NATIONAL UNIVERSITY OF MODERN

LANGUAGES ISLAMABAD

Hira Naz
9191041
BBA-4B

Subject: Strategic Marketing

Quiz 02
Submitted to: Mam Javeria Shabir
Date: 25-10-2021
Write down how market and strategies are interlinked and how opportunities outside
the competitive box impact your existing customer base and develop new customer
base?
Market and strategies are interlinked:
A market is defined as the sum total of all the buyers and sellers in the area or region under
consideration. And Strategies generally involves, setting goals and priorities, determining
actions to achieve the goals, and mobilizing resources to execute the actions.
Market changes often require altering business and marketing strategies. Managers who do
not understand their markets and how they will change in the future may find their strategies
inadequate as buyers’ value requirements change and new products become available which
better satisfy buyers’ requirements. Many forces are causing the transformation of industries
and are changing the structure of markets and nature of competition. These influences create
both market opportunities and threats by altering the nature and scope of products, markets,
and competitive space. For example, PepsiCo shows impressive performance in
understanding and catering to changing tastes in the beverage and snacks market, rather than
trying to change them.
Opportunities outside the competitive box
Our project is related to online jewelry business. If we just focus on one traditional
competitor, our business will never grow. For further advancement, we have to think outside
the competitive box. In this, we will see what are the new value we will give to our
customers. We have to see the existing customer base and also the new customer base.
Existing customer base: One of key drivers in our company’s value is the value of our
customers. Analyzing customer profitability and maximizing a customer’s lifetime value are
highly important and essential to our business. To increase our customer base, it is necessary
to stay in constant contact with potential and existing customers and the more value our
business can offer, the more likely they will remain loyal.
New customer base: Before we can find new customers and increase sales, we need to
understand who our customer is, what value proposition we offer to customers, and what our
competition is currently offering in the market and where there are gaps for a new entrant
We will increase our customer base by:
o Asking opinions
o Keep up and maintain excellent customer support and service.
o Keep our website content fresh.
o Promote our business on social media networks