Which Markets Companies Needs to Address?

Γ. Καραδήμας Σύμβουλος επιχειρήσεων
Which Is the Difference between Income and Wealth Production and what to Do about it?
February 20, 2022
Business Consulting ~ Business Management G. Karadimas

There is a widespread belief that a company can succeed when it can secure clients for its products and / or services. And this is quite true. When the products and / or services of a company are perceived from its customers as capable of covering their needs better than those of its competitors and at an affordable cost, those customers would most probably be willing to pay for them and the company would have the chance to sell them at the quantities required to make profits. One would therefore argue that good marketing of products and / or services well is the key to the success of any company. And yes. In a sense it is. But is this enough for companies to grow sustainably and therefore to succeed in the long-term? The answer is no!

Companies are not machines. They are essentially groups of people that share the same purpose. Companies do not however consist of randomly selected people. They consist of people that are selected, among others, for their talents, their skills, their knowledge and their experiences as well as their ability to work together as a team. Ultimately, they consist of people that can produce value for them, by complementing each other towards the same purpose, in a climate of mutual respect and trust. Good, specialized people are becoming more and more rare however. Companies therefore compete not only on products and / or services. They also compete on people. And this competition is quite fierce. It would therefore be quite plausible for one to assume that companies that are able to attract and retain the best well-suited people will ultimately be more successful. Under such circumstances, it becomes obvious that marketing to the labor market is also essential for companies and becomes even critical in some cases where talent is extremely rare. Still this is not enough!

Companies consume resources in order to make it possible for inputs to be transformed to outputs. And one of the most needed resource is capital. Companies need money for financing their operations. They need money to finance projects in order to build their future. They ultimately need money to finance their growth. However money is a scarce resource. At the same time it comes in quite a lot of varieties in terms of risk and cost. Moreover, the institutions that offer it may make it available or not depending on their own preferences. Marketing a company on the money market is therefore essential, for sooner or later every company will need financing. And obtaining finance, when this is required, at an acceptable cost and risk is also key to success. Marketing a company in the money market therefore simply cannot and should not be ignored.

The success of a company is a combination of good marketing of its products and / or its services, of good marketing in the labor market but also of good marketing in the money market. None is to be neglecter or even worst forgotten, for if any of those markets is neglected, sooner or later problems will be encountered. Management should therefore always make sure that the company retains a high profile among customers, employees and financiers, for all of them are essential and all of them play a key role to its long-term success.