{"id":1677,"date":"2015-11-16T18:48:35","date_gmt":"2015-11-16T18:48:35","guid":{"rendered":"https:\/\/courses.candelalearning.com\/waymakerintromarketing1xmaster\/?post_type=chapter&p=1677"},"modified":"2024-05-13T20:10:38","modified_gmt":"2024-05-13T20:10:38","slug":"heather-why-it-matters","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/chapter\/heather-why-it-matters\/","title":{"raw":"Why It Matters: Marketing Strategy","rendered":"Why It Matters: Marketing Strategy"},"content":{"raw":"

Why explain how a marketing strategy supports an organization\u2019s corporate strategy?<\/h2>\r\n\"Photograph\r\n\r\nIn this module you'll learn\u00a0about the important role that marketing strategy plays in supporting corporate strategy. When a company has a mission and a set of corporate-level objectives, the marketing strategy must support those goals, which is perhaps the most important lesson that the following companies\u2014and many others like them\u2014failed to\u00a0learn:\r\n\r\n10 Lessons I Learned From Burning Through $50,000 on a Hardware Project That Bombed<\/a>\r\n
With Kolos, we did a lot of things right, but it was useless because we ignored the single most important aspect every startup should focus on first: the right product.<\/blockquote>\r\nVoterTide Postmortem<\/a>\r\n
We didn\u2019t spend enough time talking with customers and were rolling out features that I thought were great, but we didn\u2019t gather enough input from clients. We didn\u2019t realize it until it was too late. It\u2019s easy to get tricked into thinking your thing is cool. You have to pay attention to your customers and adapt to their needs.<\/blockquote>\r\nMy Startup\u2019s Dead! 5 Things I Learned<\/a>\r\n
What I didn\u2019t understand was, <\/strong>you charge not for how much work it is for you. You charge how much the service is worth.<\/blockquote>\r\nAs these companies attest, a lot of things can go wrong in the startup world, and learning the hard way can mean going out of business. Take a look at the following list, which reveals the major\u00a0reasons startups fail:\r\n
\r\n

Top 20 Reasons Startups Fail[footnote]https:\/\/www.cbinsights.com\/research\/startup-failure-reasons-top<\/a>\/[\/footnote]<\/h3>\r\nNote: You may notice that the percentages in this equal far greater than 100%. This is because there are often multiple reasons a startup failed.\r\n
    \r\n \t
  1. No Market Need (42%)<\/li>\r\n \t
  2. Ran Out of Cash (29%)<\/li>\r\n \t
  3. Not the Right Team (23%)<\/li>\r\n \t
  4. Get Outcompeted (19%)<\/li>\r\n \t
  5. Pricing\/Cost Issues (18%)<\/li>\r\n \t
  6. Poor Product (17%)<\/li>\r\n \t
  7. Need\/Lack Business Model (17%)<\/li>\r\n \t
  8. Poor Marketing (14%)<\/li>\r\n \t
  9. Ignore Customers (14%)<\/li>\r\n \t
  10. Product Mis-Timed (13%)<\/li>\r\n \t
  11. Lose Focus (13%)<\/li>\r\n \t
  12. Disharmony on Team\/Investors (13%)<\/li>\r\n \t
  13. Pivot gone bad (10%)<\/li>\r\n \t
  14. Lack Passion (9%)<\/li>\r\n \t
  15. Bad Location (9%)<\/li>\r\n \t
  16. No Financing\/Investor Interest (8%)<\/li>\r\n \t
  17. Legal Challenges (8%)<\/li>\r\n \t
  18. Don\u2019t Use Network\/Advisors (8%)<\/li>\r\n \t
  19. Burn Out (8%)<\/li>\r\n \t
  20. Failure to Pivot (7%)<\/li>\r\n<\/ol>\r\n<\/div>\r\nMany businesses go under because their products are inferior or don't match a need,\u00a0because of poor pricing strategy, poor marketing, or because of other issues related to product, price, promotion, or distribution. In essence, they fail to have a good plan that supports the goals of the company.\r\n\r\nIt is exceptionally difficult to get marketing strategy right. It is easy to get busy doing the work of the company, rather than planning the work that will ensure the company's survival and success.\u00a0Successful companies\u00a0have a good corporate strategy that is supported by an effective marketing strategy. In this module you'll begin to\u00a0understand\u00a0why that's so important.\r\n

    Learning\u00a0Outcomes<\/h3>\r\n