Lack of research the cause of many businesses' collapse – Odeneho Kwafo Akoto III
Paramount Chief of Akwamu, Odeneho Kwafo Akoto III says one of the reasons most businesses fail in the country is due to lack of marketing research and analysis before introducing new products to the market.
According to him, a business or venture can only be successful when it’s backed by well-reasoned out marketing plans based on sound research.
Speaking at the 29TH Chartered Institute of Marketing, Ghana (CIMG) marketing performance Awards under the theme “Marketing: A catalyst for driving Ghana Beyond Aid”, Odeneho Kwafo Akoto III, stated that Ghana can be self-sufficient we Ghanaians “shift from business which are largely unplanned in the starting phase by way of market potential estimation, customer preference analysis and trends, innovations in product design, packaging, delivery, down the line and product information to better model with the above in mind as we plan business”.
He added that Ghanaians must also improve their packaging, branding, and product engineering which are aimed at whetting the appetite of consumers for them to make a purchase.
“The challenge is within the grasp as institute members to take Ghana beyond Aid, by relevant and constantly innovative product design and packaging for the market. Innovation in product design and engineering, better packaging, responding to, or meeting customer demand on an ongoing basis will drive local demand and export, pushing us assuredly towards this country beyond aid.”
The Chartered Institute of Marketing, Ghana (CIMG) marketing performance award is an event held to recognize individuals and organizations that have excelled in their various fields of marketing endeavours and to also create awareness for the marketing concept and its importance for the success of businesses.
At this year’s event Daniel Mckorley, Group CEO of McDan Group of companies and, Managing Director of Internet Solution Yvette Atekpe were adjudged the Marketing Man and Marketing Woman of the Year respectively in the Personalities category.
Other award winners in the Personalities category are David Afflu, Business Unit Director, PZ Cussons who picked up Marketing Practitioner of the year and John Kafui Kwame Klu, Marketing Student of the year, 2017.