Poor marketing cited as major reason for business failure

Gary Thompson, a member of the forum’s steering committee; GCCI Executives Richard Rambarran and Timothy Tucker, and Martin Massiah, another member of the steering committee

The Georgetown Chamber of Commerce and Industry (GCCI) Tuesday launched its 2nd Business Development Forum.

The event aims to, among other things, help businesses grow.

Gary Thompson, a member of the forum’s steering committee, explained that businesses are prone to failure when there is a lack of understanding about marketing.

“If we are to look at agro processing, we would see that most of these players have brands that are ready for the market. But what we see lacking is a clear understanding of marketing and branding.”

“What we see lacking is people get into business without a clear understanding as to who is your target audience, your market size, density and dispersion.”

He says the forum will address this issue.

“So we have a number of speakers lined up that will be able to speak to these issues. One of the fundamental things in marketing is identifying market opportunities and means,” he noted.

GCCI Executive Timothy Tucker explained that the primary objective of the initiative is to help businesses build their capacity for Guyana’s upcoming economic boom.

“So you want to move businesses from small businesses and grow them, so they can be competitive on the international standard. We have several different large companies coming into the country and the chamber wants its members and the business community to move from where they are.”

The Business Forum will be held at the Pegasus Hotel from September 27 to 28.

Partnership organisations include Inter-American Development Bank (IDB), Ansa McAL Trading Guyana, Republic Bank, and the Ministry of Business.

Among the speakers at the event are businessmen Rosh Khan and Vishnu Doerga, Rowen Willabus, and Nigel Deosaran.