Successful and Unsuccessful Marketing Strategies

Introduction

Strategic management helps make the business competitive. The survival of the business depends to a large extent on its ability to address specific problems to the organization effectively. This is where strategy in business management comes in (QuickMBA, 2006).

Strategy provides the direction in which the business should take. Delineating company objectives clearly, establishing policies and plans and implementing plans by using resources are all parts of an effective strategy. Knowing the strategy that works then is essential for the growth of the company (Wikipedia, 2006).

Strategy based on strong brands is likely to be sustainable because it creates competitive barriers` (David Aaker, 1998 `Strategic Market Management` p.172).

Strong brands have proven their sustainability and strength throughout the years. Their strategies therefore are effective in maintaining or surpassing their leadership in the market.

In achieving a sustainable competitive advantage the marketing strategies of both successful and unsuccessful companies serve as clear examples of what works and does not work in business.

To be sure that one would be a successful in business venture, the company needs to consider some salient points. Questions don’t have to be addressed all at one time but should be considered as one move along. It is also important to solicit the aid of professionals or people conversant of the process so as to facilitate the transition.

Getting into business is not only a full-time job it is also long-term. It takes some time before the company’s efforts show on the financial statements so committing to the cause should be number one on the list. Without it, once obstacles show, it would be hard to go on. One needs a reason, a goal to attain in order to be clear on what on what to achieve, when, where to go and how to go about it. Commitment to business should be considered thoroughly before resources are allocated to such purpose.

Commitment from senior management is critical to the success of the endeavor. Looking at the situation on a long-term basis would enable the company to overcome initial disappointments and the hassles in business. Operating costs involved early on may seem unjustifiable compared to the sales but it pays dividends in the long run. Commitment is necessary to be able to continue in the face of obvious impediments.

As part of their strategic marketing management formulation, the company must come up with several objectives behind their goal to do business: