Volume 19, No. 3, 2022
Why New Businesses Fail Due To Ineffective Services In Marketing Strategy
Salman Ahmed Khan , Sayma Zia , Ayla Wajahat , Maryam Khokhar , Arsalan Ahmed Siddiqui , Sehrish Qasim Ali
Abstract
Entrepreneurship has seen one of the major growths in Pakistan, in fact, just last year, the country ranked as 4th in the World for the highest ratio of startups and small businesses. With many new campaigns and programs in support for new and thriving business ideas for youth by the government and tax wagers, the market has seen a significant growth in the last few years however the sustainability and effectiveness hasn’t grown alongside. One of the major reasons is the ineffective marketing strategies that small businesses implement due to their lack of exposure to understanding the industry. Another hypothesis that can be reached is the effect of Covid in the recent months especially since last year that has brought a huge downturn in the industry and has significantly damaged the state of existing as well as new SMEs in its duration. Our study adopted a simple questionnaire through which we tested and found out the insight and learned how ineffective marketing has affected businesses everywhere resulting in business failures and bankruptcy, along with the current Covid situation that has driven many SMEs to forced closure. Through this study, many rising businesses in their initiation phase will learn the keys to rescuing a failing business specially through recognizing the importance of marketing and its latest trends.
Pages: 2315-2324
Keywords: business, ineffective marketing, failure, entrepreneur, organization.