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What Is A Business/marketing Strategy? A Business And Marketing Strategy ...


What is a Business/Marketing Strategy?
A business and marketing strategy involves devising a systematic way of optimising the sales of a particular product and or service (Crews, C. and Thierer, A. (2003) 272-285). This involves the planning and research of how best to introduce a particular product and or service within a given context such as a country or a market. Strategy involves consideration of factors such as the quality, price and durability of a given product and or service and the identification of market cleavages containing those who may be the most interested or susceptible to targeted marketing strategies. As an abstract concept strategy also involves recognition of what the weaknesses of a business might be. Factors such as an ineffective method of communicating with customers, an ineffectual record of retaining customers, bad or ineffectual public relations, bad or ineffectual marketing relations, bad press, low staff morale, poor organisational capacity can represent weaknesses in these terms, and the list is far from exhaustive.
Devising a business strategy involves the compilation of detailed data about markets, customers, customer and prospective customer preferences and compiling a detailed plan as to how best to integrate both sets of data within a plan aimed at maximising sales, customer satisfaction, customer loyalty, amongst other factors and ultimately augmenting the profits of the company (Barrett, B. et al. (1998) 15 and 147). Devising a business strategy also involves understanding the mindset of customers and prospective customers, so an understanding of human behaviours and how this impacts purchasing behaviour must form part of any effective marketing or business strategy (Barrett, B. et al. (1998) 15 and 147). The factors which may be seen to be very relevant within this context are human perceptions of beauty, youth, status, quality, good service, reliability and durability (Barrett, B. et al. (1998) 15 and 147). It may be argued that the adage ‘the customer is always right' is appropriately married to the notion of an effective marketing or business strategy, since it is the perception which counts, not the ethics of the perception, its political correctness, its nobility or its veracity (Barrett, B. et al. (1998) 15 and 147).
Marketing and business strategies increasingly seek to align the strategic aims of a company, the aims in terms of profitability and functionality with the aims of specific marketing campaigns. Marketing strategies are often considered by groups of project managers who have a semi-autonomous role within the company and for whom, it is necessary to liaise with senior management about the ultimate resources and man-power which will be devoted to the business and marketing objectives. The marketing strategy is a complex phenomenon. It is difficult to define because it is difficult to replicate, or indeed encapsulate.

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