Business and Marketing – Behind the Scenes Part 4
Business and marketing though almost always used in conjunction, there are two complete different concepts with a subject on their own.
An idea or innovation whose time has come and at which can be commercially exploitable into a venture deriving revenue, can be modeled into a business. When there is a potential to convert a thought into a profitable model that is able to generate profits after all expenses is an investment worthy of business investment. The intricacies of a business are many and a careful strategy needs to be adopted before one can stick out their necks and have a risk appetite.
Marketing on the other hand is an activity that showcases what the business deals in. It is an activity that can create or destroy a business venture, depending on how market savvy and sensitive the business is all about.
Business and marketing have to run parallel to each other in order to achieve desired results and set target, all with the larger scheme of running a profitable business. Business is corollary to the marketing blitzkrieg activities undertaken to sustain a business. Marketing gurus like Philip Kotler and Tom Hopkins have epitomized the subject and showcased the significance of marketing in any venture.
Marketing undoubtedly is a very crucial and indispensable activity for any business. It involves drawing up a marketing strategy, planning the strategy, identifying the customer base in every effort to unleash the product in the market. Brand building is also an integral part of the marketing efforts. It is finally the brand that dictates the product sold, building customer loyalty, and creating a niche for itself in the market.
The business and marketing policies of a company should synchronize with the organization vision and mission statement. All other policies of the company should fall in line with the overall objective of achieving desired results. The business should appreciate that the marketing activity is as crucial in determining its success, as the absence of which is likely to head for a failure.
The result of a marketing activity is invaluable to the management of the business. Be it in a market research survey, an internet opinion poll, the number of hits on a website etc., are all too important indicators that would enable the management feel the pulse of the market, analyze the competition, understand further customer requirement, identify untapped market potential in locations where the product is not being sold.
The business in turn would use to indicators to make decision such as if the product or service needs to be further customized, whether expansion is a feasible option, closing a liaison office in locations where the business is not performing as expected, exploring potential international operations, revaluation the business model etc.,
In conclusion, that business can be run without marketing, it possibly can, but one cannot as much discount the fact that marketing adds that much needed impetus to any business startup or any new product or service to thrive and compete in a word reckless with Racket which reviews and lists Yonex Badminton Racquet as well, for safe summer fun and enjoyment.