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Further
Reading ...
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Affiliate Marketing Billionaires? - John Evans
Can the sky be truly the limit with affiliate marketing? Just how much can one affiliate marketing web site be worth? Well, 2 British guys may well have set the bar at a new all-time high for the affiliate marketing industry. The prestigious...
Six Ways to Save Your Site and the Internet - Jason OConnor
Title: Six Ways to Save Your Site and the Internet Author: Jason OConnor URL: http://www.oakwebworks.com Copyright: 2004 ----------------------------------------------------------------- TERMS OF REPRINT You have permission to publish this...
Winning the Home Business Jackpot - Donna Schwartz Mills
Well, once again I *did not* win the California Lottery. I can always tell when things are going well in my life, because I don't daydream about getting rich quick. When I was working outside the home full time, I found myself buying tickets every...
Is Your Company Growing Fast Enough for You? - Chris Anderson
Are you frustrated by the lack of growth in your firm, or the effort required to squeeze any up-tick in performance? Are inadequate policies and procedures a root cause? To find out, take this simple self assessment to see if this may be...
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If One Does Not Do Any Planning, One Is Planning To Fail
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Written By:
The International Business Foundation
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MARKETING STRATEGIES
An enterprise may adopt different marketing strategies dependent on the size and position of the business in its industry. The marketing strategy adopted may prove crucial to generate sales. These marketing strategies are often the result of competitive forces. The different techniques to tackle marketing opponents, or defending one's turf against competitors, are dealt with.
• Market challengers
In order to expand market share it will often be necessary to compete against other businesses delivering similar products and services. Such enterprises may choose to undertake one of the following;
- Challenge the market leader by capitalising on unserved or poorly served markets;
- challenge enterprises of a similar size who are performing poorly and who are underfinanced; and
- challenge smaller enterprises who are poor performers and underfinanced.
Before competitors are challenged, some groundwork is required on;
- Who the competition is;
- the financial standing of competition;
- the market share of competitors;
- the goals and assumptions;
- strengths and weaknesses;
- probable reactions from competitors.
Once that is taken care of and enough information assimilated, an attack strategy is to be chosen. You will notice that these strategies carry a military flavour, as they have been adopted by marketing strategists. The frontal attack is the first option an enterprise may exercise. In doing this, the opponent's strengths are attacked rather than weaknesses. In the end, the business with the most strength and endurance will win. To be successful, some form of strength advantage over the competition is required. This may be price or value. A second option may be the flank attack. In military parlance this involves feinting an attack on strong defences to tie up the defender whilst launching an attack from the side or rear. Two flanking options are geographical and segmentation. Geographic means doing business in areas where competition performs poorly. Segmentation is uncovering market needs not served by competition.
A bypass attack will be directed at easier markets to broaden the resource base. The business may opt to diversify into unrelated products or go for new technology. Instead of imitation, the challenger will develop new technology. When superiority is achieved, the ensueing battle will be on its own territory. Should your resources be limited, the guerilla strategy may be indicated. To do this - continued below ...
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continued ...
small, intermittent probes are launched with the intention of harassing and demoralising the opposition. The tactics employed may consist of price cuts, hiring the opposition's best staff, intense bursts of advertising and legal action.
• Defensive strategies
It may happen that your enterprise finds itself on the receiving end of competitive thrusts by the opposition. In such scenarios one needs a number of options to defy competitors.
Position defence is the most difficult alternative. The danger is that the business engaged in this form of defence will rely on existing products or business methods. A flanking defensive strategy is one where an enterprise will ensure that competitors will not pursue flank attack strategies. To do this, the business should ensure that it does not neglect any segments of its market or any geographical areas. Once a competitor gains a foothold in one of these, your business may be in jeopardy.
Businesses may opt for a preemptive defence. This is carried out when the business takes action steps before a competitor launches an attack. Some enterprises will execute such a strategy when they sense a competitor growing too big for comfort. Strategies to keep the other parties on the defence will be actively pursued. Some enterprises will initiate severe price cuts to force other parties to imitate. Obviously such moves are difficult to mirror should one not be in a position to weather the effect on cash flow.
CONCLUSION
Strategic planning is not a panacea for ills. It will not automatically ensure success. Sometimes one will make mistakes, assume incorrectly and make incorrect decisions stemming from this. The alternative, not to undertake any strategic planning, is even more dangerous. If one does not do any planning, one is planning to fail.
Get more information at http://www.mini-mba.info
The International Business Foundation
The International Business Foundation
Providing outstanding leadership in management education has been a personal mission for several decades. The International Business Foundation was founded in 1989 with the express purpose of bringing together intercontinental leadership, knowledge and skills.
Whoever we are and wherever we live, a student starting out or a high ranking executive. Whether our primary need is a qualification and or Business and leadership skills. We make it our business to help you.
Visit us today at http://www.mini-mba.info
info@mini-mba.info
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| _Additional Resources ... |
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Increase Your Sales Accept Credit Cards, Part 2 - Sue and Chuck DeFiore
In part two we will discuss overcoming objections, which credit cards to accept and using the check paying option. If your business is home-based or has been in operation for less than two years, you’re likely to face objections from the bank. If...
Banish Those Bookkeeping Blues! - Tracey Lawton
Are you one of those people who are guilty of just stuffing your receipts into a folder and thinking 'I'll sort that out when I've got time'? Do you need a more organised bookkeeping system, nothing too flash, just something that's simple and easy...
You Know You're Too Ethical When... - Judith Kallos
Yeah, TOO ethical!? Lately, with some of the issues I've had to deal with in my day to day business activities it seems I am one of the rare few who is concerned about proper ethics and is naturally inclined to react with integrity. The last straw...
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