2 pages/≈550 words
Business & Marketing
Successful Marketing Strategies (Essay Sample)
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Successful Marketing Strategies Author’s Name Institutional Affiliation Successful Marketing Strategies Marketing strategy refers to a collection of techniques that allow a specific company to direct its available resources towards the best opportunities to increase sales and attain a sustainable competitive advantage. Marketing establishes strategies based on competitors, consumers, and other market forces, such as finance and human resource to derive an integrated business strategy. Sound business strategy should develop a marketing perspective; implying that the identified strategies should be tested against the reaction of competitors, consumers, and other stakeholders. Despite its significance in fostering an organization’s marketing agenda, most entrepreneurs prioritize on discovering the perfect marketing techniques but fail to acknowledge the fundamentals of a successful marketing strategy. It is from this rationale that the brief discusses the essential elements of successful marketing strategies. One of the most crucial attributes of an effective marketing strategy is the ability to identify and reach the target audience (Hawkins & Mothersbaugh, 2010, p.9). The authors observe that every firm needs to narrow its marketing strategies to the category of consumers that it is most likely to attract. For instance, a media production company aims to attract young, vibrant individuals who love the mix of classical and modern music. Hence, their marketing strategy should focus on that group of clients. When an organization identifies the interests of its target customers, it adjusts the overall approach of its marketing strategies in a manner that suits the category of potential consumers. According to Hawkins & Mothersbaugh (2010, p.3), the ultimate objective of any enterprise is to gain trust and attain better brand awareness among the identified target audience. Some of the efficient methods to boost brand awareness for a company include advertising through newspapers, online, magazines, televisions, and word of mouth. However, in contemporary marketing situations, the concept of developing active brand awareness is mostly determined through online marketing approaches. As a result, a successful business venture requires a well-developed website where it can post articles, videos, images, presentations, and podcasts related to its products and niches. Indeed, high-quality audio and visual content creates a long-lasting impression that drives the successful enterprise forward. In the quest to attain a competitive advantage, the foremost concern for an organization should be the market response for the proposed strategy (Moroko & Uncles, 2008, p.1). Successful marketing strategies, whether propelled by cost, service, distribution, technology, or any other competitive advantage of the company, have to be consistent with customers’ needs, preferences, and perception. A firm that wants the target audience to prefer its products to that of the competitors must promote a brand that offers unique advantages. For example, successful marketing strategies should focus on promoting the factors that give the company a competitive advantage, including price, service delivery, or effectiveness of the products. From this perspective, it is evident that if the description of a firm’s products gets the attention of its target audience, then it will make vital steps to achieving its marketing objectives. Furthermore, effective communication with clients is crucial for the success of any marketing strategy (Malshe & Sohi, 2009, p.6). It is significant ...
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