Pavit Sethi’s blog “Marketing: Friend or Foe?” clearly mentions and explains the need and importance of marketing as well as he clearly supports his idea with the example of “Mylan” the company that sells Epinen and narrated how good marketing of the product boosted the sale and resulted in contribution of 40% of the total profit of the firm.

 

Marketing is necessary but unnecessary marketing leads to failure of even well established businesses. Ford Edsel is one of the biggest marketing blunder of all time. The $400-million-dollar investment of the Ford Company on its new car was burned within three years of its launch. According to experts Edsel was competing with itself as it had the same price tag as other Ford’s Mercury line but didn’t really had any new thing to offer to its customers. The product line failed as there were quality issues because Edsel wasn’t given any separate production unit and was using parts of both Mercury and Ford. Even over the top marketing of the much hyped Edsel couldn’t help it as there were increasing mechanical issues.

 

David Ogilvy , one of the greatest marketing maestro once said ,

“Great Marketing only makes a bad product fail faster”

I agree with Pavit that in today’s world marketing is an essential part of business but cannot lead long term profitability unless there is some concrete idea or substance to market.

 

Reference – http://michaelhyatt.com/it%E2%80%99s-the-product-stupid.html

http://www.usdatacorporation.com/info/2011/08/15-worst-marketing-blunders/