Essay on Lack Of Marketing Skill : Marketing

1195 Words Aug 20th, 2015 5 Pages
The statistic has shown that about 50 percent of the businesses fail within the first year of operation and almost 95 percent fail within five years. Here are the top 10 list of common mistake that the business owner made that lead to the failure of the business:

1. Lack of market research - most of the people when they running their business, focus on what they 'think ' the market will want and not based on the market research that tell them what the market actually needs. It 's the market needs that decide whether a product has a market or not and not the product that will create market (at least mostly). People fall into a thinking of if they create a product then the customers will come. If the product is targeting the market that doesn 't has any interests in what you provide or produce, or a market that doesn 't exist at all, you are wasting time and money to create something that nobody want.

2. Lack of marketing skill - Marketing is what decide the profitability of any business. No matter how good your product is, if you couldn 't fully convey the benefits of your product to the prospects, communicating effectively and efficiently with them, or you couldn 't reach the market that want your product or reach the wrong audience, then it will cost you a lot of money wasted on the marketing campaign and not getting the number of expected sales.

3. Lack of Cash Flow - Cash is the flesh and blood of any business, just like the blood in our body that bring us oxygen,…

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