Business Lesson 1: Business Strategies

LESSON 1
Business Strategies

A new company has hired the services of a market strategist to help implement a foundation for a new product launch. The product faces a lot of competition and the company would like to capitalise on the market from the outset. The strategist has been asked to give a talk to the marketing team to help set them on the path to a productive and efficient marketing campaign.

Strategist: Hello everyone! I hope you are all sitting comfortably. I have been asked here today to discuss the importance of an effective marketing strategy. I have been in this business for twenty years and have helped many businesses, both old and new, bring their products directly to their target consumers and maximise market penetration. However, before we bring the product to the consumer it essential that a model for the marketing strategy be put in place. This will save time and money and lessen the chances of any surprises along the way.
It is imperative that we recognise how important marketing strategy is to the company’s bottom line. A calculated marketing strategy can drive sales, increase market presence and enhance your brand’s overall value to customers. An effective marketing strategy planning session should utilise a systematic model to encourage collaboration and contribution and create a distinction between market positioning, goals, strategies and tactics.
Market positioning allows us to reach a consensus as to how the brand will position itself within the marketplace. This will aid your clients in being able to get a bead on their strategic marketing options. By understanding where the process is headed you will be able to establish goals, in both business and marketing. It is essential that your goals are consensual and clear before you can implement businessstrategies.
Throughout the strategic process it is important to keep focus. A tactical suggestion may set the process off course, particularly if others embrace the suggestion and are encouraged to discuss it further. Making note of such suggestions and redirecting the conversation back to the marketing strategy will help maintain focus and time management.
Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives, involving careful and precise scanning of internal environments such as the marketing mix, implementing the four P’s, price, product, promotion and place, as well as performance analysis and strategic constraints. External factors include customer analysis, competitor analysis and target market analysis. Elements of the technological, economic, cultural or political/legal environment require constant evaluation in order to determine whether they may impact upon your success.
A final step in developing a marketing strategy is to create a plan to monitor progress and a set of contingencies if problems arise in the implementation of the plan. By centring the Business Strategies around consumer, shopper and retailer needs you can prioritise growth opportunities that emerge from changes in market trends.
I hope that some, if not all, of this has been of help to you and your team. By identifying your strengths and weaknesses you can create a path to success for you and your product. Thank you all for your time.
Goodbye nand good luck with your Business Strategies.

Business Strategies