Fame is not achieved overnight; it takes years of hard work, dedication, and a spirit of love. Great leaders have shown all the excellent quality that holds their success and made them famous in the business world. Such leaders set a perfect example for emerging entrepreneurs, aspiring entrepreneurs, and successful entrepreneurs to learn, grow, and succeed. Kent Scarborough, a talented Australian entrepreneur, talks about the challenges facing marketers. In his typical course, Kent Paul Scarborough, Former CEO and businessman say traders meet various challenges. These challenges negatively affect the efforts of their business and can lead to lower profits and investment. These challenges include; increased competition, lack of resources, increased tensions, and advanced digital media volume; Such are explained below.
Kent Scarborough says next this century retailers are facing increasing competition. As they try to reach new markets, they get exposed to rivals. Competitors may also include local people who offer the same product. Therefore, when traders want to reduce market competition, they need to choose only one country to face less competition. When they do, they will be able to expand and at the same time grow. Also, to reduce competition, they need to look for local partners who will grow in the local market because they already know its audience.
Lack of resources
Marketers heading into this century face the challenge of not having enough resources to cover the entire market. They do not have enough money to market their product. Also, resources are not enough to hire people to advertise their products. Therefore, for the market to solve the challenge of inadequate resources, they need to expand to one country at a time. They will have enough time and control to look at each market with enough attention if they do.
Advertisers heading into this and the next century face the challenge of marketing incompatibility. These advertisers are facing increasingly complex and rapidly changing markets beyond their control. Therefore, for marketers to cope with this challenge of marketing conflicts, they need to understand these changes and understand how to deal with them.
Advanced digital media
Kent Paul Scarborough Former CEO & Entrepreneur. Loves to create, start, and build businesses suggest that retailers moving to the next century face digital media’s growing challenge. Most people use digital media for marketing their products. To meet the challenge, marketers need to use these channels in their work to interact with customers.