Apparently, every company looks forward to achieving competitive advantage over its counterparts in the industry. To acquire this competitiveness, it calls for appropriate marketing strategy. Basically, there are significant outcomes of effective attainment of marketing goals (Kotler, Armstrong, & Stewart, 2014). For instance, if a marketing strategy is successful in boosting sales volume, the company consequently makes higher profits thus meeting its primary objective of its operations.
Additionally, a company is able to reach more potential buyers thus increasing its market share. Moreover, effective marketing results to healthy relationships with customers therefore helping the company to build a positive reputation in the public. More so, a company is able to safe guard the brand of its product through effective marketing.
Contemporary business organizations are working towards attainment of customer-centered enterprises. Certainly, companies are focusing on how to fully meet the needs and expectations of their customers. Additionally, business organizations are putting great efforts in overseeing that all the concerns raised by the customers are fully addressed and acted upon.
As such, businesses are able to create maximum satisfaction for their customers. In attainment of the above mentioned objectives, companies are engaging in various activities to create customer-centered businesses. Firstly, most contemporary organizations have set active focus groups who conduct extensive market research aiming to find out customer needs and expectations. Businesses then use the feedback provided by the teams to adjust on their operations, so as to meet customer demands and expectations. Moreover, companies are able to uncover the complaints of their customers and find a way to address them accordingly. As such, customers feel more valued and therefore the healthy relationship between the business and the customers is upheld.In the course of meeting customer demands and expectations, business organizations engage in various undertakings that enhance customer satisfaction.
Firstly, companies are tending to involve their customers in decision making. For instance, a company may interview a sample of its customers on how it can improve its operations to generate maximum value of its product. As such, customers’ feels that they are part of the company and therefore tends to remain loyal to the business. Secondly, companies are focusing on producing quality products that meets customer demands and expectations. Undoubtedly, customers demand for high quality products that effectively satisfy their needs. Additionally, customers concentrate more in weighing between the cost and benefit of a product or service.
Companies are therefore researching on how to reduce the cost of production so as to produce high quality products at a lower cost thus selling them at a customer friendly price. This greatly influences customers’ buying habits where they tend to buy more and stick to the business.Marketers need to make marketing decisions wisely in order to implement a marketing strategy effectively. To make appropriate decisions, marketers should embrace some vital decision making tools such as the marketing information systems (MIS) (Babin, Barry, & William, 2015). This tool encompasses of vital steps needed for effective collection, analysis and presentation of marketing research data needed in decision making. Secondly, a company may opt to conduct a customer-inclusive survey as a technique of acquiring feedback needed in decision making. The survey may involve structured questionnaires or interviews with a sample of customers to determine the demands and expectations in the market.
More importantly, most companies will always conduct a SWOT analysis as a tool for decision making. By conducting this type of analysis, a company is able to determine its strengths and weaknesses and how it can utilize its strengths to implement an effective marketing strategy. It also discloses to a company the areas it needs to improve on so as to successfully implement a marketing plan. Finally, a company may also consider PESLE as a tool for decision making, whereby the company is able to determine the external factors that may influence its marketing operations.ConclusionIn conclusion, it emerges that, marketing is a paramount tool for success and growth of a business organization. This is based on the fact that effective marketing helps a company to win a competitive advantage against its counterparts in the industry hence creating room for growth and development.
Apparently, for a marketing strategy to be effective, it must be grounded on SMART marketing goals. Moreover, the marketing plan should focus on creating a customer-centered business. Notably, before making marketing decisions, the marketing department should put into consideration vital decision making tools to avoid mistakes in the implementation stage.