One of the concepts I learnt of the course is on marketing strategies. Marketing strategies are vital to the development of a particular company. The marketing strategies are significant as they lead to the company increasing its sales and achieving viable competitive advantage compared to other competitors in the market (Quinn, 2007). The marketing strategies, in this case, comprise the entire long and the short-term activities in the marketing field. For a product to do well in the market, the marketing strategies should be emulated with the aim of making it the best. Furniture refurbishment, for instance, is a growing industry because of the marketing strategies.
The industry contributes close to $2 billion in the economy. Despite facing many challenges, the industry is still developing and with time, it will be one of the best in the country. Economic breakdown posed a serious challenge to the industry as it affected service delivery by greatly reducing it. The economic breakdown also interfered with the repairing of the furniture. The challenges, however, act as an opportunity for the industry to grow. Due to the marketing strategies the furniture refurbishment industry is expected to grow at a rate of about 5% annually.
Positioning strategy, which is one of the important aspects of marketing, is a concept that I value. Before an individual launch a particular product in the market, they should be able to access the place and even the clients. The people in a particular area and the kind of thing that they indulge in contribute to the successful marketing of a particular product in that region. The refurbishment of furniture, for instance, targets the Portland population due to some reasons.
The rate of unemployment in the region has reduced and as such, most of the inhabitants were able to buy the vintage furniture. Due to the increasing number of jobs in the region most of the residents have stable income thus leading to the demand for the vintage furniture. Taking into consideration the place an individual wants to venture a particular business is important as it contributes to the growth of that business.
Competition also comprises one of the significant concepts in the development of a particular business. For a business to thrive in a particular place, it must consider the competitors. Outshining the competitors is important as it makes a particular industry thrive. Quality is an important aspect of competition as it leads to one industry doing better than the other does. Competition has changed my personal life and as such, I will strive to outsmart my competitors in everything I do. In my professional life, I will also ensure everything I do is of high quality.
Quinn, J. B. (2007). Strategies for Marketing. American Business Review.