NO STRATEGY NO BUSINESS

“You have to work on business before business works for you” Work on strategies first, to be
out of market. what are Business strategies? Business strategies are set of actions necessary
for improving profit, brand value, customer satisfaction and so on. It is been well said that
having effective marketing strategy in place is hands down onto the best marketing tools you
can use ever.

There are plenty types of marketing strategies in the world. We have highlighted some of the
tactics used by the companies which led the firms help build their customer ecosystem, profit
maximization, create brand value, to be different in the market .

Bring the energy among the customers you build whole ecosystem of customers which is the
main ingredient in business. The first thing we all need to understand is the principle of

VALUE OF PRODUCT ∝ ENGAGEMENT OF CUSTOMERS. Engagement

of customers in some or other way is key. Assembling the final product, Designing the
Product, Provide Easy to customers all these comes under customer Engagement of
Customer. For example

IKEA an $40 billion Furniture Company operating in 50+ countries.

This company used the tactics of customers engagement. The company manufactures the
furniture products like sofa sets,beds etc and when the customer buys the product they get
that with the parts of it packed in the box so they can easily carry it to their home in their
vehicle and also they have got a task of assembling the furniture on their own.
This creates more satisfaction of setting up their own furniture. The idea of making the
customer put in their efforts helped the customers create the extraordinary brand value in the
minds of people. No matter what kind brand you are if you are able to engage with your
customers will be deciding factor whether it is an ordinary or extraordinary company. The
technique of Do it yourself arises which made a company reach higher heights.

Why innovation may not be enough.

Here another example is of Gillette which has the famous pricing model know as Razor
blade model. The strategy is about selling the main product on discount and
supplementary goods at premium price to generate high profits. This model made many
companies to fly from decline level to earn high profits. This strategy made company to
sustain in market for more than 125 years , 7 revolution including two world wars. Pricing the
main product with loss and discount and setting high price to complementary product gave a
billion dollar idea to world. Companies like amazon kindle , kodak Camera, Play stations
have laid to success through this idea. Pricing is doubled edged sword when used right it
gives an incredible return.
These are some of the tactics which led the company to achieve higher success.
In conclusion, the marketing strategy is an important strategy undertaking.This is because the
plan outlines the action plans through which the business will achieve its marketing
objectives.
Plagiarism Report