Marketing Strategy Business Report

Introduction

This report proposes to discuss the current marketing strategies that the company invests in to meet business sustainability goals and deliver consumer needs. The business focuses on investing in customer satisfaction to achieve the end goal of increasing profitability. The report seeks to outline the characteristics of target customers that the business wishes to reach and explain the criteria for identifying the market segments with target customers.

Objectives

• The primary objectives of this report are
• To outline the current market opportunities for the company
• Explain the current marketing strategies and their effectiveness in achieving marketing goals
• Identify the ideal client and describe the characteristics

Analysis

Ideal Clients & Characteristics

It is very crucial that the business identifies its ideal client so as to ensure that the business offers the required product or services for the ideal customers. Not everyone is an ideal client, and therefore, they are specific characteristics that ideal clients have. In a world that has focused so much on marketing, identifying the ideal client will play a vital role in the business. Generally, identifying the target market ensures increased profitability because the business will focus on offering the needed solutions to these customers. The whole process of identifying ideal clients or, instead, the target market is not easy. Before identifying the ideal client, there are several characteristics that one should focus on. These include the psychographic and demographic factors such as age and gender. Moreover, one must identify the problems that clients face and the appropriate solutions and the impact of those solutions. There are many advantages to identifying the ideal client, including increased brand loyalty and increased profitability due to target marketing.

Marketing and Marketing Strategies

Niche Marketing

Niche marketing, also known as target marketing, has continued to become increasingly popular among many businesses. This strategy has proven useful because specializing products for a small market segment increases profitability and allows the business to understand consumer needs (Akbar et al., 2017). The most critical elements of niche marketing are segmentation and positioning. Niche marketing has proven successful in increasing profitability due to its market relationship practices and strong brand loyalty due to long term mutual relationship with customers. Niche marketing is characterized by the following: creating long term relationship with consumers, venturing in less competitive markets, prioritizing on consumer needs, and practicing product differentiation (Akbar et al., 2017).

Market Segmentation

To understand the best target customer segment, the market segmentation strategy must be implemented. The business will implement the market segmentation strategy and other strategies to steer business growth in terms of revenue and brand popularity (Menzly & Ozbas, 2010). Market segmentation refers to dividing the markets into distinct categories based on consumer needs and interests. Most companies have adopted the VALS and PRIZM marketing models to increase consumer values and lifestyles (Menzly & Ozbas, 2010). A market segment is often defined as a class of people with similar consumer needs and characteristics significant for market strategy. Market segmentation allows the business to target the market segments that would give the business a competitive advantage. Adopting a market segmentation strategy in the business will ensure that the ideal clients' needs are met through high-value products and services. There are high chances of increased profitability because the target customers will have diverse economic value because of the solutions offered. Segmentation can be done in various ways, which include judgment where the marketer uses knowledge and insight in the identification of market segments, research-based segmentation, which refers to making segments based on research investigating attitudes, values, and behaviors of consumers.

Positioning

For segmentation to succeed fully, positioning is crucial. The positioning strategy enables the business to position itself well concerning its competitors. The positioning strategy is mainly used to promote a good perception of products to consumers compared to the competitor's product. The marketing strategy aims at promoting the superiority of their products. Therefore, for the strategy to work effectively, the business must understand consumer perceptions of products and how they can be changed to fit the product or service offered (Urde & Koch, 2014).

Increased efficiency of the positioning strategy requires the following key elements: Clarity, competitiveness, credibility, and consistency. Therefore, a significant position strategy should focus on increasing the attachment between consumers and the products offered by the business (Akbar et al., 2017). The stages of implementing position strategies include analyzing the internal and external environment, designing a trademark, coming up with positioning features, strategy definition, identifying target markets, developing an implementation plan, implementation of positioning strategy, and correction in case of any problems during and after implementation (Akbar et al., 2017).

Mapping the Competitive Position

Strengthening the business's competitive advantage will play a crucial role in achieving the objectives of the market strategies put in place. Competitive advantage can be increased by reducing costs; this can be done by streamlining operations and increased coordination in the business. Product differentiation, focusing on consumer needs, increased market research, and product development will also play a crucial role in increasing competitiveness

Conclusion

The business report offers insightful information on the criteria of choosing the ideal clients for increased business growth, identifying the market niche, understanding the market, and practical strategies for business growth and increased profitability. Positioning and market segmentation have proven to reach the target customers and increase business profitability effectively. All businesses, regardless of size, need to develop and implement a strategy that increases their competitiveness in the market.

References

Akbar, F., Omar, A., & Wadood, F. (2017). The Niche Marketing Strategy Constructs (Elements) and its Characteristics-A Review of the Relevant Literature. Galore international journal of applied sciences & humanities, 1(1), 73-80. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2957004

Menzly, L., & Ozbas, O. (2010). Market segmentation and crosspredictability of returns. The Journal of Finance, 65(4), 1555-1580. https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-6261.2010.01578.x

Urde, M., & Koch, C. (2014). Market and brand-oriented schools of positioning. Journal of Product & Brand Management. https://www.emerald.com/insight/content/doi/10.1108/JPBM-11-2013-0445/full/html