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Created with Fabric.js 1.4.5 Innovation "What is the Business of Business?" Advertising is one of the many major concepts usedwhen it comes to starting a business. When a business introducesa new product, advertising provides a means to make a large market aware of the product. Advertising provides an effective way to inform the market about limited-time product sale events. Businesses frequentlyuse advertising to show how their product has more benefits, or is more effective, than similar competitors' products. Advertising is used to communicate dramatic product breakthroughs. When a businesscommunicates information about its operations, or illustrates why its' product is the best choice for consumers, the company uses institutionaladvertising. Hence, advertising is very important to many businesses and has many benefits. Consumers play a big role in the business world, in fact, a business cannot exist without its' consumers. The consumer is the foundation of any business' success. One of the primary goals of any marketing strategy is to identify and meet the needs of the consumer. Considering customer importance at all stages of the marketing process helps a company to ensure greater customer satisfaction and increase its long-term goal of repeat business. Therefore, consumers help develop the growth of a business, which shows that without consumers there is no business, Innovation is a commonly used strategy towardsdeveloping a business. Innovation is not only about designing a new product or service to sell, but can also focus on existing business processes and practices to improve efficiency, find new customers, cut down on waste and increase profits. Constantly innovating and improving business practices is also likely to help attract better staff members and retain more of the existing staff, which iscrucial to the long-term health and performance of a business.Successful businesses not only respond to their current customeror organizational needs, but often anticipate future trends and develop an idea, product or service that allows them to meet thisfuture demand rapidly and effectively. Innovation will help stayahead of the competition as markets, technologies, or trends shift. Consumers may even be willing to pay more for a well-designed and innovatice product or service, rather than choosing a cheaper but less exciting one. Therefore, innovation can greatly contribute to the growth of a product or service. Advertising Consumers Businesses depend on various factors when selling a product or service; most importantly the profit of the business. Profit is the money a business makes after accounting all the expenses. Regardless of whether thebusiness is a couple of kids running a lemonade standor a publicly traded multinational company, consistently earning profit is the goal of every company. Businessesrely on the profit they make in order to make future decisions about their product or service. For example, ifa company is not gaining any profit out of a service, theymay decide on shutting it down. So the profit a company receives as a result of selling a product or service is very important when it comes to the business industry. Profit By: Mathushya K.
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