The company will gather different tag lines to choose from. Marketing will help them decide what fits and what works for the people. Types of Marketing B2B Marketing B2B Marketing is the term used for business-to-business transactions. They used this type of marketing strategy when a company sells goods or any other services to an organization. B2C Marketing B2C Marketing is another term for Business-to-consumer marketing. This is done when an organization sells its products to people. B2C marketing promotes the business through advertisements. C2B Marketing We also know C2B Marketing as Consumer-to-Business Marketing. It is the opposite of B2C Marketing. It is a marketing strategy when consumers give goods or services to a company. C2C Marketing C2C Marketing or consumer-to-consumer marketing is a strategy in which the consumers can have an interaction with their co-consumers. It happens when they share a common product or service. This business model enables a customer to transact business with another customer. A good example of C2C marketing is OfferUp and let go apps. The main objective of C2C is to establish good relationships by helping sellers and buyers. By this, it would be easier for the customers to find products at the same time benefit from it. Marketing Plan Definition: The written document that describes your advertising and marketing efforts for the coming year; it includes a statement of the marketing situation, a discussion of target markets and company positioning and a description of the marketing mix you intend to use to reach your marketing goals. A company needs a marketing plan just as it needs a business plan. How to develop a Marketing plan?  Analyze the market: Market research can help you to understand your strengths, weaknesses and the opportunities that you can take advantage of. Analysing your own business and your competition can help you identify where you're positioned in the  market. A strengths, weaknesses, opportunities and threats (SWOT) analysis can help you determine where your business fits within the market and your unique selling point. Use it to help identify what your business is doing well and how you can improve. Identifying and understanding your customers is an essential part of your marketing plan.  Set goals and objectives: Think about your main business goals, whether it's the size of your business, expansion plans or desired sales. Set specific, measurable, achievable, relevant and time bound (SMART) goals to increase your chances of success in achieving them.  Outline marketing strategies: Try and choose marketing activities that suit your business and your customers. For example, if you want to target young adults, newspaper advertising may not be as effective as a social media campaign.Choosing multiple activities that complement each other is a good way to help you get your message across.  Set marketing budget: Knowing how much you have to spend on marketing and how to spend it is critical to the success of your business. A marketing budget will ensure you accurately calculate your marketing campaign or advertising. When developing your marketing budget, make sure you're only spending money on the activities that contribute to your current marketing goals. Advertising and promotion can be expensive. Make sure to pick options that will give you the best value while still reaching your target customers.  Keep the marketing plan up-to-date: It's important to evaluate your marketing activities. Analysing the results and being aware of new marketing trends is important to keeping your marketing plan up-to-date and reaching your business goals. You should tweak and change your plan as your business and market grow and change. The Benefits of a Marketing Plan  Rallying point: Your marketing plan gives your troops something to rally behind.If you want your employees to feel committed to your company, it's important to share with them your vision of where the company is headed in the years to come. People don't always understand financial projections, but they can get excited about a well-written and well-thought-out marketing plan. You should consider releasing your marketing plan  Chart to success: Plans are imperfect things. However, an inaccurate plan is far better than no plan at all. The point of sailing is to get somewhere, and without a marketing plan, you'll wander the seas aimlessly.  Company operational instructions: Your marketing plan is a step-by-step guide for your company's success. It's more important than a vision statement. To put together a genuine marketing plan, you have to assess your company from top to bottom and make sure all the pieces are working together in the best way.   Captured thinking: Financial reports are the lifeblood of the numbers side of any business. It should be no different with marketing. Your written document lays out your game plan.If people leave, if new people arrive, if memories falter, if events bring pressure to alter the givens, the information in the written marketing plan stays intact to remind you of what you'd agreed on. Strategic Alliance A strategic alliance is an arrangement between two companies that have decided to share resources to undertake a specific, mutually beneficial project. It is an agreement between two or more independent companies to cooperate in the manufacturing, development, or sale of products and services or other business objectives. In a strategic alliance, each company maintains its autonomy while gaining a new opportunity. They are generally entered when each entity to the agreement possess some kind of an expertise. This expertise, when combined makes them complete and provides a distinct competitive advantage to both the entities. For example, in a strategic alliance, Company A and Company B combine their respective resources, capabilities, and core competencies to generate mutual interests in designing, manufacturing, or distributing of goods or services. A strategic alliance agreement could help a company develop a more effective process, expand into a new market or develop an advantage over a competitor. The Purpose of Strategic Alliances Strategic alliances allow two organizations, individuals or other entities to work toward common or correlating goals. The idea is for all parties to benefit in the short term, long term or both. The agreement may be formal or informal, but each party’s responsibilities must be clear. Further, the agreement may be in place over the short or long term depending on the needs and goals of the parties involved. Often, strategic alliances allow involved organizations to pursue opportunities at a faster rate than if the organizations functioned alone. An alliance provides access to additional knowledge and resources owned by the other party, which may ease the learning curve for the new pursuit and relieve set-up time and costs. This strategy provides more flexibility than joint ventures because the involved parties do not need to merge any assets or funds in order to proceed. Instead, parties remain autonomous, which can help ease the functioning of the agreement when the two entities' business practices are highly varied. The Risks of Strategic Alliances Although the arrangement is typically clear for both parties, the differences in how the businesses operate can cause conflict. Further, if the alliance requires informing one party of the other party’s proprietary information, there must be a high level of trust between the leadership of the alliance entities. In the case of long-term strategic alliances, the involved parties may become mutually dependent. While the risk is lower if the dependency is experienced by both parties, the risk can increase significantly if the dependence becomes one-sided because one party will gain an advantage. Example of Strategic Alliances  An oil and natural gas company might form a strategic alliance with a research laboratory to develop more commercially viable recovery processes. A major website could form a strategic alliance with an analytics company to improve its marketing efforts. TYPES OF STRATEGIC ALLIANCES: HORIZONTAL STRATEGIC ALLIANCE It is an alliance between companies operating in the same business area. In other words, companies which were competitors previously now join hands