Business Studies Sample Essay on Marketing Strategy

Marketing Strategy

In defining the best marketing strategy, it is important to analyze the present and potential competition of a company. An analysis of sales volume of Edible Company shows that its sales volume has increased tremendously in the last twelve years. The company’s major concern is that its product, which has gained market popularity, is likely to be replicated by the competitors. To ensure long-term stability, the company should uphold a market strategy that outweighs that of competitors (Weinstein, 2012). The existing company’s performance statistics shows that its major customers are women aged between 25 and 54 years. The company should seek ways of expanding its product to cover other ages.

Since the company already has an established customer base, the best marketing strategy should involve strengthening the existing customer relationship. This includes offering benefits such as coupons and bonuses (Venkatesh, Gregory, & James, 2012). This will not only improve its reputation to its customers but will also block any competitor entry that may not have the capacity to give the same benefits. Retaining the existing customers will enable the company launch other new products to cater for the other gender with relative ease. The company should invest in market research to identify customer preferences of product designs to meet the required demands (Griffin, Michael, 2002).

In addition, the company should keep in contact with their customers. The company should understand the customer’s level of satisfaction with the product, subsequent consumption patterns and always provide prompt responses to customer concerns. Edible arrangements can also retain its existing consumers by offering new lines of products, similar to the initial products to its already established bases (Nirmalya, 2013). This will prevent the rivals from developing competitive substitute products.

In conclusion, a market strategy enables a company to obtain higher competitive advantage over its competitors. In view of potential competition to Edible arrangements, the company should put a marketing strategy that retains its existing customers. The company can achieve this by offering bonuses, coupons and carrying out market research.

References

Griffin, J., Michael, W. (2002).Customer winback: how to recapture lost customers and keep them loyal. New York: John Wiley & Sons

Nirmalya, K. (2013). Marketing as strategy: understanding the CEO’s agenda for driving growth and innovation. New York: Harvard Business Press.

Venkatesh, S., Gregory, S., & James, F. (2012). Handbook of marketing strategy. New York: Edward Elgar Publishers.

Weinstein, A. (2012). Superior customer value: strategies for winning and retaining customers, third edition. London: CRC Press