Business Marketing Strategy: Key Principles

Introduction

Business promotion, advertisement, strategic planning, development of the business activity? All these opportunities may be provided by the implementation of the basic MBA principles of business marketing. This practice is aimed at facilitating the sales of the services or products. The approaches of this basic marketing principle are generally used by individuals, business organizations, governments and various institutions. Our business community regards business marketing as an industrial marketing approach. I would like to mention that any approach, represented within the frames of business marketing, is aimed at promoting the business efforts and increasing the level of sales, directed at extending the business cooperation and improving the business strategies.

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I would like to emphasize that the aim of this paper is to analyze the possible business marketing approaches, and define the directions of the strategy, as well as stating the aims, which these strategies and directions pursue.

I have found that business marketing strategy is one of the key factors, which determines failure or success of any business activity. The scales of the business and the origin of the production or services do not matter, as if the strategy is not performed properly, any business is condemned to failure as it is emphasized in the research by Grunhagen and Chandra (2008, p. 24):

Get it wrong and you go the way of many others who have failed before you. This is true on main street, and on the internet as well. No matter what you do, the proper business marketing strategy essentials remain the same, only the application of them has to adapt to the needs of your particular business. Do not confuse business marketing with simple advertising. Your business marketing strategy should affect every aspect of how you run your business. It is the heart and soul of a successful business.

The strongest fact, which I managed to find in the literature, states that if someone is dedicated to creating a successful business based on strong relations with the customers and workers, there is strong necessity to study at least the basic principles of business marketing strategy. Thus, this knowledge will make entrepreneurs succeed. While most beginners in business rely upon quick wealth promises, claiming that the clients will get all the goods and benefits of the world just sitting back, this approach leads to failure. I have reached the conclusion that the main feature of any business performance is the strong and effective strategy. Thus, I am going to be aware of the basic principles of Business Marketing, for creating at least the blueprint of the required strategy, and implementing the basic principles of running business. Prasch (2006) claimed that most neglect these rules, and rely on their incorrect vision of the business running. He states the following:

It seems like it is tougher than ever to get prospects to commit to anything. Many businesses have adopted “don’t-buy-anything” policies. Consumer confidence is low. Buyers seem to be waiting for the long-awaited “real economic recovery” to begin. Yet, there are marketers that are doing very well right now despite all of this ugly news. Why? Because their customers believe that they will be better off, if they buy now rather than later. (Prasch, 2006, p. 1162)

In the light of this perspective, I would like to emphasize that entrepreneurs should clearly realize that the main aim of any business should be the creation and keeping of the consuming audience, but not gaining the profit by all means.

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An important aspect of business marketing is the consumer, and strategy, associated with this concept marketing. The main principle of this concept is the following: the higher the quality of the goods – the stronger the perspective of tight and cooperative relations is.

I consider that the main principle of successful business running is the principle of self-investment. The fact is that, any investment in one’s own business is the investment in the future of financial stability and independence. Thus, I clearly realize that the development of business practices is similar to the principles of the Return on Investment (Preston, 2007). Originally, while talking about investment, there is a strong necessity to take into consideration the principles of business marketing. The fact is that, it is essential to talk on the matters of promise and the perspectives of further business development. In the light of this consideration, there is strong necessity to mention that the same notion is true to the extent that entrepreneurs should clearly realize the fact of the ROI, and the principles of its implementation in the sphere of business performance. In accordance with the Return on Investment principles, I have reached the conclusion that running of the business should be adapted to this principally new structure of business strategy, sales principles and advertising. This concept may be traced in one of the business projects, researched by Wilkinson (2003, p. 26):

“In the past 7 months, over 204 facilities managers reported measurable savings in electricity costs as a direct result of retrofitting their HVAC units with one of our units. These same mangers reported first year savings of between $1820 and $2780. With this many customers getting this kind of proven results time after time, these units are sure to save you money. At a cost of just $1799, your return on investment can easily be 100% or more the first year alone!”

I need to emphasize that any investment will result in a particular return. On the one hand, the return may be miserable, nevertheless, there is strong necessity to take into consideration the fact that any investment is the fortification of the foundation of the business and its future.

I am going to regard the marketing strategy as the foundation of the development plan, and the plan for performing the marketing activity, as well as extending the business activity in general. Any marketing plan entails the principles and actions, which are required for the successful implementation of a marketing strategy. Thus, as Walle (2003, p. 319) emphasizes: “Use a low cost product to attract consumers. Once the organization, via the low cost product, has established a relationship with consumers, the company will sell additional, higher-margin products and services that enhance the consumer’s interaction with the low-cost product or service.” Taking into consideration the principle of investment, I have noticed that this notion combines both the principle of ROI and customer relations. Consequently, the business marketing principles, and the strategies, which are implemented on the bases of these principles are generally designed to fill the needs and requirements of the market and aimed at achieving the objectives of the marketing realities. From this point of view I regard as the necessary objective for starting the strategy implementation, as in accordance with this scale, the evaluation of the progress will be more effective.

