Marketing and Finance: Understanding Business
Marketing and finance are two of the most important aspects to understand for any business. In this blog post, we will go over some marketing basics that you should be aware of as a business owner. We will also cover financial basics such as what is net profit? What is ROI? How do I know if my company is profitable?
What is marketing?
How to calculate net profit and ROI.
Why are these concepts important to know as a business owner?
Marketing basics include brand awareness, branding, the four Ps of marketing (product, price, placement & promotion), target market analysis – knowing who your customers are and what they need, and how to target them.
Financial basics include net profit & ROI – understanding if your company is profitable or not. This includes learning about the three financial statements (balance sheet, income statement & cash flow statement). Knowing these will help you know whether a business is worth investing in or should be shut down.
Knowing these marketing & finance concepts will help you run your business better. There is an entire world of knowledge to learn about both; however, marketers and financiers appreciate people who are educated in their own field as well as the other. When it all comes together then magic happens!
Marketing and finance are two of the most important aspects to understand for any business. In this blog post, we will go over some marketing basics that you should be aware of as a business owner. We will also cover financial basics such as what is net profit? What is ROI? How do I know…