Growing an Organization through Marketing
Marketing can determine whether a company sinks or swims. Here, Geary Reid helps businesses navigate the turbulence of the current marketing landscape.
Today’s market is complex. Consumers and cultures continually turn the tide of trends. To keep up, companies need to be willing to adapt their marketing strategies, forecasting into the future to stay one step ahead. However, the competition among businesses trying to attract certain demographics can seem stiff and intimidating. In this book, Reid offers essential tips that will give your company a competitive edge. With the right research, planning, customer care, and reputation building, your business can reach your target group and keep them coming back for more.
Many organizations would like to expand their operations, and this can be done in several ways. One such way is through marketing. If the organization is marketing-oriented, it will attract many more customers. Marketing allows an organization to meet the expectations of both their existing and potential customers, who are attracted to an organization where they are comfortable and where they perceive value in exchange for their resources, both in economic terms and from the benefits of the product or service, as suggested by the value proposition. If an organization strengthens its marketing, then—despite competition—it will increase revenue.
A marketing plan must be reviewed: periodically in order to ensure the desired outcome for each phase or based on competitors’ activities. The organization must conduct marketing research in order to understand customers and their behavior. Based on its research, the organization will be able to forecast its sales and react based on market intelligence.
Organizations need a place to operate. This place can be used for manufacturing, storage and sale of the finished product and, if used properly, can allow the organization to generate greater sales. Facilities can be either owned or leased by the organization. The choice of location allows the organization to easily meet the customers’ needs.
An organization can continue delivering its existing product or deliver a new product. Whatever the product, it must meet the customers’ needs and help the organization to generate revenue.
When the price is right, customers may be inclined to purchase more of the product or use more of the service, so an organization must be aware of all the costs of production and make the appropriate choice for its products and services. The selling price will be established once the organization identifies and adds its profit element to the cost of production.
Customers may become more aware of the organization’s product or service if it chooses an appropriate promotional mix. Each promotional mix will vary in its cost and in its ability to reach customers. The right promotional mix can allow the organization to grow quickly and become the leader in the market.
Customer is the king. Providing certain kinds of after-sales service will support this notion in the customers’ minds. The organization must not be satisfied when the customer collects the product but must follow through with them after the sale has been completed, which creates a feeling of individual attention or a sense of belonging that may result in repeat purchases and/or referrals in the future. Good customer care can mean less need to spend money on promotion, as the customer will promote the organization and its products.
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