Asset leverage allows ALL to use their best operational assets to expand their business and improve their market share. Customers are absolutely fundamental to the success of a business. A business without customers is not a proper business I think. Whether you are starting out or have are long established, a lot of time and money is spent trying to gain new customers. It is important to remember that a loyal customer can be just as valuable than new one.
It can also help us to win over new customers or even create customer loyalty from current customers. We currently have sufficient marketing strategies to increase loyalty and profitability of consumers. However, the organization can create more strategies to have long lasting success. According to "How to Develop Marketing Strategy" (2013), “A carefully planned marketing strategy provides continuous benefits to a company”
Without customers, there is no business or sales. Without sales, there is no reason to create new products or services. These are just a few reasons marketing is an important factor in the success of a business. Marketing is the process that a company performs to get the word “out” about new products and services. Notifying potential customers through advertising and promotional sales provides current sales of products and increases the future success rate for the company.
Basic Business Objectives • Profitability - Making a profit is the main objective for most businesses • Customer base – A business aims to increase the amount of customers it has in order to increase profit. • Public profile – Businesses need to have a high public profile to get new customers. • Sustainability – Economic survival is very important to businesses and they must plan ahead to ensure this. • Staff training – Businesses must keep all their staff adequately trained for the job they are doing. • Customer Service – Businesses should aim to have good customer services because it is important to keep customers happy.
Therefore, companies employ various strategies to advertise and sell their products or services. Companies try to promote and sell their products to customers that they have identified in a target market. They implement marketing strategies to help accomplish the goal of profitable sales. Hence, marketing strategies are vital to the success of the company and the marketing strategy that a successful company employs will seek to overcome shortcomings and increase the company’s revenue. Lane Bryant is one such retail store that has developed marketing strategies that has made them one the most profitable retail stores for women who are larger in size.
This way they will be able to gather all the money they need in order to expand the company. By expanding the company they will be able to have the opportunity to reach out for more potential customers. Leading the company to an economic success, Kudler as well could consider the possibility of acquiring another organization in the same industry. The opportunities the company will face taking this decision might as well increase their monetary income in a good way. Having at their side another company advertising and selling their products will provide the opportunity to expand their market.
240). Using this strategy of promotion could cause more exposure for KFF and help them become more globalized. If the company carries and sells the products the right way, the consumers will think “this company means business, let’s show our appreciation”. To make any company grow individuals need to promote it in the right way because promoting a company the wrong way could cost the business
This will assist the company in increasing their profits and it allows Brockley’s to invest more money if they need to. Budgets are important to any company, they help inform the business on whether or not they have enough money to raise the business and generate more profit. Budgets help businesses reach their goals and targets. Income increased to budget: A budget provides businesses with an outlook and structure for future plans. Income is an important area of budgeting, this because without income there is no money to work within.
By consolidation and retention of the competition, Service Experts was able to capture market share in the HVAC service. Service Experts made a brilliant move on the behalf of obtaining contractors that they have groomed and set up for success. This drove the growth strategy for the company, acquire and conquer are strategies that are used all too often in business. It can be seen as a process of forward integration, but in a service based module, and not a manufacturing base sense. The growth strategy of capturing market share and growing revenue to increase business presence in the market was achieved for Service Experts.
For a company to retain talent it must offer more incentives for the employees than that of its competitors. Your company encourages the decisions and ideas of the employees but more programs could be put in place to help retain employees. Implementing a program that offers rewards for time and cost savings not only benefits the employee but also the company by projecting a positive image of employee worth to the company. Keeping the companies hiring practice on the national level is required for all employees that work in the retail stores but if there is a need for technology or manufacturing of a particular product I would recommend global labor. The ability to tap into the global labor market will make the company more competitive by being able to offer competitive prices on products due to lower overhead cost associated with the offset in the labor cost.