Business Growth and Failure, Marketing, Business Trends.
Every job and every career is one way or another, a form of business. Usually, a business engages itself in the trading of goods and services, or even both to its customers. Today’s world is credited with predominant businesses manifesting themselves in capitalistic economies. Majority of these businesses are privately managed and administered in the sole purpose of earning profits (Galbraith, 13). However, there exists businesses that are not aimed at making a profit and others are state owned. There are various forms of businesses governed by their jurisdiction. They may include partnerships, sole proprietors or co-operatives. Whichever the case, a business when formed has its mind set on a number of goals. There are formulated ethics and guidelines aimed at steering a business to success and achieving its goals. Therefore, the success or failure of a business is dependent on those guidelines.
One major reason why most businesses fail is due to the implementation of a poor business plan (Walsh, 5). A good business plan should highlight on all aspects of the business in question including business deices such as marketing, plans for promotion, sales, finance, in addition to a comprehensive cost breakdown and profit forecasts. Many businesses fail by ignoring to formulate a business plan and think that hard work and commitment will enable them to pull through. These businesses are therefore, unable to make sound decisions in crucial circumstances. Good business planning means considering all the aspects the business in question, and being ready to make intelligent decisions in case of a predicament (Burns, 6). It assists in focusing on the goals set and the vision of the business as well as laying out plans to achieve those goals.
Poor marketing strategies also pose as one of causes of business failure. A successful business will understand its customers’ requirements and work to meet them. Simply put, it must identify its client and understand their taste and preference. Failure to understand customers’ needs and desires will often lead to production of uncompetitive products with low demand. Even with brilliant advertisement maneuvers, sales promotion and hype, a poor product will surely make no sales. For a business to succeed, there is a need to master marketing and undertaking a full review of the marketing techniques utilized, to help identify the successful techniques for fine-tuning, and then doing away with the unsuccessful ones. This is usually enhanced by the development of repeatable sales process that has been tested and proven. Successful businesses develop pinpoint marketing strategies that focus on the target market creating awareness and sending the right message to their clients