The goals, and points, which are required to achieve the evaluation scale will be regarded as the development chart as it is impossible to reach the highest point of the success instantly. In order to confirm this consideration, there is strong necessity to give the words by Lodish and Howard (2001, p. 217):

A marketing strategy often integrates an organization’s marketing goals, policies, and action sequences (tactics) into a cohesive whole. Similarly, the various strands of the strategy, which might include advertising, channel marketing, internet marketing, promotion and public relations can be orchestrated. Many companies cascade a strategy throughout an organization, by creating strategy tactics that then become strategy goals for the next level or group.

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I would like to emphasize that various groups of the consumers expect the application of particular marketing strategies towards them. Originally, the groups of consumers are differentiated in accordance with their needs and requirements, thus, the differentiated approaches should be used. The companies, in their turn, should expand the strategy goals, and develop the set of tactics, which will be applied for achieving these goals. Surely, all the goals and aims should be measurable.

What I Discovered

The key fact that requires mentioning here is that the business principles and practices, which lead to success, has not changed since the beginning of entrepreneur relations. Nevertheless, the ways of implementing these principles and strategies based on them are subjected to the constant evolution, and require constant modification in accordance with the tendencies and requirements of the epoch.

I consider that the notion, that the main aim of the business activity should be the creation (attraction) of the consumers, and keeping them satisfied, should be regarded as the cornerstone of the business strategy. Thus, the customer care strategy may be considered as the central business aspect. I have to emphasize that an important feature is the principle of business activity. It is impossible to stay the leader of the market without the constant development of the business performance principles and the quality of the goods or services provided. It is known, that the best way of development is the constant investment of the activity, which causes the increase of the effectiveness, quality or rapidness of the provided services.

I consider that the business principles, which are regarded as traditional by most entrepreneurs, often appear to be mistaken and incorrect. Thus, there is strong necessity to step away of the traditional representations of business performance. As Harris and Dennis (2002) state, it is the time to implement the principally innovative tools, which make the conversion of the business performance more evident, and which will foster the development of economic practices, aimed at extending the business activity.

An interesting statement is made by Lee Preston (2007). The fact is that, there is no necessity to study the marketing tendencies, the laws of economic development or micro-economic principles. In order to build the successful and effective structure, the most essential requirement is to realize the needs and requirements of the target audience, and think over what should be done for satisfy these needs. It is also emphasized, that the origin of the goods should be also taken into consideration:

Take the time to gain an understanding of the phases your sales people go through, and start creating materials that will make you both superstars in your company. It’s time we stop working against each other and start working together to benefit the companies that we support. Are you up for the challenge? Learn how you as the marketing department can support your sales team. (Preston, 2007, p. 291)

While some business performers resort to special and innovative techniques, they often do not realize the basic principles, explained in this paper. Reaching the success by all the means possible is dangerous with the loss of reputation of the faithful and honest business player. The brightest example which may be given is the vial marketing. Originally, it contradicts with the principles of customer care and self investment, as the main aim of this technique is to increase the awareness of the company by discrediting the competitors. In spite of the fact that the viral marketing techniques are rather effective, it is rather risky to resort to them, as consumers may get upset, if they realize that this technique was intentionally applied to them

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Conclusion

Finally, it should be stated that business marketing techniques are aimed at improvement of the business activity and extension of the customers’ base. Originally, the key principles, which should be implemented in the business marketing strategy are the customer care, and constant development of the company (effectiveness, quality, rapidity, etc). In the light of this consideration, it should be emphasized that the key principles of business activity should be provided in the strategy, which requires strict correspondence to the principles of fair business performance. Otherwise, the consumers will quit using the services of the company, as often they dislike unfair players.

Bibliography

Grunhagen, Marko, and Chandra S. Mishra. “Entrepreneurial and Small Business Marketing: An Introduction.” Journal of Small Business Management 46.1 (2008): 1.

Harris, Lisa, and Charles Dennis. Marketing the Business. London: Routledge, 2002.

Lodish, Leonard M., Howard Lee Morgan, and Amy Kallianpur. Entrepreneurial Marketing: Lessons from Wharton’s Pioneering MBA Course. New York: Wiley, 2001.

Prasch, Robert E. “The Consumer Trap: Big Business Marketing in American Life.” Journal of Economic Issues 40.4 (2006): 1162.

Preston, Lee E., ed. Social Issues in Marketing: Readings for Analysis. Glenview, IL: Scott, Foresman, 2007.

Walle, Alf H. Qualitative Research in Intelligence and Marketing: The New Strategic Convergence. Westport, CT: Quorum Books, 2003.

Weinrauch, J. Donald, O. Karl Mann, Patricia A. Robinson, and Julia Pharr. “Dealing with Limited Financial Resources: A Marketing Challenge for Small Business.” Journal of Small Business Management 29.4 (2002): 44.

Wilkinson, Roderick. “This Thing Called Marketing.” African Business May 2003: 26.

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