to enhance their competitiveness against other competitors in the market. The classic example of this kind of SA is Renault – Nissan Alliance. The SA between both the entities is neither by a merger of nor by an acquisition, however, it is through a cross holding agreement. This kind of SA provided both the companies with competitive advantages like economies of scale as the raw material cost can be negotiated for larger volumes, logistics cost can be rationalized, research & development cost can be rationalized and even marketing and servicing network can be commonly utilized. VERTICAL STRATEGIC ALLIANCE This kind of alliance is largely seen between upstream and downstream value chain of firms product. For E.g. Ink manufacturers entering into a strategic alliance with Pigment manufacturers, this kind of arrangement ensures ink manufacturers with the consistent supply of requisite kind of Pigment. Further, a car manufacturer entering new geography may enter into a SA with distributors which enable it to expand rapidly. VARIOUS WAYS OF ENTERING INTO A STRATEGIC ALLIANCE: 1. Joint Venture: Joint Venture is an alliance entered by two or more entities to pool up their resources in the new entity to achieve the tangible business objective. 2. Equity Participation: This is an alliance where one entity acquires a substantial equity stake in other entity so it has control to drive business decisions. (Renault – Nissan Alliance; explained earlier) 3. Non – Equity: Entities involved SA agree to share their core competencies (expert knowledge) in order to create competitive advantage. Since no new entity is created, equity participation is not required. REASONS FOR STRATEGIC ALLIANCE ▪ Gaining an access to a restricted market (China) ▪ Gaining a foothold in new market ▪ Increase the speed of development of new products ▪ Maintain leadership position ▪ Leverage upon the befits like economies of scale, lower cost ▪ De-risking the R&D efforts ▪ Gain market power (especially pricing power) ▪ Gain access to know-how ▪ Pool resources to fund large capital intensive projects ▪ Gaining competitive advantage against competitors 10-Step Process in Strategic alliances  Step 1: Identify Potential Partners: Identify potential partners through Google searches, LinkedIn profiles, city information, and any other resources you have access. Choose partners that you can easily collaborate with and develop good connections.   Step 2: Research Potential Partners: Gather data and research your potential alliances. Your goal in this step is to support your position that a strategic alliance with this firm will be mutually beneficial.  Step 3: Make the First Call: Contact your selected alliance prospects and schedule an appointment to discuss opportunities for working together.  Step 4: The First Meeting: Talk about the potential alliance , share the information you gathered earlier about your mutual niche market , provide specific details regarding expectations and evaluate and gain a better understanding of your potential alliance and make a mutual decision.  Step 5: Identify Specific Opportunities: Brainstorm about every opportunity to work together. Focus on core interests and business themes you have in common. Discuss objectives, obstacles, and expectations for your future relationship. Determine what your alliance should accomplish over the next 12 months.  Step 6: Establish Revenue/Profit Goals: Determine ideal and minimum revenue and/or profit goals for your alliance.  Step 7: Develop an Agenda: Create an agenda that includes any event or campaign you plan to execute with your strategic alliance over the next 12 months. Identify the goal for each item, the strategy you will use to obtain results, when the event will take place, and who will be responsible for implementation.  Step 8: Present the Plan: Schedule a meeting with your potential alliance to present your plan. Review your opportunities, strategy, and the specific steps you will take to reach your goal.  Step 9: Commitment and Implementation: Upon mutual agreement, make a commitment and implement your plan. Identify team members who will act as a point person to ensure implementation takes place as scheduled.  Step 10: Analyze and Follow Up: Continually refer back to your alliance plan to monitor and celebrate successes and make changes when you find something isn’t working. Strategic alliances in pharma companies and biotechnology companies Strategic alliances are an important area for improving pharma R&D and bringing medicines to patients. There are huge pressures facing pharma now, such as increasing costs and development times. Strategic alliance is one of the ways by which R&D can be fixed, so as to speed up the delivery of novel medicines to patients. A partnership between a pharma and a biotech or another pharma is formed to codevelop a compound. Pharma companies and biotechs bring complementary strengths to their strategic alliances. Biotechs are set up to pursue programs with a high degree of risk. They bring innovative approaches to diseases and conditions and, ultimately, offer pharma the opportunity to add to its pipeline. Pharma companies typically form strategic alliances with biotechs when there is some validation of the biotechs’ programs in their areas of interest. Conclusion: In the nutshell, Strategic Alliances helps both the entities in agreement to gain/leverage from the expertise possessed by another one. Since it does not necessitate the creation of a new entity, both the entities can continue to undertake their core activity independent of SA. Entering right kind of SA reduces the costs and in a way enhances the shareholders’ value.  ADVERTISING AND SALES PROMOTION Advertising is one of the element of the promotion mix, but it is often considered prominent in the overall marketing mix design. Promotion may be defined as “the co-ordination of all seller initiated efforts to set up channels of information and persuasion to facilitate the scale of a good or service.” Promotion is most often intended to be a supporting component in a marketing mix. Promotion decision must be integrated and co- ordinated with the rest of the marketing mix, particularly product/brand decisions, so that it may effectively support an entire marketing mix strategy. The promotion mix consists of four basic elements. They are:- 1. Advertising 2. Personal Selling 3. Sales Promotion, and 4. Publicity 1. Advertising is the dissemination of information by non-personal means through paid media where the source is the sponsoring organization 2. Personal selling is the dissemination of information by non-personal methods, like face-to-face, contacts between audience and employees of the sponsoring organization. The source of information is the sponsoring organization. 3. Sales promotion is the dissemination of information through a wide variety of activities other than personal selling, advertising and publicity which stimulate consumer purchasing and dealer effectiveness. 4. Publicity is the disseminating of information by personal or non-personal means and is not directly paid by the organization and the organization is not the source. DEFINITION OF ADVERTISING The word advertising originates from a Latin word advertise, which means to turn to. The dictionary meaning of the term is “to give public notice or to announce publicly”. Advertising may be defined as the process of buying sponsor-identified media space or time in order to promote a product or an idea. The American Marketing Association, Chicago, has defined advertising as “any form of non-personal presentation or promotion of ideas, goods or services, by an identified sponsor.” It is a commercial communication because it is used to help assure the advertiser of a long business life with profitable sales. Advertising can be economical, for it reaches large groups of people. This keeps the cost per message low. The communication is speedy, permitting an advertiser to speak to millions of buyers in a matter of a few hours. Advertising is identified communication. The advertiser signs his name to his advertisement for the purpose of publicizing his identity. What is Included in Advertising? (i) The information in an advertisement should benefit the buyers. It should give them a more satisfactory expenditure