USING MARKETINGSTRATEGIES Essay Example
Using Marketing strategies
The stiff competition experienced within the business environment has without a driven the need for effective marketing strategies Shaw (2012).1 Appropriate marketing strategies in a business have are regarded as quite instrumental driving the business performance in a positive and profitable way. In fact, businesses that center on marketing strategies focus on their customers and their market. Through this they are able to integrate in the responses of their market and work out in advance where profits are to be derived from. This paper critically looks at the using of marketing strategies in a business.
Marketing strategy defines the objectives of the business and describes ways used to meet the customers’ satisfaction in the chosen market. They are usually growth strategies and ways individuals are going to use the products, customers and markets to grow their business. One of the marketing strategies is associated with market penetration. Market penetration is used to increase ones share of the exiting markets, a situation attained by improving the awareness of the customers on the products and services in addition to finding fresh customers (Milligan, 2012).2
Similarly, marketing strategies also used in market development. Any business entering a new market with its current products or services therefore often considers this. The strategies are as well used in product development which actually aims at enhancing the benefits enjoyed by customers through improving products and services, or developing original ones (Homburg et al,2009).3 Diversification, as a useful strategy, is quite significant but with a lot of risk as well as higher costs in it. It is often advised that it is used when there are no options left to conduct the business.
According to Milligan (2012),4 using marketing strategies requires one to have certain information. This is to understand the capabilities of the firm and match them with the opportunities that are available. Such information includes market data that describes the size and increase rate of the firm, the potential customers and the products, and information/data regarding competitors.
For individuals to use the marketing strategies well they should know the scope of the business. These are the benefits one wants, the group of customers and the technology used. The objectives of the market are another important segment. They include the growth of the market, its market share, and the entry into the market. One should also know their target section and positioning. They are the specified customer groups. Market mix, also a significant part, includes the products, price, place, and the methods used to promote and deliver the products and to beat the competitors. Finally, the role faction plans can not be underrated. Action plans actually include budgets and resources used to implement the strategies (Ottman, 2011).5
Marketing strategies describes the business objectives and ways used to meet the customers’ satisfaction. Various ways are used within the business including market development and penetration. However, marketing strategies cannot be effectively used without knowledge of the scope of the business, market mix and how to implement the strategies.
Homburg, C.et al. (2009). Marketing Management — A Contemporary Perspective. London: McGraw-Hill
Milligan, S. (2012). Marketing strategies. Delhi: Research World.
Ottman, J. (2011). The new rules of green marketing: Strategies, tools, and inspiration for sustainable branding. San Francisco, Calif: Berrett-Koehler Publishers.
Shaw, E. (2012). «Marketing strategy: From the origin of the concept to the development of a conceptual framework.» Journal of Historical Research in Marketing, 4(1), 31–54.
1Shaw, E. (2012). «Marketing strategy: From the origin of the concept to the development of a conceptual framework.» Journal of Historical Research in Marketing, 4(1), 31–54.
2 Milligan, S. (2012). Marketing strategies. Delhi: Research World.
3 Homburg, C.et al. (2009). Marketing Management — A Contemporary Perspective. London: McGraw-Hill
4 Milligan, S. (2012). Marketing strategies. Delhi: Research World.
5 Ottman, J. (2011). The new rules of green marketing: Strategies, tools, and inspiration for sustainable branding. San Francisco, Calif: Berrett-Koehler Publishers.
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