Strategic Marketing Essay Example | Topics and Well Written Essays - 1000 words

Strategic Marketing - Essay Example Understanding the company's operating environment in this way can help the small business owner to formulate an effective strategy, position the company for success, and make the most efficient use of the limited resources of the small business. Techniques used to assess market and industry attractiveness when entering a new business Many business owners depend only on very few marketing strategy but there are very many business techniques, which must be encouraged. Some are costly while some are less costly but this will depend with the financial status of the business owner (Robertson, Para 1). One is supposed to watch his or strategy consistently to avoid losses in the process. Successful marketing strategy considers a range of products and the styles used by competitors. Any marketing strategy to be adopted should satisfy the need of the customers (Marketing strategy, Para 1). There are very important techniques that must be adopted to asses the market and attract customers when starting a new business. A good businessperson should try one or more of these techniques to lead his or business to success. The first technique is creating a marketing plan that will help in the first assessment of the market. The Marketing plan must be based upon the objectives set in the business plan. A thorough revision, analysis, and understanding of the company's business plan are the first strategies in creating a marketing plan (Dolak, Para 2). There is a technique of business networking commonly used by small business owners. Normally, one attends several business and networking functions that enable meeting as many people as possible. In the process of talking and exchanging business ideas, a businessperson should hand out his business card. However, the most important thing here is to stabilize and strengthen relationship first from the new business partners and give referrals from other members in the forum (Robertson, Para 2). The price or the selling effort strategy should also be, considered since it is the central value surrounding every business. In the process of introducing your business product, one is required to sell to the innovative customer at a premium price. The price has the probability of falling down as the business faces more competition. Here, one is supposed to adopt a penetrating strategy of increasing the price and sacrificing short-term profits when a market share is achieved (Marketing strategy, Para 5). When a businessperson fully understands the goals and objectives of his or her business then it will easier to understand the benefits and services you offer to your customers. One will also get to know how to deliver those products and services to targeted customers and explore strategic opportunities that increases the benefits and profits of the business (Dolak, Para 3). One should also try to identify the organizational, information and human resources that is needed to provide support to the business. This will invol ve learning and assessment of how the business organization can support internal processes. Members of the organization should undergo training of the business activities through information technology and incentives for the purpose of implementation. (Hutt and speh, 440) There is also the use of Newsletters a very strong marketing strategy to put your name on top