Marketing strategy is the exact and detailed plan devised to reach a goal in any organization (Talloo p.147).In only 3 hours we’ll deliver a custom Retail Business Analysis essay written 100% from scratch Get help
For any organisation to succeed or out do the other it must put into consideration the three workable generic marketing tactics to meet its goal in whatever line of business, and these generic marketing strategies are cost leadership, product differentiation and market segmentation (Porter, p.35).
Despite the fact that there is competition in every line of business an organisation has to carry out the generic strategies stated above to meet its aim and goal though depending on the organisations approach on carry out the strategy. For the organisation to broaden their market they must be able to meet the demand of their customers by producing variety of goods to the market for observant customers who are mindful of the choice of products in the market and cautious in their spending pattern. Such customers easily realise any changes in oscillation of price and products being produced to the market (Varley, p.252).
However, for the organisation to satisfy such customers, it has to design a plan of distinguishing its products from that of his competitors and ways of going about it is by reducing the price of the product, providing the customers with a buying target which should be attained within a stipulated time, giving of discount to wholesale buyers depending on the measure of goods bought, (Porter, p.37) and for a manufacturing company the provision of transport for delivering of goods to the wholesale buyers at their respective locations or through courier service company depending on the quantity of goods.
Another way of dominating the competitive market is by putting into consideration the customer needs. If the products in the market does not satisfy the customer then a better quality and increase in volume of the product is required, the designing of a different and distinctive product which is not in the market, unique attractive packaging and neat labelling of the product, choosing unique brand name that is easy to pronounce, memorize and eye-catching to the consumer (Talloo, p.149). All the necessary legal requirements must be followed. This will give the buyer an assurance that the product is of outstanding quality.
For any product to sell, promotion on the product has to be carried out in a better way. For a successful promotion, the group has to be aggressive and straight to the point. It can always be done by organizing road shows and alerting the entire public on the new product or change on a particular product, besides these, some gifts are to go with the products like, T-Shirts, Caps, Pens, shopping bags and inclusion of special offers.
Promotion can also be done through running programmes in the local dailies or Television channels which come along with gift promotions, it is also necessary to include extra package as a gift added to the products. These attract the customers and help improve the sales. If a product is well promoted, made available and consistent, it will become so common in the market hence consumer will be rushing for that particular product in the market. Public transport vehicles can be used as another source of promotion by branding them with the product’s label with the inclusion of an advertising digital television.Academic experts
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- Porter, Michael E. Competitive strategy: techniques for analyzing industries and competitors: with a new introduction. New York: Simon and Schuster 1988
- Talloo. Thelma J. Business Organisation and Management (For Delhi University B.Com Hons. Course), New Delhi: Tata McGraw-Hill, 2007.
- Varley, Rosemary. Retail product management: buying and merchandising. New York : Routledge, 2006.