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Discuss how Market-Led Strategies can Help Business to Drive Growth and Sustain Competitive Advantage - Essay Example

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This paper is about strategies of business which can help to develop it. A business company in order to survive in the competitive economic and marketing conditions in its external environment needs to produce its goods and services by focusing on the needs and demands of its customer base…
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Discuss how Market-Led Strategies can Help Business to Drive Growth and Sustain Competitive Advantage
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"Discuss how Market-Led Strategies can Help Business to Drive Growth and Sustain Competitive Advantage"

Download file to see previous pages Every business company is constituted by the large number of departments pertaining to marketing, finance, operations, human resources and the like. Again the business company in order to exist in the region or stated market need to operate based on some clear-cut objectives. The objectives of the business in total are required to match the objectives of the different departments or business units operating in the particular company. Thus the different business units are departments are required to operate and work out their policies in such a manner as to help in meeting the objectives of the concern as a whole. Hence if the business leader of the company focuses on devising strategies that would help in gaining a larger market share and profitability growth the work of the production, finance, marketing and operation departments needs to be streamlined in such direction also. Thereby it is found that effective orientation of the business policies of each of the several departments or business units would help the company to achieve its stated objectives (Graham, H., 2008, p8). Use of Market Led Strategy in Different Businesses Market United States Market Harrah’s Entertainment is a United States based company operating in the Casino Game sector. The company is found to operate on a business strategy that focuses on the changing demands of the consumers in the market. Harrah’s Entertainment that operates based on a set of 26 casinos spread around 13 states is found to take resort of a customer loyalty program help gain the advantage of a niche consumer base. A through market research was conducted by the company to help gain information about potential consumer needs in order to design the loyalty program accordingly. The business through the devising of its customer loyalty program gained the potential of both business growth and profitability where only around 26 percent of the consumers contributed to 82 percent of its total business revenues (Cravens, D.W. and Piercy, H.F., 2006, p.133). European Market In regards to the European market the case of Toyota can be traced where the company during the 1990s was facing heavy downturn owing to its sedentary and dull image. The company focused on its competitor, Volkswagen decided of ...Download file to see next pagesRead More
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