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Developing A Business Strategy-- Understanding Fundamental Concepts

Jul 12, 2008
Designing your own business strategy is a very vital component to make your business grow. So, before establishing a business, it is important that you understand the fundamental concepts of effective marketing strategy. So, I have provided some ideas below:

The first step in developing a business strategy is to complete a business plan. Lots of people take the plunge before they take the most essential first step. Even with the necessary capital to begin the venture, a business plan helps to crystallize goals. The research involved increases understanding and knowledge of business dynamics and prepares the owner for business challenges. Those who write down their goals and plans will accomplish 50 to 100 times more than those who keep goals and plans in their heads-- without implementation. Building your confidence and understanding the financial needs of the business are vital to developing a business strategy, especially if you want to pursue financing. Time spent does not inhibit your capacity to make money. A well-written plan will generate dollar to you.

Another is, the positioning; it is the competitive strategy to beat the competition .Today's business leaders must be forward thinkers to impose a business strategy that gives their companies a sustainable, competitive edge. The global market has expanded boundaries and multiplied the number of competitors. That is why market positioning is more important than ever before. Appropriate positioning of your product or service is the best competitive strategy and keeps you first in line with potential customers. Establish your product or service before the competitor does it for you. The primary elements of position are pricing, quality, service, distribution and packaging. Promote the strengths of your product or service and you will have a business strategy with unlimited opportunities.

It is also important that you are able to turn prospects into clients with these marketing strategies Take advantage of these marketing strategies that will convert prospects into bona fide customers. Time should be dedicated every day to at least one marketing activity. Keep yourself abreast of trends that can impact your target niche, product or promotion strategy. Subscribe to marketing publications or newsletters and read strategies, market research studies applicable to your business.

Always look for new markets for your business promotion. Survey present clients and learn of potential new or expanded services. Solicit marketing interns to receive free marketing assistance. Organize a breakfast club with professionals not associated with your field to expand network referrals or affiliate. Check to see when a local high school has a career day and volunteer to give a speech or to be a sponsor on several programs. Certainly, this list is not exhaustive of marketing strategies to augment your business exposure. But, it is a starting point to unearth marketing possibilities and potentials.
About the Author
Stephen C Campbell (MBA, MSc, MCIM) is a Business Consultant & Internet Marketer, he has produced a wide range of topical subjects in business at http://www.businessmansencyclopaedia.com/
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