of their rupees. (ii) It should suggest better solutions to their problems. (iii) The content of the advertisement is within the control of the advertiser, not the medium. (iv) Advertising without persuasion is ineffective. The advertisement that fails to influence anyone, either immediately or in the future, is a waste of money. (v) The function of advertising is to increase the profitable sales volume. That is, advertising expenses should not increase disproportionately. Advertising includes the following forms of messages: The messages carried in Newspapers and magazines; On radio and television broadcasts; Circular of all kinds, (whether distributed by mail, by person,thorough tradesmen, or by inserts in packages); Dealer help materials, Window display and counter – display materials and efforts; Store signs, motion pictures used for advertising, Novelties bearing advertising messages and Signature of the advertiser, Label stags and other literature accompanying the merchandise. Advertising Objectives: Each advertisement is a specific communication that must be effective, not just for one customer, but for many target buyers. This means that specific objectives should be set for each particular advertisement campaign. Advertising is a form of promotion and like a promotion; the objectives of advertising should be specific. This requires that the target consumers should be specifically identified and that the effect which advertising is intended to have upon the consumer should be clearly indicated. The objectives of advertising were traditionally stated in terms of direct sales. Now, it is to view advertising as having communication objectives that seek to inform persuade and remind potential customers of the worth of the product. Advertising seeks to condition the consumer so that he/she may have a favourable reaction to the promotional message. Advertising objectives serve as guidelines for the planning and implementation of the entire advertising programme. The basic objectives of an advertising programme may be listed as below: (i) To stimulate sales amongst present, former and future consumers. It involves a decision regarding the media, e.g., TV rather than print ; (ii) To communicate with consumers. This involves decision regarding copy ; (iii) To retain the loyalty of present and former consumers. Advertising may be used to reassure buyers that they have made the best purchase, thus building loyalty to the brand name or the firm. (iv) To increase support. Advertising impliedly bolsters the morale of the sales force and of distributors, wholesalers, and retailers, ; it thus contributes to enthusiasts and confidence attitude in the organizational. (v) To project an image. Advertising is used to promote an overall image of respect and trust for an organization. This message is aimed not only at consumers, but also at the government, shareholders, and the general public. Importance of Advertising: Generally, advertising is a relatively low-cost method of conveying selling messages to numerous prospective customers. It can secure leads for salesmen and middlemen by convincing readers to request more information and by identifying outlets handling the product. It can force middlemen to stock the product by building consumer interest. It can help train dealers salesmen in product uses and applications. It can build dealer and consumer confidence in the company and its products by building familiarity. Advertising is to stimulate market demand. While sometimes advertising alone may succeed in achieving buyer acceptance, preference, or even demand for the product, it is seldom solely relied upon. Advertising is efficiently used with at least one other sales method, such as personal selling or point-of- purchase display, to directly move customers to buying action. Advertising has become increasingly important to business enterprises – both large and small. Outlay on advertising certainly is the voucher. Non-business enterprises have also recognized the importance of advertising. The attempt by army recruitment is bases on a substantial advertising campaign, stressing the advantages of a military career. The health department popularizes family planning through advertising Labour organizations have also used advertising to make their viewpoints known to the public at large. Advertising assumes real economic importance too. Advertising strategies that increase the number of units sold stimulate economies in the production process. The production cost per unit of output is lowered. It in turn leads to lower prices. Lower consumer prices then allow these products to become available to more people. Similarly, the price of newspapers, professional sports, radio and TV programmes, and the like might be prohibitive without advertising. In short, advertising pays for many of the enjoyable entertainment and educational aspects of contemporary life. Advertising has become an important factor in the campaigns to achieve such societal-oriented objectives such as the discontinuance of smoking, family planning, physical fitness, and the elimination of drug abuse. Though in India, advertising was accepted as a potent and recognized means of promotion only 25 years ago, its growing productive capacity and output necessitates the finding of consumers and advertising plays an important role in this process. Advertising helps to increase mass marketing while helping the consumer to choose from amongst the variety of products offered for his selection. In India, advertising as a profession is in its infancy. Because of this fact, there is a tremendous scope for development so that it may be productively used for the benefit of producers, traders, consumers, and the country’s economy. Types of Advertising: Commercial advertising is a form of communication with the intention of promoting the sale of a particular product attached to a brand. Branding is an essential aspect of commercial advertising. It is used to distinguish a product from other similar products in the market. Advertising takes place in the form of print as well as electronic media. Print advertisements are static while electronic media advertisements often take the form of a story or incident depicted in a short timeframe. The intention is to highlight the utility of the brand as well as the values associated with its use. Modern day advertising involves endorsement by celebrities as well. If you see a beautiful model holding a particular brand of perfume and saying how much she loves it; or an athlete bragging about the benefits of a certain brand of shoes; or an adorable child asking for a specific kind of toy, those are commercial advertisements. Their job is to persuade you to purchase the product. Non-commercial advertising is sponsored by or for a charitable institution or civic group or religious or political organization. Many noncommercial advertisements seek money and placed in the hope of raising funds. Others hope to change consumer behavior. So the main goals of noncommercial advertising are: Stimulate inquires for information Popularize social cause Change activity habits Decrease waste of resources Communicate political viewpoint Improve public attitude Remind people to give again. So called word-of-mouth advertising is a person to person communication that is perceived as being noncommercial, concerning goods or services: it is face-to-face product related communications between and among the friends, relatives and others. Because it is noncommercial, it is usually seen as being an unbiased source of information. Concept of primary demand & selective demand advertising: Primary demand is when an advertising message's objective is to drive interest in a product category or type of product as opposed to focusing on a specific brand. When primary demand advertising is presented, the message generally discusses the benefits of using the general product without focusing on the particular benefits offered by one brand's product against a competitor's. Primary demand typically occurs less often that selective demand advertising. This is because companies typically pay for advertising to sell their own brands. Primary demand usually occurs in a few specific situations. One is when a new or innovative product is first introduced to the