Introduction
The primary purpose of establishing a business venture is to ensure a standard creation in revenue through an increase in profits and customer base by allocating the goods and services that are in demand. While these goals are possible to achieve, different aspects must be put into place to ensure that the business, company or organization has a competitive cutting edge in the market space. To meet these requirements that lead to the achievements of the firm, there have to be marketing strategies that act as guidelines. Marketing is the ability or process of promoting the business and its operations in the market, whereas the strategy is the tactic used following a suitable plan that focuses on the organization’s goals. Therefore, strategic marketing is defined by the process of planning, development, and implementation of an identified process to achieve an outstanding purpose (Leonidou, Leonidou, Fotiadis, & Zeriti, 2013) .
This is a research paper that is focused on the outcomes or influences of a marketing strategy in an organization, business or company. The choice of the topic was influenced by the quest to identify the difference of successful companies based on the strategies they apply and the impact it has on the business operations, customers and the goals set. In relation to the class materials, the research on marketing strategy enlightens business students on some of the importance of applying strategic marketing processes in business operation. Moreover, it ensures that marketing strategy is emphasized for purposes of achieving business goals. On a broad perspective, the audience of the research will be in a position to appreciate the different areas of the firm that are either positively or negatively affected by the application of marketing strategies.
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Implications
As observed earlier, marketing strategy is meant to boost the business operations that will help in accomplishing its goals and visions. Therefore, the focus of marketing strategy is in the company’s deals that are geared towards profit making. While fulfilling the needs of a marketing strategy in business, the company is, therefore, subject to most of the benefits catalyzed by the approach used. As Peter Bloch (1986) affirms it is vital for some business individuals to adapt or alter some marketing strategies to be in a position to fulfill its goals and meet its desired plans.
According to Bert Markgraf (2017), one of the first impacts towards a business by using marketing strategies is the increase in the customer base and their satisfaction which is mostly influenced by meeting their needs and demands. For a business to be in a position to meet customer needs, it must conduct surveys and study the market to identify its target market and customers so as it can stand a chance of serving its clients better as compared to its competitors. While the consumer is a priority in the business operations, the products and services are just as valuable. It is how the company presents its products to the market that influences their sales and customer satisfaction. The company can minimize its costs used on advertising its products by ensuring that it meets customer needs by providing quality and competitive goods and services to the market. Therefore, the business’ marketing strategy on the product will be focused on offering innovative and quality products that suit the target market of the business venture. As a result, the business’ advertising promotions will specifically concentrate, on the nature of its products that are of quality and outstanding innovations hence drawing customers’ attention.
The results of customer satisfaction through provision of innovative, unique and quality products lead to an increase in customers, sales and profits. Therefore, the business must be in a position to increase its production without jeopardizing quality, hence influencing the performance of the organization and its personnel. Some of the initial performance portrayed by the business is the implementation of the market strategies that will be in a position to maximize production and decreasing costs through the elimination of product features that are expensive.
Supported by Michael J. Baker (2014), the implementation of an effective marketing strategy that influences its customer satisfaction, production of quality, innovative products and efficient performance impacts the success of the business. Individuals find pride in being a part of a successful venture hence the personnel of the company will inevitably have high morale in delivering their duties with commitment and diligence to the business or company. Moreover, employees are in a position to enjoy serving their satisfied customers and therefore impact teamwork and cooperation that are vital to achieving the goals and objectives of the business.
Conclusion
For a success business venture, various aspects must be put in place to ensure business targets are met. Effective marketing strategies adopted in an industry influence all the areas of a business beginning with its objectives. Business goals and objectives focus on identifying its target market and potential customers. The identification of the goals influences the provision of the product or service that meets the needs and demands of the target customers. The satisfaction of the clients can only be achieved through the delivery of outstanding and quality products that are better than what competitors offer. With customer satisfaction, the sales of the products go high and the customer base increases which on the other hand influence the production of the business. The increase in output requires focusing on ensuring that the quality of the product is either maintained or improved, which as a result impacts the performance of the business and delivery of the company personnel. As it is, marketing strategy is a vital tool that business people need to use for growth and development of their establishment.
References
Baker, M. J. (2014). Marketing Strategy and Management. Palgrave Macmillan.
Bloch, P. (1986). The Product Enthusiast: Implications For Marketing Strategy. Journal of Consumer Marketing , 3 (3), 51-62. http://dx.doi.org/10.1108/eb008170
Markgraf, B. (2017). The Implications of a Marketing Strategy . Retrieved April 15, 2017, from Business Chronicles: http://smallbusiness.chron.com/implications-marketing-strategy-66491.html
Leonidou, L., Leonidou, C., Fotiadis, T., & Zeriti, A. (2013). Resources and capabilities as drivers of hotel environmental marketing strategy: Implications for competitive advantage and performance. Tourism Management , 35 , 94-110. http://dx.doi.org/10.1016/j.tourman.2012.06.003
