Monday, January 23, 2017

Marketing Strategies for Successful Business

Engaging in the competitive world of business is a challenge to all aspiring entrepreneurs out there in the market all around the globe. With all the stiff competition and formidable firms present in the market today, an entrepreneur or an organization must be well-equipped with the appropriate marketing strategies in order to be successful in business. The economy is very similar to that of a war zone. The different organizations are the soldiers who engage in battle in order to outwit and outplay each other to achieve business monopoly. The organizations must establish an identity of quality to the consumers and apply marketing strategies that are fitting with respect to the economic situation. To be successful in business, organizations need to defeat other organizations similar to that of soldiers in war.

Marketing Strategy is a technique wherein a certain organization focuses its finances and resources on a carefully planned action thereby increasing market sales and improving the state of economic status towards become more competitive. The main objective of the marketing strategy applied is the achievement of customer satisfaction. It is very important to please the consumers and to meet their level of satisfaction, since they are the ones responsible in making the organization economically stable. Their needs must be properly addressed by the organizations giving consideration to the quality of their product at the most reasonable price.

A marketing strategy includes how the product is developed, how it is promoted in the market, how it is distributed in the market, the process of determining the prices of the products to be sold in the market, the certain group of people that the product considers as the target market, allocation of the organization’s resources on a specific strategic action, and the precise time frame of promoting the product through the use of various mediums of advertisement such as the newspaper, television, radio, posters, and the Internet. The success of the marketing strategy used on a certain product by an organization will most likely affect the market sales of that product. Hence, if the marketing strategy used caught the interests of the consumers in the market, then there is a high probability that the product being sold will be patronized by the consumers thereby promoting an increase in the market sales of the organization.

Marketing strategies have different types depending on the business set-up of the organization. An example of a marketing strategy that is commonly used by many firms in the market is marketing using the principle of dominance in the market. This strategy makes use of the prestige of a product being sold showing its leadership in the market. It shows the dominance of the product over similar products in the market. Another type of marketing strategy that is often used in the market is marketing using the principle product comparison. This strategy makes use of the product being sold by an organization and another similar product of a different brand. A comparison is displayed to the consumers and of course, the product being sold will look as the better one. This may use the element of money, that is, the product will look as if it is much more cost-effective than the opposing product. This may also use the element of quality, that is, the product will appear as if it is the more durable and efficient product than that of the other similar product in the market. Last example of an effective marketing strategy used in the market is marketing using the principle of business innovation. This strategy makes use of the element of technological advancement of the product being sold. It presents how modern, how advanced, and how high in terms of technological innovation the product is over similar products in the market. Although prices are considerably high on products with high technology, they offer much more convenience and luxury in terms of the product’s functionality.

Therefore, the use of effective marketing strategies is very essential to the success of the organization’s business. It could either make the product look good to the consumers or look as if it is just another brand having low quality despite of steady advertising. The most important thing to remember is that the marketing strategy that a particular organization applies or opts to use must set a goal that must be met which consumer satisfaction. Consumer satisfaction will mean increase availability of the product. Therefore, increase in overall market sales.