StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

How Can Successful Marketing Strategies Boost Business - Research Paper Example

Cite this document
Summary
This paper focuses on a marketing strategy is designed to achieve goals in marketing. It involves a target market and a plan on how to conduct marketing activities.However, each marketing strategy involves a number of factors that need to be considered for business to be successful…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER93.9% of users find it useful
How Can Successful Marketing Strategies Boost Business
Read Text Preview

Extract of sample "How Can Successful Marketing Strategies Boost Business"

How Can Successful Marketing Strategies Boost Business? Abstract A marketing strategy is designed to achieve goals in marketing. It involves a target market and a plan on how to conduct marketing activities. Marketing plays a number of roles in meeting the overall goal of a business. This is by determining future trends and opportunities in a market where the business operates and making appropriate recommendations, determining new market opportunities and making recommendations, making budget and staff decisions, and establishing and enforcing marketing strategies that are appropriate for the general strategic direction of a business in the global market. Products and services can be promoted in a number of ways such as through advertising, good customer care, and pricing in order to boost business. However, each marketing strategy involves a number of factors that need to be considered for business to be successful. Keywords: Marketing, Marketing Strategies, Products, Services, Business, Organization, Company, Pricing, Advertising, Customer Care Marketing is very important in businesses. Through marketing businesses are able to create value for their customers. “A strategy is a long-term plan to achieve certain objectives” (“Marketing Theory,” 2012). A marketing strategy is designed to achieve goals in marketing. Successful marketing strategies can boost business dramatically in many ways; three of which are advertising, customer care and pricing. According to Silk (2006), there are two primary activities involved in a marketing strategy, these include “selecting a target market and determining the desired positioning of the product in target customers mind’s” (p.3), and planning marketing activities effectively in order to achieve the marketing gioal. Marketing fulfills a number of roles in the general comprehensive strategy of a business namely (Stonehouse, Campbell, Hamill, and Purdie, 2004): 1. Determining future trends and opportunities in a market where the business operates and making appropriate recommendations. 2. Determining new market opportunities and making recommendations. 3. Making budget and staff decisions. This is done by “providing estimates of the marketing resources needed to exploit these opportunities” (Stonehouse, Campbell, Hamill, and Purdie, 2004, p.299). 4. Establishing and enforcing marketing strategies that are appropriate for the general strategic direction of a business in the global market. There is so much competition in the business world and everyone owning a business has the desire to be on top, and the business to grow. When a product has already been developed to meet a market demand, establishment of a contact with the target market is needed in order to sell the product. In order for the marketer to reach a large number of potential buyers, mass contact is required. According to Bootwala, Mali, and Lawrence (2007), “Advertising is a means of mass communication and has made mass selling possible” (p.1.1). It is a paid form of communication about an organization and its products that can be transmitted to atarget audience through broadcast media. To have the message conveyed to potential customers, businessmen pay the media. Examples of mass media involved in advertising include television, radio, billboards, and newspapers. Advertising may be the best way to promote the business; advertising gives the markets confidence to face any competition successfully (Trehan, M. and Trehan, R., 2009). Through competitive advertising, marketers are able to boast about a product better than other competitive products. Advertising is very important because it boosts the company`s image. It also helps in product marketing by attracting dealers and investors. Advertising has several benefits. The main benefit is the fact that it is a low cost promotional method, as it covers a large number of people at a low cost (Trehan, M. and Trehan, R., 2009). An advertiser can repeat an advert for a particular product for quite a number of times; this increases the number of people that get to know about the product. Through this, a brand is made familiar and popular to everyone. Nevertheless, advertising has its limitation, since it does not provide rapid feedback, and measuring its effect on sales it is difficult. But even with its limitation, advertising is still the best promotional tool in the market. A customer is a constant focus in an organization. Rao (2011) points out that “customer care of a company is, definitely, enhancing a positive attitude of the customers towards the products of the company and towards the company itself” (p.114). Good customer care service comes with the culture of an organization, because it covers the values of that organization; this is because this shows the values of the organization, “including how customers and employees should be treated. Motivated and valued staff is the basis of good customer care” (Curtis, 2003, p.271). Employees can have a positive or negative impact on the customers. For a business to be successful, an organization should minimize customer complaints by responding to them effectively (Bulter, 2001).A good business should be able to attract new customers and retain existing ones. Good customer care can boost a business in various ways. This is because profits are boosted when customer defections are reduced. A company should also pay attention to the advantages and disadvantages pointed out by a customer concerning its staff, as well as its products. Pricing strategy is about determining how to price a product or service, in such a way that the organization remains competitive, and still manages to make reasonable profits. Pricing is a crucial part of business marketing strategies. Highest delivered value products are preferred by industrial buyers and customers better than low price and low value products. Before pricing decisions are made, all factors that influence pricing decisions should be considered. Such factors include “pricing objectives, demand analysis, cost analysis, competitive analysis, and government regulations” (Havaldar, 2005, p.253). In conclusion, marketing strategies are crucial for every business. This is because they play a very important role in boosting of a business. Competition is very important for any kind of business, and most businesses want to be on top and lead in the business world. However, there are factors to consider so as achieving these goals. These factors include pricing, customer care and advertising, which play a significant role in boosting businesses. Reference List Bootwala, S., Mali, S. R., and Lawrence, M.D. (2007). Advertising and Sales Promotion. Pune: Nirali Prakashan. Butler, D. (2001). Business Development: A Guide to Small Business Strategy.Woburn: Butterworth-Heinemann. Curtis, T. (2003). CIM Coursebook 03/04 Marketing Management in Practice. Burlington: Elsevier Ltd. Havaldar, Krishna K. (2005). Business Marketing: Text & Cases. New Delhi: Tata McGraw Hill. “Marketing Theory.” (2012). businesscasestudies.co.uk. Retrieved December 19, 2012, from http://businesscasestudies.co.uk/business-theory/marketing/marketing-strategy.html#axzz2FRJQqSPb Rao, Reddina M. (2011). Financial Statement Analysis and Reporting. New Delhi: PHI learning Private Ltd. Silk, Alvin J. (2006). What is marketing? Massachusetts: Harvard Business School Publishing Corporation. Stonehouse, G., Campbell, D., Hamill, J. and Purdie, T. (2004).Global and Transnational Business: Strategy and Management. England: John Wiley & Sons Ltd. Trehan, M. and Trehan, R. (2009). Advertising and Sales Management. New Delhi: V.K. (India) Enterprises. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“How Can Successful Marketing Strategies Boost Business Research Paper”, n.d.)
How Can Successful Marketing Strategies Boost Business Research Paper. Retrieved from https://studentshare.org/marketing/1465487-how-can-successful-marketing-strategies-boost
(How Can Successful Marketing Strategies Boost Business Research Paper)
How Can Successful Marketing Strategies Boost Business Research Paper. https://studentshare.org/marketing/1465487-how-can-successful-marketing-strategies-boost.
“How Can Successful Marketing Strategies Boost Business Research Paper”, n.d. https://studentshare.org/marketing/1465487-how-can-successful-marketing-strategies-boost.
  • Cited: 0 times

