What are the benefits of marketing?
The benefits of marketing have been well documented in past tips. • How much should we spend on marketing? The answer to the next question is about 10% on either internal, external marketing or a combination of both. • What steps can we take to prevent marketing failure? To prevent marketing FAILURE, it is essential to take the following steps. FUNDAMENTAL features of products or services form the basis of all business success. When a business diversifies and offers a large product range, the result may be an ill fit in the product mix. The ill-fitting products are often financed by high value adding products. Unless the products have significant spillover benefits to products with a high profit margin, it is prudent to eliminate them. It has been estimated that the intrinsic marketability or market attractiveness of products is about 60% important in the marketing success of your business. ACTION plans to implement marketing initiatives need to increase turnover as well as change cust
