Most businesses underestimate the importance of marketing in their success - or lack of it, if they don't succeed at all. Peter Drucker had said long ago, "Because the purpose of business is to create a customer, the business enterprise has two--and only two--basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business."
Surprisingly few have heard of him, or follow his advice.
While many new businesses concentrate on the product, or Finance, or whatever, they ignore the marketing effort needed to build a brand from scratch. This is also true of many companies that need scaling up, after their launch. Of course, positioning it wrongly is a mistake often made. But even the nitty-gritty, of planning a marketing communication campaign, is usually not well thought-out.
The promoters usually have no idea of why marketing needs a lot of attention, and get carried away by the advice of a few who surround them. Saving money is all very well, but after investing sufficient amounts in the first place. Cost reduction in marketing can hurt badly. Competition is one good reason for keeping marketing on its toes. But even otherwise, if you have a distinct product or service, communicating that to potential consumers or repeat customers needs a budget.
After sales service is another weak point that can kill a brand, even when it succeeds the first time. Sometimes the company is so involved in selling, that it forgets to take care of grievances. Sometimes this is because the sales have grown too much, beyond the company's capacity to handle service issues.
