Marketing-Why your business cannot survive without it

Marketing- It’s a word that elicits excitement, opportunity, growth and prospects. For some who have no background in marketing and many other areas in their business to worry about, the challenge of marketing may appear daunting and costly. In this series I will simplify and convince you why your business cannot survive without it.
What is marketing?
So you are a dynamic entrepreneur or small business owner who has decided to take the plunge. You may have completed a first year business management course and recall something about the factors of production: natural resources, human resources, capital and entrepreneurship. You have started to think about your product, the need it satisfies to your potential buyers and how to make a profit. This is marketing. Marketing links production of your product with a specific market of potential buyers.

What does the term marketing mean? Many people think ‘marketing’ means ‘selling’, but there is a distinct difference between the two. Marketing is attracting the customers to give you the opportunity to sell and close the deal. The two go hand in hand.

Why is it important?

Now that you understand the meaning of the term marketing, why is it important to adopt a marketing orientation in your business and how can you implement this philosophy successfully? Marketing plays an important role in society, it is essential to businesses and it affects your life every day. The fundamental objectives of most companies are survival, profits and growth. Marketing contributes directly to achieving those objectives and is in fact seen as a key to profitability. European pharmaceutical companies could add up to 10% to their pre-tax profits by investing in marketing, according to studies conducted by Accenture. As Richard Branson puts it: “10% of my business is technology everything else is marketing.” If the purpose of your business is to create and keep your customers then you will agree with Coca Cola who says Marketing is what they do.

How can you implement marketing in your business successfully?

When you are not functioning at your best you call your doctor to advise you on a plan for the best course of treatment. A professional opinion and a lollipop usually does the trick. When sales in your business are not where you want them to be, you should be consulting with a professional who can advise on strategy put you in touch with best service providers and ensure you have a winning marketing formula for your business.


Next month: Marketing strategy- how to create a plan that is affective and affordable and will achieve company goals.