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Introduction to Marketing Strategy
It is a process to apply some of the marketing tools to promote a product, to increase a sale and to achieve sustainability. It does not matter that how good your product and service is but the business cannot success without effective marketing, communication tools, marketing strategies etc. Marketing strategies provides all the valuable information data which create path, blueprint or future framework strategy, tactics, area which needs improvement and core strength of the business. So one can say that marketing strategy is one kind of tracking systematic process which gives all the information for the company by which one can develop and grow the business.
To introduce new business require a unique strategy and market survey in an effective manner. To conduct the survey and research should have specific objective. Market opportunity provide the Information and futuristic path of the introduce business. Data and information give the facts and figures about the potential of the business. Opportunities can be define in initial stage monetary and non monetary depends on the situation. Opportunities are the key factor for success of the business. Every business has competitors in the market to take steps or define the strategy for the business requires the true information and data about the existing competitors. What will be the design of the business strategy? How can the company capture the market? Who are the potential competitors in the market? All valuable information comes by the data collect from the existing customers and local people. Their feedback and knowledge provides n number of the information about the competitors.
This is the basic and main objective of the research methodology. Why new player comes in the market. How new player enter into the business and what are the key factors which influence help to introduce the new business all depends on the actual need and demand. To identify the real need means, this is true that the existing serving those Needs and demand but what is the new and additional thing which Existing business player not catering. That need and demand create a different place for the introduce business model. The study of marketing strategy will provide the information about the effective communication tool which I can use to create awareness, create customers and spread the message about the brand in the minds of the customers.
Customer satisfaction is the state of mind that customers have about a company when their expectations have been met or exceeded over the lifetime of the product or service. The achievement of customer satisfaction leads to company loyalty and product repurchase. There are some important implications of this definition:
• Because customer satisfaction is a subjective, non quantitative state, measurement won’t be exact and will sampling and statistical analysis.
• Customer satisfaction measure must be undertaken with an understanding of the gap between customer expectations and attribute performance perceptions.
There are internal and external environments in marketing strategy and both include careful marketing strategies. To achieve a goal of an organization one needs to identify a planned and successful market whether the target customers are lying on that profile or not etc.
There should be a unique strategy with innovative ideas so that no competitors can enter your area of market. It should attract the target group of customers and satisfy them with all possible ways. Marketing strategy is needed for every business to get success like for example one can do apply the strategy of promotion and it should define all the strategy and it should bear all the costs like the marketing, product promotion etc. initially price will be little competitive but with time, it will increase as per the loyalty of customer will begin. Market penetration will occur because it is a product. The price will define the product development market development and the diversification etc. Price also defines our next plan, our employee’s salary, infrastructure cost; the cost which will take place in marketing is quite difficult for top managers to decide because for a new product it’s quite difficult to define that it will succeed or not so the best steps get taken by following these steps. The public wants value for everything that it purchases. In the interior business price matter a lot because here customers pay for products and services for long term. If someone is opening an interior design company in any area it is a very exciting thing for public residing there. They will get a new interest and if it makes them feel something new and different they will surely visit the interior design company so the interior design company promotion will be very much important for the business because promotion will help in creating a good business so firstly one should design the service and past activities list and give it to press for release it so that more number of people can be aware of company which will be really unique and attracting so that the customers can have their eyes on it. One can arrange a program of public relations so that not much investment will take place from my side. If he or she will get a successful public and media relations program then they will have an increased exposure and prestigious value without spending a fortune. It should be exclusive and should be an extension of brand identity.
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