Marketing Strategy

Marketing Strategy

For a business to be successful, it must attract customers and form long-term relationships with them by meeting their demands and desires and by generally keeping them happy and satisfied with the product or service they are paying for. Thus, the organization must create a long-term marketing strategy that forms long-term relationships with the customers. One of the best and most remarkable marketing strategies was invented by an American-born businessman, Harry Gordon Selfridge, who founded the Selfridges department store in London, England and chose as a motto: “The customer is always right.” This business policy brought him and his stores a lot of attention and, especially the appreciation of all the British home-makers who loved to spend their free time in his store.

A company or producer need to have a marketing plan, one which can refer either to one product at a time or that can be the company’s overall marketing strategy. Usually, in a firm or company, the top management, the board council or some such will devise a general plan for the firm to follow, a strategic direction with some general marketing plans and activities. Depending on the company’s budget, they can focus on aggressive marketing techniques, or free marketing ideas that will generate results in the long term. Yet this general business strategy will be interpreted differently throughout the firm and each department will modify and develop it so as to suit their department’s needs.

A marketing strategy requires, first and foremost, an accurate and true understanding of the market realm, to know what the demand is and where it is, to know your competitors and intuit their general direction and marketing strategy and, perhaps most importantly, knowing what their customers need and want and meeting those demands. This can be achieved through polls, surveys among customers or by following their buying patterns. Establishing a marketing strategy is even more difficult nowadays, when a company or corporation deals with the producing and selling of various products that may not always be related to each other. A company could be selling milk products and screwdrivers, so a good and comprehensive plan is more than essential. On the other hand, if you have some new small business ideas, you have to adapt your knowledge of marketing strategies to them, basically coming up with new strategies altogether. First of all, new small business ideas require strategies on a much smaller scale, so you will have to reduce costs when it comes to advertising or promotion, and adapt your budget overall.

When it comes to small business it is better if you start with free marketing ideas. Moreover, you should also learn everything you can about your competition. For example, it is important to know when to compete with other manufacturers that offer the same type of product as you, only with better success because of a stronger brand. In this case, the marketing strategy shouldn’t try and compare itself or compete with the more popular product, but to try and offer something new, an innovative perspective, finding a different customer target and so on.