Project – Term Paper Example
BUSINESS STRATEGIES By Business Strategies Sales strategy is a deliberate and thoughtful activity that business owners use to achieve their desired goal which is particularly increasing their sales. In this regard, places and time to make a sale are determined through a rational process to facilitate the achievement of the highest profits. To develop a strategy, a plan has to be laid down since it is meant for future objectives. Effective approach involves understanding the target market, networking, and surveys, building relationships, and conducting a follow-up monitoring program. The idea is aimed at attaining the sales opportunities to rigor on what works and to get rid of what does not (Pride & Ferrell 2006, 47). The rationale of sales strategy is to analyze the business sales cycle to meet the long term goals. Categorically, the strategy can be direct or indirect. The former means the sales people are talking directly to the consumers about the product features compared to others, while in the latter case talks on the features unavailable to the competitor’s product or services.
To improve sales, business owners must also look on to the best channels of distribution of goods and services to the end-user or ultimate purchaser. This strategy focuses on how to reach the target market, however, to accomplish this, factors that have to be considered include, business location, market location, how to reach the market, stock warehousing, and transportation logistics. Businesspersons debate on whether to distribute their goods or services directly to the consumers or through the middlemen (Pride & Ferrell 2006, 53-63). Nonetheless, the ultimate aim is to reach the consumers faster, efficiently, and with minimal costs involved. It is worth noting that distribution is an important element of marketing in getting the best product to the customer in the right time.
Business strategy also requires promotion, which in turn involves public relations, advertisements, personal selling, and other forms of sales promotions. The marketing out of business is the most costly of all the strategies. Promotion is objected to expanding the customer or client base. It opens new window to opportunities for business growth and development. It, therefore, entails regards to time, labor, and costs. Distribution intermediaries, wholesaler, and retailers must also be contacted through proper communication channels (Pride & Ferrell 2006, 145-152). Direct calls, mails, use of media, social networks, and salespersons are some of the mechanism of updating them or reminding them of the product changes.
In conclusion, marketing requires strategies in the various levels of production, warehousing, distribution, sales and promotion, and communication. It is about having the right product of required quantity to the right customer, within the recommended time.
List of Reference
Pride, w. M., & Ferrell, o. C. (2006). Marketing: concepts and strategies. Boston, Houghton Mifflin Co.