How Significant is Marketing Strategy for Businesses?

Every successful business started with a very good marketing strategy that made it more competitive with other businesses in its field. It does not mean that successful business shave more resources to start with. However, these businesses are the ones who knew how to maximize whatever resources they already have and used them to their advantage.

Marketing strategy is really all about considering the resources available to the company and then finding a way to make sue of these strategies in the most creative way possible. It is not so much about how much resources a business has at its disposal but how creative they can get to make the minimal resources they have to work for them.

Take a small grocery business faced with a bigger competitor. This grocery has to find a way to be more competitive given the minimum resources it has at its disposal compared to its competitor.

As a marketing strategy, the small grocery store offered additional value added services to its clients. It can be in the form of loyalty stubs that can be changed for some items after a while, free car cleaning or even free coffee for shoppers at certain periods. All these are marketing strategies that are aimed at making the small grocery more competitive in the neighbourhood.

A marketing strategy is a product of a good marketing plan that will give the framework as to how the strategy can be implemented. In this case, the management of the small grocery may have come up with a marketing plan detailing all the extra services that may be of interest to its clients. The marketing plan signifies the methods of implementing the said marketing strategy.

Some small business fear competing with bigger businesses with more capital. However, if a business has a very good product it can compete with its competitors provided it has prepared an effective marketing campaign or marketing strategy for its business.

A marketing strategy is usually based on a marketing goal. The strategy is implemented with the view of achieving something during a certain period. Each company can come up with different marketing strategies depending on the products or services they are dealing with.

Some companies that have lesser capital can find a niche and then concentrate on that niche. Its competitors may be looking at the general market and it cannot compete on that level due to limited resources. However the company can find a niche and then concentrate on this niche.

The popularity of the internet has produced a new generation of internet marketers who address their marketing to the e-market. This means the marketing strategies may be a little different from traditional marketing strategies since it is directed towards a different audience.

Internet marketing makes use of a lot of marketing tools like email marketing, website development, building of a massive opt-in list, online purchases, link backs and a lot of other methods.

A marketer can provide both online and traditional marketing strategies for a business. However, he should bear in mind that the aim of marketing is really to sell the business and to encourage the target market to look at the products or services, consider them as among his choices and then prioritizing such products and services when it is time to part with his money.

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How Significant is Marketing Strategy for Businesses?

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