CHECK THESE SAMPLES OF How Can Successful Marketing Strategies Boost Business

International Marketing - Wal-Mart Stores, Toyota Motor Corporation and Procter & Gamble Company

The global business environment is increasingly becoming competitive and uncertain, necessitating these multinational companies to adopt diverse marketing strategies depending on the market and scope of operation.... hellip; The marketing strategies employed in the international markets vary depending on the unique needs of the specific countries such as culture, geography, language and religion.... However, they also show some similarities particularly where similar marketing strategies, such as using local media for advertising, are employed over a region or in several countries....
7 Pages (1750 words) Essay

Qualities of a Successful International Marketing Strategy

marketing strategies should be able to adapt to the dynamic nature of global markets.... Marketing strategy largely depends on correct global positioning and segmentation strategies, alongside an international marketing mix that is derived from a global point of view of advertising, brand, and products merged with localisation efforts (Kleindl, 2006).... Value-oriented marketing and financial strategies are all turning out to be vital factors in the execution of a successful international marketing strategy (Doole & Lowe, 2008)....
7 Pages (1750 words) Essay

Coke Marketing Promotion Analysis

Considering a slow but steady move towards non-carbonated healthy drinks, the product has faced mounting pressure to boost and enhance its promotional activity across the globe in order to maintain market share which has seen a decline from 2005-2010 (Euromonitor International, 2011).... hellip; Despite this trend, however, Coke has managed to maintain its strong market presence through heavy investments in its diverse promotional strategies.... This report describes these strategies by exploring the promotional tactics used by Coke in various markets across the world and the way in which these are effective in reaching the product's target audience....
5 Pages (1250 words) Essay

Marketing Plan of Beats by dre. Assignment: Part D

An increase in sales will boost earnings from the sales of the product (Kotler & Armstrong, 2012).... One of the strategies will entail the use of marketing mix (Wind, 2008).... The marketers will consider place and promotion strategies for promoting the product in the ma... marketing Plan of Beats by Dre Name Institution marketing Plan of Beats by Dre marketing plan Effective marketing entails the use of a well thought out systematic plan in promoting a product in the market....
3 Pages (750 words) Essay

The Concept of Effective Mrketing

In the brodest sense of mrketing, ll mngement, the whole society, nd even life itself, form networks of reltionships within which we interct in our roles of business executives, employees, consumers, citizens nd humn beings.... This hs lwys been prcticl necessity for services nd for the development, production, mrketing nd purchsing of complex products in business mrketing....
4 Pages (1000 words) Essay

Small Business Management Issues

The issue of finance is very crucial to any business organization no matter how much readiness they may assert to be and financial managers should be able to make decisions that are viable and can lead to achievement of set objectives. ... Financial management is an activity which involves managing funds and financial activities in a business organization in order to meet the business demands.... he major factor has always been business attitude to finance....
4 Pages (1000 words) Essay

Strategic Management as Science

0), boost overall business profitability and the development of internal processes which best suit a firm's long-term business strategy.... hellip; business strategy has also been called a blend of luck, opportunism, design and judgement which, when considered appropriately based on an analysis of the external market environment, can bring a company success in their existing marketplaces.... The report highlights differentiation strategies through marketing, the role of internal business culture, and a variety of methodologies which contribute to successful business strategy....
9 Pages (2250 words) Case Study

Marketing Strategies for Competitive Advantage

In the broаdest sense of mаrketing, аll mаnаgement, the whole society, аnd even life itself, form networks of relаtionships within which we interаct in our roles of business executives, employees, consumers, citizens аnd humаn beings.... This hаs аlwаys been а prаcticаl necessity for services аnd for the development, production, mаrketing аnd purchаsing of complex products in business mаrketing....
4 Pages (1000 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us