market. Rather than focusing a message on brand differentiation, the advertiser focuses on informing the market about what the new product does. Another common scenario that leads to primary demand is when associations made up of industry members collaborate to generate interest for the product category. This is often done when industries are struggling, such as the "Got Milk?" or "Pork, the Other White Meat" campaigns. The major purpose of primary demand ads is either to inform customers about a brand new product or technology that they are unfamiliar with, or to persuade customers that they haven't recognized the benefits of a given product. Primary demand ads are commonly paid for by industry associations made up of a number of top providers in a category. These companies recognize that for any of them to achieve individual success, the industry and products must be valuable to customers. A primary demand ad has as its purpose the promotion of a particular product category rather than a specific brand. For example, "Got Milk" ads are advertising and promoting the consumption of milk, but not specifying which brand of milk to purchase. Primary demand means the advertising campaign intends to drive interest in the product versus a particular brand. Associations often pool resources to generate interest when they collectively struggle. The "Got Milk?" campaign, for instance, was used to cause people to drink more milk as a habit. Another common purpose of primary demand stimulation is to introduce an entirely new product category by providing customers with basic information of what the product does. Primary demand is advertising intended to drive interest to the general product category. Example: Introduction of VCR to the consumer market in 1970.With a product totally new to the market consumers need to convince that the product category itself is valuable and indeed available for sale. Selective Demand Advertising: Advertising that promotes a particular manufacturer's brand as opposed to generic brands. Selective demand essentially means the advertiser is trying to persuade the target audience to select its brand over alternatives. It does this by using brand messages that distinguish the company's products or services from others based on unique benefits or features. Typically, you can identify selective demand advertising by looking at the content of the message. If it is centered on a specific brand and its benefits, selective demand is the objective. Companies use a variety of strategies to depict selective demand. Some use benefit positioning, where they showcase the specific benefits of their product that are unique in the market. Others use competitive positioning where they state how their products are better or distinct from those offered by competitors. Another positioning alternative is user positioning. This is where the brand focuses on matching its benefits to the needs of a particular type of user. Classified advertising is a form of advertising which is particularly common in newspapers, online and other periodicals which may be sold or distributed free of charge. Advertisements in a newspaper are typically short, as they are charged for by the line, and one newspaper column wide. Publications printing news or other information often have sections of classified advertisements; there are also publications which contain only advertisements. The advertisements are grouped into categories or classes such as "for sale— telephones", "wanted—kitchen appliances", and "services—plumbing", hence the term "classified". Classified advertisements are much cheaper than larger display advertisements used by businesses, and are mostly placed by private individuals with single items they wish to sell or buy. A short ad in a newspaper or magazine (usually in small print) and appearing along with other ads of the same type. Display advertising is a type of advertising that typically contains text (i.e., copy), logos, photographs or other images, location maps, and similar items. Common form of display advertising involves billboards, posters, fliers, transit card etc. In periodicals, display advertising can appear on the same page as, or on the page adjacent to general editorial content. In contrast, classified advertising generally appears in a distinct section, was traditionally text-only, and was available in a limited selection of typefaces. Display advertisements are not required to contain images, audio, or video: Textual advertisements are also used where text may be more appropriate or more effective. An example of textual advertisements is commercial messages sent to mobile device users, or email. Display advertising also appears on the Internet, as a form of online advertising. Display advertising appears on web pages in many forms, including web banners. Banner ad standards continue to evolve. Sales Promotion Sales promotion is one of the most loosely used terms in the marketing vocabulary. We define sales promotion as demand. Stimulating devices designed to 183 supplement advertising and facilitate personal selling. In other words, sales promotion signifies all those activities that supplement, co-ordinate and make the efforts of personal selling and advertising more effective. It is non recurrent in nature which means it can’t be used continuously. Concept of Sales Promotion: Sales promotion consists of diverse collection of incentive tools, mostly short- term designed to stimulate quicker and / or greater purchase of a particular product by consumers or the trade. Where as advertising offers a reason to buy, sales promotion offers an incentive to buy. Sales promotion includes tools for consumer promotion (for example samples, coupons, prizes, cash refund, warranties, demonstrations, contest); trade promotion (for example buying allowances, free goods, merchandise allowances, co-operative advertising, advertising and display allowances, dealer sales contests); and sales-force promotion (for example bonuses, contests, sales rallies). Sales promotion efforts are directed at final consumers and designed to motivate, persuade and remind them of the goods and receives that are offered. Sales persons adopt several techniques for sales promotion. Creative sales promotion can be very effective. It is the marketing manager‟s responsibility to specify promotion objectives and policies. Definitions of Sales Promotion: According to American Marketing Association “ Those marketing activities other than personal selling advertising and publicity that stimulate consumer purchasing and dealer effectiveness such as display shows and exhibitions, demonstrations and various non-recurrent selling efforts not in the ordinary routine.” W.J. Stanton defines sales promotion as all those activities other than advertising, personal selling, public relations and publicity that are intended to stimulate customer demand and improve the marketing performance of sellers. Purpose of sales Promotion: Sales promotion tools vary in their specific objectives. A free sample stimulates consumer trial, while a free management advisory service cements a long-term relationship with a retailer. From the marketer‟s perspective, sales promotion serves three essential roles it informs, persuades and reminds prospective and current customers and other selected audiences about a company and its products. The relative importance of those roles varies according to the circumstances faced by a firm. The most useful product or brand will be a failure if no one knows it is available! Because distribution channels are often long, a product may pass through many lands between a producer and consumers. Therefore, a producer must inform middlemen as well as the ultimate consumers or business users about the product. Wholesalers, in turn must inform retailers and retailers must inform consumers. As the number of potential customers grows and the geographic dimensions of a market expand, the problems and costs of informing the market increase. Another purpose of sales promotion is persuasion. The intense competition among different industries, puts tremendous pressure on the promotional programmes of sellers. In India, even a product designed to satisfy a basic physiological need requires strong persuasive promotion, because consumers