Business marketing strategies are action plans on how an organization plans to use its limited resources for maximum benefit. An organization is able to increase its sales and gain a competitive advantage. Business marketing strategy is the main factor that determines whether an enterprise will succeed or fail in its ventures.
The main objective of the action plan is to ensure that the needs of the market are met with satisfaction and the organizational goals are met. The action plan is set to cover short term and long term aims of the organization. It is interactive and flexible so as to be able to cope with the ever changing needs and wants of the market. This means that room is left for this change hence a part of the action plan is unplanned.
An organization should use the positive internal and external environmental factors to its advantage. It should also look for ways to decrease the impact of the negative factors on the organization. This should all be put into account when designing an action plan.
An action plan has to do an analysis on the acronym SWOT which stands for Strengths, Weakness, Opportunity and Threats. This analysis seeks to find the strengths of the organization and its weakness. This assists to know where the organization should focus its efforts on and where it should pull up its socks.
A SWOT analysis exposes known or unknown opportunities for an organization. This may mean that an organization can diversify their line of work to include a product that is unrelated to the core product or to really intensify their core product production.
The threats that an organization may be faced with may be ones that it can react to such as a competitor or an uncontrolled one such as acts of God. The last step when creating business marketing strategies is to implement the monitoring process which evaluates how well a strategy is doing.
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