Lack of marketing skills results in failure for businesses
For businesses to run successfully you need innovation and good marketing skills. In today’s context everything is done through technology. Most companies fail today because of bad marketing, says Chris Daly, Chief Executive of Chartered Institute of Marketing (CIM). He made these statements on the opening day of the 16th CIM Sri Lanka Annual Conference held at the Water’s Edge in Colombo on Tuesday. Adding to that Mr. Daly said, “An organisation should take forward the marketing skills in a professional manner and set up a clear innovative marketing strategy.” He also pointed out that marketing is the fundamental for business growth while adding that CIM Sri Lanka is the largest outside the United Kingdom.
Founder Director of IIM Trichy India, Dr. Prafulla Agnihotri presenting his keynote address on ‘Disruptive Innovation and Development’ mentioned that the objective of businesses has drastically changed from making profit as the chief purpose of the business, to develop new and innovative products and services that generate economic growth. Disruptive innovation is one such aspect that helps in generating the economic growth of a country, he added. Dr. Agnihotri also stated that disruptive innovation leads to affordability when the prices reduce, new customers when the market widens, adds convenience, new performance criteria, makes inclusive growth possible, serves social good and facilitates economic growth which leads to higher life expectancy.
He noted, “Accept the disrupter instead of rejecting and gather what is being challenged or otherwise you are about to get disrupted.” Unilever Sri Lanka Chairman Carl Cruz, chief guest at the inauguration, stated, “We have to be innovative as the world is changing. In a world where everything is driven by technology if you don’t adjust to the environment, you will be irrelevant.” Mr. Cruz noted that a few factors that wouldn’t disrupt an organisation’s business activities are increase in value added tax, natural disasters, income disparity and slow foreign direct investment flow. Noting that marketers need to have a catalyst environment, he added that there are many platforms created where disruptions can be overcome such as e-commerce and online portals.