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Don't Let Your Business Fail Essay

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Portfolio Project
Don’t Let Your Business Fail
Rianda Anderson
Bryant and Stratton College
PHIL310: Logic and Reasoning
June 20, 2014
Don’t Let Your Business Fail

Each year many people armed with ingenious ideas and high hopes, start a new business. Much focus is given to the success stories but for every successful Facebook, there are eight other business that do not make it past the first year. Forbes.com states that eight out ten of every new business fail within that first year. The businesses do not fail beacsue the entrepreneur lacked drive and motivation, but because that business owner made one or more common and simple mistakes. There are many mistakes that a person can make but one of the most simple to fix is marketing (Forbes 2013).
The American Marketing Association (AMA) defines marketing as, “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (AMA July 2013). This complex and technical definition is more easily defined as the research a company or business conducts in order to learn how to market the right product to their consumer. Most people that start a business do not conduct enough marketing research because they confuse sales with marketing. Although both terms are related, marketing is more in-depth and does not focus primarily on sales or revenue. Marketing is the science behind learning what you customer needs and wants and how to provide that product efficiently at an appropriate price. How does a business overcome this problem? (Forbes 2013)

Marketing Plan
Everyone knows that to start a new business, you must have a business plan. However, many new business owners do not create a marketing plan. A marketing plan is very instrumental in the success of a new business. A marketing plan can help a business focus advertising dollars and efforts to ensure...

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