have many alternatives to choose from. In the case of luxury product, for which sales depend on the ability to convince consumers that the products benefits exceed those of other luxuries, persuasion is even more important. Consumers also must be reminded about a product‟s availability and its potential to satisfy. sellers bombard the market place units hundreds of messages every day in the hope of attracting new consumers and establishing markets for new products. Given the intense competition for consumers‟ attention, even an established firm must constantly remind people about its brand to retain a place in their minds. Much of a firm‟s sales promotion may be intended simply to offset competitors marketing activity by keeping its brand in front of the market. The basic objectives of sales promotion are: i) To introduce new products: To induce buyers to purchase a new product, free samples may be distributed or money and merchandise allowance may be offered to business to stock and sell the product. i) To attract new customers: New customers may be attracted through issue of free samples, premiums, contests and similar devices. iii) To induce present customers to buy more: Present customers may be induced to buy more by knowing more about a product, its ingredients and uses. iv) To help firm remain competitive: Sales promotions may be undertaken to meet competition from a firm. v) To increase sales in off season: Buyers may be encouraged to use the product in off seasons by showing them the variety of uses of the product. vi) To increase the inventories of business buyer: Retailers may be induced to keep in stock more units of a product so that more sales can be affected. Market assessment A market assessment is an analysis, which allows you to determine how suitable a particular market is for your industry. The market analysis can be used to evaluate the current market, or look at new markets. Whether you are a startup, looking to expand, or reevaluating your current market, a market analysis helps you to identify the attractiveness of a market. It also detects current and future risks of operating in that location. Market analysis provides you with a well-rounded picture of the markets you are interested in operating in. Market assessment is a detailed and objective evaluation of the potential of a new product, new business idea or new investment. It is a comprehensive analysis of environment forces, market trends, entry barriers, competition, risks, opportunities and the company’s resources and constraints. Whether you are thinking of venturing into a new market or launching a new product, conducting a marketing assessment is the crucial first step in determining if there is a need or a potential customer base for your product. A well executed market assessment will enable your company to decide where to use limited resources and to go after markets and opportunities that will provide the best returns on investments. Failure to conduct proper market assessment could result in wastage of resources, missed opportunities, poor returns on investments and even substantial financial losses which could be detrimental to the future of your company. How to conduct market assessment? An assessment of the market should be done in a systematic manner. The process can be broken down into the following steps. 1. Understand market conditions: Gather basic information about your intended market – size, competition, potential customers and income levels. You will also need information about the business environment – political, economic, social and technological. 2. Identify market risks and opportunities: Gather more targeted information about potential risks or opportunities in the potential market. Other information required includes data on market growth, trends, opportunities, risks and key players in the market. 3. Analyze the overall picture: You need to put together all the information you have collected and determine if your business venture is still viable. Once you are confident that you should proceed with the venture, you can start developing your marketing plan. A complete market assessment is a cornerstone of a successful marketing and advertising campaign. All too often companies neglect performing a thorough market analysis and are left to the bleak alternative of guesswork. Market analysis provides an analytical approach to answering some of your companies most difficult questions: · Who are our customers? · How competitive is the current market landscape? · How risky is entering this market? · How efficient are our branding efforts? Most businesses start on a hunch that a product or service could sell or be beneficial to someone. That may have been enough to launch your idea off the ground, but in order to keep your business thriving, it’s important you get accurate and concise answers to these questions. What is market assessment? A market assessment is a qualitative and quantitative evaluation of the external market and your internal resources. Thorough market analysis adequately assesses opportunity, value, risk, customer purchasing behavior, competition and economic entry barriers and regulations. Significance of Market assessment A marketing analysis does not tell you exactly how you should run your marketing campaign or position your company’s brand. However, it provides analytical insight that allows you to steer your company and brand around barriers or obstacles that could have impeded or completely halted your company’s progression. There are top 3 reasons as to why market analysis is important. 1. Market assessment puts Your Customer First Market analysis allows you to optimize your service or product for the job your consumer is hiring it to do. 2. Market assessment Forces Companies to Look Inward Market analysis forces companies to look inward and ask, “Why would consumers come to us?” Market analysis forces companies to consider how their product makes their consumer feel and to what degree that feeling is driving the purchase decision. 3. Market assessment helps determine Your Unique Sales Proposition Though they are not always semantically agreed upon, there are five ways a company can differentiate their product or service in order to make it appealing to customers. Market analysis enables you to determine which of these methods of differentiation would be the most effective way to enter the market. 1. Brand- Companies differentiate themselves by brand by standing for something or associating their brand with a cause. 2. Product- Companies differentiate themselves by product by positioning themselves as the highest quality product on the market. 3. Service- Companies differentiate themselves by service by offering a one-of-a-kind experience for their customer; this is typically done by showing exceptional customer service. 4. Price- Companies differentiate themselves by price by positioning themselves as the most affordable or even the most expensive. 5. Audience- Companies differentiate themselves by audience by branding their product or services to specifically aid or benefit a certain group or type of person. Primary purpose of conducting market research is to understand or examine the market associated with a particular product or service, to decide how the audience will react to a product or service. The information obtained from conducting market research can be used to tailor marketing/ advertising activities or to determine what are the feature priorities/service requirement (if any) of consumers. Market research provides relevant data to help solve marketing challenges that a business will most likely face. The most important task of a marketer is to get the right product at the right place with the right price to the right person. Besides, it was also necessary to go back and find whether consumer is getting optimum satisfaction, so that consumer remain ns loyal. These aspects made it imperative for the marketers to conduct marketing research. The following points explain the need for and importance of marketing research: 1. Identifying problem and opportunities in the market: It helps in identifying new market opportunities for existing and new products. It provides information on market share, nature of competition, customer satisfaction levels, sales performances and channel of distribution. This helps the firms is solving problems. 