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About Strategic Marketing
The right product communicated to the right customers, at the right price and delivered at the right place – that, in short is Strategic Marketing…
Indeed, companies use strategic marketing to identify customer needs and to create a marketing plan to achieve customer satisfaction, improve company performance and increase profit. Therefore, strategic marketing can also help a business become more innovative and better penetrate a market.
Hence the Strategic Marketing category page (this page) contains blog posts that support the marketing concept. In fact, the philosophy of the marketing concept is that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.
There’re lots of topics and issues that are discussed under this category of eBizplan.net.
Customer empathy in business is a hot topic right now. However, it needs to be practiced the right way and right away.
A business that fails to practice empathy will quickly fade away to be never seen or heard of again. Indeed, practicing empathy is one of the best ways to understand the reasons for your customer’s behaviors.
Hence, by putting yourself in the shoes of your customers, you may better understand their feelings and perspectives, and then use that understanding to guide your actions. After all, the actions you take will hopefully not only be for your own financial benefit, but also to address the concern for your customers’ welfare.
The only predictable thing about your business is changing customers. That’s frightening! Because there are so many unpredictable things in today’s business world.
In fact, changing customers can cause havoc with your trusted and tested business models. Indeed, they can destroy them quickly and disruptively. Or changing customers can destroy them over time…
After all, you need not to be caught off guard or let your business dies a slow death because the behavior of your customers has changed. In fact, if you’re closely, and regularly monitor the behavioral trends of your customers, you might keep up with their needs, wants and motivations.
However, being one step behind your customers buying behavior will probably be not good enough. You should surprise them and let them know that you know what they’re going to buy even before they’ve realized it themselves.
So, let see how you can predict and manage your changing customers.
Growing your business is a very important matter. However, it seems that companies during the times of the covid-19 virus lockdown are only focusing on strategies to survive and to minimize the damage.
But I think that for the open-minded business owners and entrepreneurs, this is the perfect time to think about growing your business.
After all, growth “is crucial to the long-term survival of a business,” notes nibusinessinfo.co.uk, pointing to these clear-cut benefits:
Easier to add resources
Locate and identify new sales opportunities
Expand range of products or services
Acquire new customers
So, surprise everyone and start growing your business like never before. Who knows if the opportunity will presents itself again…
Price promotions are for many business owners a blessing in disguise. On the other hand, it may turn out to be a disaster for your business after a while. After all, the value of using price promotions is that it may render a quick remedy when you cashflows and revenues are lagging behind.
However, if you rely too much on price promotions to get business, you may put your business in danger over the long-term. In fact, you may turn your loyal customers into greedy bargain hunters.
So, please view the video (above) for a richer experience of this discussion…
Customer service is everything. Indeed, if you don’t take care of your customers, someone else will… Yet, it seems that taking care of your customers is not even on the agenda with many management meetings.
Besides, the meetings are mostly about the sales performance against the budget or other trivial internal company matters. But, sadly, not about your customers.
The competitive pricing strategy is by definition a strategy that considers what happens outside the perimeters of a business. It is more sophisticated than the Cost-Plus Pricing Strategy that was discussed in an earlier post.
Indeed, competitive pricing decisions involve significant market risks and managerial attention 1. So, if your business does not have the structure and culture to keep an eye on what is happening in the market for your product, you’ll probably have no sales or have lots of sales, but at a loss!
Let’s look a bit deeper at the practice of competitive pricing…
Cost plus Pricing (CPP) is probably the most suited pricing strategy for most small business startups. It’s also the most widely strategy used by businesses all around. This is so, because CPP is the simplest method of determining price, and it embodies the basic idea behind doing business.
That is, “you make something, sell it for more than you spent making it (because you’ve added value by providing the product)”, according to Vivian Guo, of Price Intelligently.
The Balance Small Business defines Cost plus Pricing as follows: “Cost-plus pricing, also called markup pricing, is the practice by a company of determining the cost of the product to the company and then adding a percentage on top of that price to determine the selling price to the customer.”
Pricing of products or services may have a huge impact on your business’s bottom line and its brand value. Indeed, price is the only element of the marketing mix that brings revenue and not costs. Even more, price is the element of the marketing mix that is the easiest and fastest to change 1.
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. ... Price: refers to the value that is put for a product. (https://economictimes.indiatimes.com/definition/marketing-mix)
“How to advertise your business during the first few months after starting?” is a question that many new business owners and entrepreneurs are seeking an answer for.
Of course they ask the question with good reason. In fact, without advertising your business, your prospective customers won’t know anything about your business. And, no business can start or grow without customers.
It’s usually a messy process, starting your own business…
A SWOT analysis is seemingly done during most corporate strategic planning sessions. To that end it’s not done without good reason. Indeed, using SWOT is simple, powerful and proven to be effective.
What is a SWOT analysis?
A SWOT analysis is a technique specifically designed to help with the identification of suitable business strategies for an organization to follow. It is a structured approach to evaluating the strategic position of an organization. Hence it is done by identifying its strengths, weaknesses, opportunities and threats.