Business Growth and Failure in Marketing
The aspiration of any entrepreneur is to start a business and witness its growth. Nevertheless, some businesses do not live to realize this goal. The concept of starting a business and maintaining the vibrancy of the business is inseparable. Other than rolling the blueprint for the business operation, the management of the business must design effective and successful marketing model in order to sustain the growth of the business. Evidently, the existence of any business depends on the relationship between the business and the target customers as well as internal factors such as management model. Arguing from this lens, the business growth depends on the ability of the management team to consolidate and use the available resources to market the products of the business efficiently. For instance, the management must identify the business target, use a marketing model that enhances the business vibrancy in the target market, and motivate the employees in order to improve production, as well as influence the consumers into buying the products of the business - not forgetting, developing a financial model that is friendly to the business. Thus, business growth borders on the ability of the business to strategic use the available resource to promote its objective and market its products in the target market successfully.
The concept of business growth and failure in marketing attract varied views from critics. Some critics argue that, in today's economy, the business can succeed if it harbors the knowledge of the current features of the market (Carson 209). This information is useful because it helps the business to evaluate its relationship with existing clients, potential consumers, and customers. The business has to gather information about the market changing needs and respond to such needs by capitalizing on the opportunities created by changes in the market. Moreover, the information would influence productivity, marketing strategy, as well as management processes.
Businesses compete to win a large market share or influence a target market into accepting the business product. Critics argue that the positioning of the business product would determine the ability of the business to edge into the competitive market as well winning a market share (Moller and Anttila 189). The service or product offered, and the package that comes with the product would influence the consumers as well as retain the customers of the business. In most cases, the customers of the business would not only consider the extent to which the business products meet their taste and preference, but also the treatment that it receives from the business. Thus, the sales and marketing team must demonstrate courtesy and concerns towards the consumers need if the business is to succeed. The skills of the staffs offering the products in the target market are a critical factor in retaining the customers of the business.
The growth of the business depends on the organization in its entirety. This include aspects such as policies, procures, structures, management model, financial model, and communication model and other aspects that influence the operation of the organization. The proponents of the strategic management model tend to measure the vibrancy of the business by evaluating the profit or loss made by the business (Moller and Anttila 189). However, the proponents of the business scorecard model tend to position the business activities towards achieving the desired results by involving every department within the business to achieve the desired results. In this sense, the choice of the management team of the business would define the success of the business. The financial, marketing, and management, and customer model employed by the management would dictate the number of clients that the business would get, consequently affecting success of the business (Carson 209).
The component of management that is instrumental to the business success is the management and the business employees. The good relationship between the management and the employees would lead to increased production. The energy and the skills dedicated by the employees would promote aspects such as innovation, good attitude the consumers as well as advising the management concerning the market trends and the consumers needs (Honjo 562). When the management team and the employees coordinate efficiently, the business will have a greater chance of growing. While the trends in the market influence success, the employees and management, can adjust to such needs if they coordinate efficiently. Critics agree that the concept of product positioning such as branding, product integration among other aspects depend on the information that the business gather from the market and apply in order to succeed (Honjo 558). Largely, business that fail often have management challenges, for example, management that is not sensitive to the market or the employees. The result of result of such association is the failure to meet the demands of the market.
The marketing model of the business is a critical element that influences the growth. The business may increase its revenue by developing a marketing model that is sensitive to the market aspects such as consumer demands, economic changes, technological changes, as well as environmental factors (Wind 867). Successful marketing model must address the concept of consumer demands in relation to the economic constraints facing the target market. The choice of the market is critical in defining the business success. Largely, before introducing a product in a given market, the business should identify factors that would influence the market into accepting or rejecting the same. The business should proceed by integrating the market in order to meet the varied requirements of the consumers. Arguably, some consumers are unable to buy a given quantity or quality of a product. Thus, positioning the product to meet the varied needs of consumers would influence the ability of the business to market its products effectively hence growth.
In conclusion, business growth is a multifaceted concept that depends on the organization in entirety, its ability to fit into the target market, the marketing model employed by the business as well as the relationship the business is building with the consumers. The organization policies, structures, procedures will define the approaches it employs in positioning its product in the market.
Carson, David. Issues which upon Marketing in the Small Firm. Small Business Economics, 2003, pp201-213 Print.
Moller, Kristian and Anttila, Mai. Marketing capability—A key success factor in small business? Journal of Marketing Management. 2010, pp185-203.
Honjo, Yuji. Business failure of new firms: an empirical analysis using a multiplicative hazards model. International Journal of Industrial Organization, 2000, Volume 18, Issue 4, Pages 557–574.
Wind, J. Yoram. Marketing as an engine of business growth: a cross-functional perspective. Journal of Business Research, 2005, Volume 58, Issue 7, Pages 863–873.