2. Formulating market strategies: Today, markets are no more local. They have become global. Manufactures find it difficult to contact customers and control distribution channels. Competition is equally severe. The consumer needs are difficult to predict. Market segmentation is a complicated task in such wide markets. The marketing intelligence provided through marketing research not only helps in framing but also in implementing the market strategies. 3. Determining consumer needs and wants: Marketing has become customer-centric. However, large-scale production needs intermediaries for mass distribution. Due to prevalence of multi channels of distribution, there is an information gap. Marketing research helps in collecting information on consumers from structured distribution research and helps in making marketing customer oriented. 4. For effective communication mix: In an era of micro- rather than mass-marketing, communication plays a vital role. Marketing research uses promotional research to study media mix, advertising effectiveness and integrated communication tools. Research on such aspects will help in promoting effectively a company’s product in the market. 5. Improving selling activities: Marketing research is used to analyse and evaluate performances of a company within a market. It also studies effectiveness of a sales force. It helps in identify- ing sales territories. Such information helps the companies in identifying areas of shortcoming in sales. It also examines alternative methods for distribution of goods. 6. To facilitate smooth introduction of new products: Marketing research helps in testing the new products in one or two markets on a small scale. This helps in finding out consumer response to new product and develops a suitable marketing mix. It reveals the problems of the customers regarding new products. Thus, it controls the risk involved in introducing a new product. 7. Determine export potentials: The development in transport and communication has helped in globalization and digitalization of world trade. This has helped in boosting the growth of international markets. Marketing research helps in conducting market survey for export. It. collects information on marketing environment prevailing in a country. By collecting data on consumers from different countries, it indicates export potentials. 8. Managerial decision-making: Marketing research plays a vital role in the decision-making processes by supplying relevant, up-to-date and accurate data to the decision-makers. Managers need up-to-date information to access customer needs and wants, market situation, technological change and extent of competition. Types of Market Research- Desk and Field Research Market research is about gathering information to help you make better decisions. Information can be in the form of numbers and statistics – quantitative - or can be based on attitudes and opinions - qualitative. The type of information you want will depend on the questions you want answers to. There are 2 main ways to gather information. The first is primary research, which you conduct yourself, and the second is secondary or desk research, which is information that has already been published. Secondary (Desk) Research Desk Research is where you collect and analyse information that already exists but has not already been collected together. This information can be found in a variety of informative sources such as the yellow pages. As well as understanding the market, company can also use desk research to examine factors inside the business, such as sales figures and financial records. Secondary research is using information that has already been collected and published by someone else. This is why it is often known as Desk Research. Secondary research is a great place to start. There is a mass of information available, covering market size, market trends, consumer spending patterns and market growth predictions. But take care, with so much information available you need to be clear about what you want and plan where you are going to search. Sources of information Here are some of the wide range of sources you can consider. Many of these sources are free, but be aware that there can be a cost for some of these reports. Often if there is a charge, you can access an initial synopsis of the information free-of-charge. Google, other search engines and Social Media Your local business reference library Company and trade information is available from Companies House And directories or search for Business Directories online Primary (Field) Research Field research refers to gathering primary data from a natural environment without doing a lab experiment or a survey. It is a research method suited to an interpretive framework rather than to the scientific method. To conduct field research, the sociologist must be willing to step into new environments and observe, participate, or experience those worlds. Primary research is research that you can do yourself, gathering data first hand from customers or competitors. This is why it is often referred to as Field Research. This is about filling the gaps in the information you have gathered and finding out what your potential customers think about the market you are operating in, your products or services and those of your competitors. You can use surveys and questionnaires to establish numerical information. For example, 36% of your target audience think this or think that. You can observe what people actually do or how they react to a product – rather than what they say they will do. Focus groups and in-depth interviews can be used to get more detailed information about attitudes and what people think about your products and services. Surveys and questionnaires This is one of the most useful and cost-effective tools available for finding out what potential customers think about your products and services. Here are some tips for creating surveys and questionnaires: keep the survey short avoid jargon or language that your respondents are unlikely to understand arrange questions in a logical order, starting with easy-to-answer questions be careful not to ask leading questions, that is, questions that can lead respondents to give a particular answer use a variety of different styles of questions. Here are examples of some of the styles of question you could consider: Closed questions require a ‘Yes’ or ‘No’ answer and give you facts. For example, ‘Do you buy this sort of product?’ Open questions invite a longer answer and are used to get more information or to find out what the respondent thinks about something. For example, ‘Why is it this (particular feature of this product) is important to you?’ Multiple choice questions are used when you want to direct respondents to select one answer from a range of alternatives. Methodology of Market research While there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus groups, personal interviews, observation, and field trials. The type of data you need and how much money you’re willing to spend will determine which techniques you choose for your business. 1. Surveys. With concise and straightforward questionnaires, you can analyze a sample group that represents your target market. The larger the sample, the more reliable your results will be. In-person surveys are one-on-one interviews typically conducted in high-traffic locations such as shopping malls. They allow you to present people with samples of products, packaging, or advertising and gather immediate feedback. In-person surveys can generate response rates of more than 90 percent, but they are costly. With the time and labor involved, the tab for an in- person survey can run as high as $100 per interview. Telephone surveys are less expensive than in-person surveys, but costlier than mail. However, due to consumer resistance to relentless telemarketing, convincing people to participate in phone  surveys has grown increasingly difficult. Telephone surveys generally yield response rates of 50 to 60 percent. Mail surveys are a relatively inexpensive way to reach a broad audience. They’re much cheaper than in-person and phone surveys, but they only generate response rates of 3 percent to 15 percent. Despite the low return, mail surveys remain a cost-effective choice for small businesses. Online surveys usually generate unpredictable response rates and unreliable data, because you have no control over the pool of respondents. But an online survey is a simple, inexpensive way to collect anecdotal evidence and gather customer opinions and preferences. 