Product - Marketing - Management

Although, some of you would not agree in comparing the importance of three business elements; product, Marketing and Management, as an experienced product development expert, I would like to say a few words about this comparison as I believe discussing and concluding it is crucial for the companies producing and/or selling products.

Question

What is the most important part of a business? An innovative product? excellent marketing strategy and skills? or an effective management?

Product

In my opinion, "product" is the most important part of the business. Once you have a good, innovative product, companies don't have to have huge resources for excellent strategies and implementation plans for marketing and selling their products. Business world is full of stories about how things has gone worse when the major product is not good enough.

In today's world, I believe the best fitting example is "Apple" and its time pacing products. No price, no cost or marketing concerns to be competitive: just product! a better, innovative product! Although, its legendary founder, Steve Jobs, passed away, the company is still leading the market with its innovative products in the same way with a different management.

Last 13 years, since the first ipod was launched, everyone discussed about the Apple's products and how they are innovative and well designed. The success of the products did not let any negative discussion or critisism over its marketing strategies or its manager's management skills at all.

"A lot of companies have chosen to downsize and maybe that the right thing for them. We chose a different path. Our belief was that if we kept putting great products in front customers, they would continue to open their wallets" -Steve Jobs

Marketing and Management

On the contrary, you can read hundreds of articles on how tech giants, Blackberry and Nokia failed and finally lost the game. There are, again, hundreds of analysis over how their management has done wrong, what they have missed or why they couldn't predict.

"Cameraphones will be rejected by corporate users." – Mike Lazaridis, Former RIM CEO, 2003

Good management skills matter when your product is not attractive, having weaknesses inspite of its higher or non-competitive price. However, the impact of good management skills doesn't last forever until your customers find a better one worth to pay for. In summary, if the product doesn't change to be good, attractive, marketing strategies do, if it fails (and eventually it will anyway), then, management fails and finally changes.

Finally, the true question comes: How should your marketing or management startegy be in order to develop right, good innovative products?

Since new developments are the products of a creative mind, we must therefore stimulate and encourage that type of mind in every way possible. -George Washington Carver