Successful businesses do not just happen there is a lot of planning and strategies behind the success realized. No matter the business, marketing strategies are indispensable in ensuring the success of the concerned business. The business should try to offer appealing goods and services to its market for it to gain support and recognition in the market economy (Kerin, Hartley & Rudelius, 2009).
Analysis of existing businesses
In explaining the features of and how to achieve successful marketing, I will begin by giving an analysis of some small businesses that I know of. The first one has to deal with computer consultancy. This is IT based business that deals with both the hardware and software issues of computers. The people involved in this business may also handle various management and evaluation issues. In the event of analyzing the strengths of this business, I found out that it has a defined target population and most of its customers have proved so loyal to the enterprise. All this is based on its marketing strategies, whose prime focus is towards appealing the people by offering quality and timely services.
The second business examined is an advertising agency. Advertising is one of the industries that are experiencing tremendous growth but still maintains a significantly low capital investment. It is this area that is well known for its potential to offer a fantastic business opportunity, especially with the move towards globalization. This advertising agency seems to be having some decent marketing strategies, since it has realized so much profit, and there exists a strong customer relationship management.
Marketing and Characteristics of Business Success
There are various successful marketing and business characteristics, most of which have been drawn from the above discussed businesses. One, the results produced from such a business should be real. The goals with which each activity is implemented and effected should be realized, for the strategy to be termed successful. Second, there is the issue of critical information generated. This may include the contact, profile and market information needed to make the whole process successful. Existence of a well written plan, relevance to the pressing needs of the people, and consistency in ensuring a strong brand to which people can identify are also implications of successful marketing (Kotler & Keller, 2009).
There are a number of innovative ideas towards which a business can work towards achieving. However, as regards marketing, the key innovative idea should focus much attention on the intended and potential market. This then calls for a well established plan on how to make the business so much attractive to this audience. Then there is something to do with incorporating some downright unthought-of ideas into the plan. This will help much in expansion of scope and coverage as well as the services offered. Lastly, there is a need to outshine your competitors. This calls for so much effort to add so much into the areas those are most ignored by other similar businesses, in search for a competitive advantage over them (Hawkins & Mothersbaugh, 2010).
Organizational structure has a social effect on the well being of an organization, and its change impacts profoundly on the performance gap. A performance gap is the difference between what the organization should do as regards its goals and what happens in reality. This may be caused by a change in the marketing opportunities, impacts caused by the competitors, or any other factors that affect the internal environment (Rowson, 2010).
A performance indicator is a parameter through which the success or failure of a business can be measured. Some of the key performance indicators as regards marketing include; analysis of the new customers acquired for business, a report of the people wishing to become customers, the status and satisfaction of the current customers, revenue turnover from existing customers, debt management issues and most crucially customer relationship management (George & Bruce, 2008).
George, R. Z., & Bruce, J. B. (2008). Analyzing intelligence: origins, obstacles, and innovations. Washington D.C.: Georgetown University.
Hawkins, D. I., & Mothersbaugh, D. L. (2010). Consumer behavior: building marketing strategy (11th ed.). Boston: McGraw-Hill Irwin.
Kerin, R. A., Hartley, S. W., & Rudelius, W. (2009). Marketing (9/e [9th ed.). Boston: McGraw-Hill/Irwin.
Kotler, P., & Keller, K. L. (2009). Marketing management (13th ed.). Upper Saddle River, N.J.: Pearson Prentice Hall.
Rowson, P. (2010). Successful marketing. Sydney, N.S.W.: Crimson Publishing.