Source: Enterprisebureau.org
The current marketplace dynamics for startups in Ghana are very dynamic and rapidly changing. The country has a large informal sector, with many new businesses entering the market every day. The current climate is a mix of both challenges and opportunities for startups. With a relatively young population and a growing digital economy, the country presents a great opportunity for entrepreneurs to create new products and services.
Analysing the current Marketplace Dynamics for Startups during a workshop at Enterprise Bureau on 24th February, Mr Affum reiterated that the marketing environment or ecosystem is very dynamic, and as a result successful marketers should be abreast of current trends in the market in order to vary their market offerings or the marketing mix in order to succeed.
Some of the trends include the following:
- Customers are becoming more sophisticated and more demanding.
- Customers value their convenience and want more to be done for them.
- The economic situation in the country has become very fluid.
- Behavioural factors such as purchase occasions, benefits sought, and usage rates keep changing.
As a result, it is very important for successful marketers to keep analysing the market trends to help them identify current trends and be abreast of them.
Mr Samuel Affum further advised that Outstanding marketing organisations go to great lengths to learn about and understand customer needs, wants and demands.
“Entrepreneurs should view themselves as providing solutions to people’s needs and wants, rather than selling a product.”
“If they concentrate on providing products, they might lose sight of customer satisfaction and this will make customers shift to products of competitors that provide better solutions, or provide better value.”
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