2. Focus groups. In focus groups, a moderator uses a scripted series of questions or topics to lead a discussion among a group of people. These sessions take place at neutral locations, usually at facilities with videotaping equipment and an observation room with one-way mirrors. A focus group usually lasts one to two hours, and it takes at least three groups to get balanced results. 3. Personal interviews. Like focus groups, personal interviews include unstructured, open-ended questions. They usually last for about an hour and are typically recorded. Focus groups and personal interviews provide more subjective data than surveys. The results are not statistically reliable, which means that they usually don’t represent a large enough segment of the population. Nevertheless, focus groups and interviews yield valuable insights into customer attitudes and are excellent ways to uncover issues related to new products or service development. 4. Observation. Individual responses to surveys and focus groups are sometimes at odds with people’s actual behavior. When you observe consumers in action by videotaping them in stores, at work, or at home, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns. 5. Field trials. Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product modifications, adjust prices, or improve packaging. Small business owners should try to establish rapport with local store owners and Web sites that can help them test their products. Cost of Market research There are a number of key benefits to conducting marketing research. These benefits are largely centered around the information companies can obtain from phone and mail surveys, or focus group interviews. The downside is that marketing research can be expensive. Marketing research agencies usually charge companies for questionnaire design, interviewing, tabulating results and final reports. Small businesses must weigh the benefits of receiving marketing research data against the costs of conducting it. Costs: Focus groups usually cost about $6,000 for an eight-person group, according to market research company CSR. This cost is based on a 90-minute session, allowing each person, including the moderator or interviewer, to talk for 10 minutes. Focus groups are usually conducted at facilities that provide one-way mirrors. This can lower the intimidation factor among participants, as company managers are out of view. Personal interviews are nearly as expensive as focus groups, at $325 per person, according to CSR. The cost for completing 200 phone surveys can vary between $5,000 and $15,000, according to Hosted Survey, another marketing research company. A lot depends on the length of the questionnaire. Mail surveys cost between $5,000 and $7,000. Moreover, most marketing research agencies charge their clients several hundred dollars for analysis and report writing. Advantages of marketing research: Identifying Opportunities: A benefit of marketing research is that it allows companies to identify opportunities in the marketplace. An owner of a small Mexican restaurant may want to determine how interested consumers are in the types of foods he plans to offer, for example. He may be able to identify several key areas for expansion by conducting marketing research surveys. He may also discover through surveys that local grocery stores want to stock some of his menu items. Minimizing Risk: Another benefit of marketing research is that it minimizes the risk of certain business decisions. Small companies often use marketing research to predict how well their products will sell regionally or nationally. They may actually test market their products in several areas to track sales and profits. Test markets may include various marketing and advertising promotions. A company that discovers the marketplace is saturated with similar products minimizes its risk through marketing research; without the research, it would have spent a lot more money rolling the product out full scale, only to have it fail. Evaluating Success: Small businesses can also use marketing research to evaluate their success. Consumer products companies often conduct research to ensure that customers are happy with their products. Similarly, a business owner may want to know how well customers in a certain target group like her products. Hence, she may conduct phone surveys among 35- to 54-year-olds, her key target customer, to determine their product satisfaction level. Business owners often use marketing research to evaluate specific attribute ratings, including how customers rate their product quality, service and professionalism. International Marketing Research International Market Research is a particular discipline of Market Research, focusing on certain geographical areas. International environment is changing readily and all these changes present organization with opportunities as well as challenges. These changes include rapid progression in the advance technology, international investment trade, growth in international capital and also in customer's preferences. All these changes influence on business to change or expand these international strategies, polices, and tactics. Why is International Market Research so important? International Market Research shall identify new business opportunities and help assure a so-called area strategy which defines which geographical hemisphere needs to be covered. Generelly, market research intends to provide new ideas, comparisons, and control information for marketing deciders. These deciders are found not only in Marketing and Sales, Import and Export positions, but also in New Business Development, in a Strategy staff, in Corporate Planning departments and of course, within top management. International Market Research provides an information base for strategic decisions. Here, competitive information needs to be available early, fastly, and with the right filter. Importance and Scope of International Marketing Research. International marketing research plays an important role to understand the consumer behaviour. The main objective of international marketing research is to understand the consumers demands and consumers behaviour and then translates their behaviours into the markets strategies. In this modern century the international market s consumers have lots of choices due to growth of market research and internet communication development. In order to organization has been responsible to maintain their approaches to enhance the markets strategies in a way of targets markets. In the other hands if the company has no ability to seek the consumer's behaviour on the international level so the company should be lost its consumer market. In this condition company also faces lots of challenges which have been appear due lack of international market research. International market research is an essential for developing strategy in readily changing global marketplace. The author said that these tools help to positioning new products, avoiding product formulations errors, accurately considerate the cultural differences classify relevant promotion messages, being an apprehensive approach of geographical differences, assess the language and translations challenges. Information needs for international market entry includes micro issues (for instance product and services sales potential, market growth rate and completive intensity) and macro issues e.g. (Political, legal and regulatory environment of each international country). Information which involves evaluating and integrating data previously collected to examine changes in international environment. Information on issues which surround tactics in developing the appropriate marketing mix. Difference Between Domestic and International Marketing Marketing is defined as the set of activities which are undertaken by the companies to provide satisfaction to the customers through value addition and making good relations with them, to increase their brand value. It identifies and converts needs into products and services, so as to satisfy their wants. There are two types of marketing namely, domestic and international marketing. Domestic marketing is when commercialization of goods and services are limited to the home country only. On the other hand, International marketing, as the name suggests, is the type of marketing which is stretched across several countries in the world, i.e. the marketing of products and services is done globally. In this article excerpt you can find the difference between domestic and international marketing in detail.  