Marketign Strategies - Research Paper Example

Marketing strategies: In the contemporary age of increased competition, business entrepreneurs have to face a lot of challenges in order to make thebusiness more successful. Different people have different meanings of success, though success in a business is depicted by one and only one factor, i.e. profit. To a businessman, the volume of customers that visits a shop everyday or the volume of sales does not mean anything unless there is a healthy profit at the end of the day. This paper discusses some of the marketing strategies with which, profits can be increased.

According to Neyman (n.d.), there are three fundamental strategies that can be used to maximize profits in a business: 1. Maximize every order’s dollar size 2. Maximize the frequency of sales 3. Maximize the volume of customers. Some of the useful ways in which each of these three marketing strategies can be implemented are discussed below: Businessmen should look out for ways in which they can increase their sales, without having to compromise upon profitability. One way to achieve this is by making use of the “buy one get one free” strategy.

For instance, let’s suppose there is a businessman who owns a pizza hut. The businessman can achieve the three objectives mentioned above by offering the customers to have one personal size pizza for free upon purchase of a family size pizza. Then, when a considerable number of customers are able to make use of this deal, the businessman can upgrade the offer by offering the customers a family size pizza for free upon purchase of one family size pizza but with an addition of only five dollars.

A customer loyalty program can often work wonders when maximization of profits is the goal. Such programs require the owner to provide the customers with a pre-defined discount upon shopping of a certain level. For instance, if a customer spends up to $100 at a shop, he/she can be granted a discount of 10 per cent upon the next order. Customers need to be shown loyalty to. This can be achieved by arranging customer-only events. One such event can be a workshop in which the customers may be taught how to make a pizza.

Pizzas also make nice instant gifts. It is advisable for the owner to place complete contact details on each and every pizza box. Thus, when the recipient loves the pizza, and wants to make an order, he/she can easily trace the shop where the gift was delivered from. It is important to plan, implement, review and modify marketing strategies for increasing sale and maximizing profits (Jones, n.d.). An in-depth analysis of the conventionally employed marketing strategies suggests that it is not quite difficult to increase the profitability of a business.

It is truly a matter of making rational decisions and putting right systems in place. Every successful business in the present age is somehow, following the three marketing strategies discussed in this paper. Profitable businesses are directed at attacking each of those angles. References: Jones, R. (n.d.). Review your marketing strategies - plan for increased profits and new markets. Retrieved from http://businessplansnz.posterous.com/review-your-marketing-strategies-plan-for-inc. Neyman, J. (n.d.). Marketing Strategies For Increased Profits.

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