BASIS FOR DOMESTIC MARKETING INTERNATIONAL MARKETING COMPARISON Meaning Domestic marketing refers International marketing means the activities to marketing within the of production, promotion, distribution, geographical boundaries of advertisement and selling are extend over the the nation. geographical limits of the country. Area served Small Large Government Less Comparatively high interference Business In a single country More than one country operation Use of Limited Sharing and use of latest technology. technology Risk factor Low Very high Capital Less Huge requirement Nature of Almost same Variation in customer tastes and preferences. customers Research Required but not to a very Deep research of the market is required high level. because of less knowledge about the foreign markets. Domestic Marketing: Domestic Marketing refers to the marketing activities employed on a national scale. Marketing strategies were undertaken to cater customers of a small area, generally within the local limits of a country. It serves and influences the customers of a specific country only. Domestic Marketing enjoys a number of privileges like easy to access data, fewer communication barriers, deep knowledge about consumer demand, preferences and taste, knowledge about market trends, less competition, one set of economic, social & political issues, etc. However, due to the limited market size, the growth is also limited. International Marketing: International Marketing is when the marketing practices are adopted to cater the global market. Normally, the companies start their business in the home country, after achieving the success they proceed their business to another level and become a transnational company, where they seek to enter in the market of several countries. So, the company must be known about the rules and regulations of that country. International marketing enjoys no boundaries, keeping the focus on the worldwide customers. However, some disadvantages are also associated with it, like the challenges it faces on the path of expansion and globalisation. Some of which are socio-cultural differences, changes in foreign currency, language barriers, differences in buying habits of customers, setting and international price for the product and so on. Key Differences Between Domestic and International Marketing The significant differences between domestic and international marketing are explained below: 1. The activities of production, promotion, advertising, distribution, selling and customer satisfaction within one’s own country is known as Domestic marketing. International marketing is when the marketing activities are undertaken at the international level. 2. Domestic marketing caters a small area, whereas International marketing covers a large area. 3. In domestic marketing, there is less government influence as compared to the international marketing because the company has to deal with rules and regulations of numerous countries. 4. In domestic marketing, business operations are done in one country only. On the other hand, in international marketing, the business operations conducted in multiple countries. 5. In international marketing, there is an advantage that the business organisation can have access to the latest technology of several countries which is absent in case domestic countries. 6. The risk involved and challenges in case of international marketing are very high due to some factors like socio-cultural differences, exchange rates, setting an international price for the product and so on. The risk factor and challenges are comparatively less in the case of domestic marketing. 7. International marketing requires huge capital investment, but domestic marketing requires less investment for acquiring resources. 8. In domestic marketing, the executives face less problem while dealing with the people because of similar nature. However, in the case of international marketing, it is quite difficult to deal with customers of different tastes, habits, preferences, segments, etc. 9. International marketing seeks deep research on the foreign market due to lack of familiarity, which is just opposite in the case of domestic marketing, where a small survey will prove helpful to know the market conditions. Entrepreneurship opportunities in Biotechnology: Biotechnology in the last decades presents great profits in the Industrial Aspects. Therefore the application of it can contribute to improve current products, to expand the range of innovative and unrivaled segments, and to control the Quality and Safety of the Products. In short, Biotechnology can provide powerful tools to improve the competitiveness and, ultimately, the Profitability of a given company. Developing business in this sector is a task that fundamentally requires Innovation to respond to New Market Needs and to face increasingly Globalized Competition. Faced with the great challenge of facing the situation of World Globalization it is necessary to establish methods that strengthen Small And Medium-Sized Enterprises, taking as a good option the implementation of a technology that has reached great boom today as is biotechnology. Best Biotechnology Business Ideas: A Full-Fledged Agri Clinic: It provides various Agriculture Related Services. Some of the most profitable opportunities are soil testing, seed processing, fish hatchery, tissue culture, etc. You can establish an Agri clinic based on your knowledge, expertise, and local market demand, to provide the services to the local farmers. Food Processing: Biotechnology has an immense impact on the modern Food Processing Industry. Usually, food processing industries use GM plants and animals to enhance taste, shelf life, nutrition, and quality of food. On the other hand, GM yeast and Bacteria are used to produce enzymes for the sake of the food industry. So, it opens a wide range of business opportunities for the aspiring biotechnologist for starting a business in the food processing industry. Bio-Fibers Production: Due to their safety, Low Production Costs, and biodegradability these fibers are Getting Immense Popularity these days. There are several ways you can produce this type of plastic. Tissue Culture: The demand for tissue cultured plantlets is Growing Rapidly. Major consumers of tissue culture-raised plants includes, the State Agriculture Department, Agri Export Zones (AEZs), State agencies such as the Spice Board, sugar industry, and private farmers. Medical Devices: Intended for use in diagnosing, preventing, or treating a disease or used to affect the function or structure of the body this field has a broad range of products. And as technology upgrades, several New Products are coming every day. Bio fertilizers Production: For starting this business, you will need to have a well-equipped laboratory and a production unit for Commercial Production. Some of the most popular bio fertilizers are Rhizobium, Azotobacter, Azospirillum Phosphate solubilizing microorganisms (PSM), etc. Biodiesel Production: The Demand for biodiesel is Increasing very fast. Manufacturing technology of producing biodiesel is also available widely. According to industry experts, the global biofuel market will double over the next decades as it comes under the renewable energy segment. Seed Developing: Biotechnological tools greatly contribute to the production and supply of improved Quality Seed and planting material to Farmers Worldwide. Vaccine Production: Biotechnology has Immense Potential in developing and producing different Life-Saving Vaccines. If you have an educational background in microbiology and want to start a business, this can be a good opportunity for you. **************