Many businesses have started to incorporate market strategies as a way of increasing profitability. Small business can create market strategies to target their market more effectively and have a competitive edge over competition. Lyndon Simkin, (2000) stated “If the “right” opportunities are pursued, customers are properly probed, the “right” customers targeted with a marketing proposition designed to give a business an edge over its rivals, it is highly likely that customers will be satisfied, market share will rise in core target markets and profitability will accordingly support a viable future.” Having a strategy in place will allow you to set objectives such as increasing your share of the market that your business currently is in. Market strategies for small businesses are to develop the growth of the company. Analysing you target market and introducing a way in which you can target this market. The following are how marketing strategy allows business to set objectives Current product/current market
Market penetration is a strategy of increasing your share of existing markets. You might achieve this by raising customers' awareness of your products and services or finding new customers. Current product/new market
Market development is a strategy of finding and entering new markets with your current product or service range. The new market could be a new region, a new country or a new segment of the market. New product/current market
Product development is a strategy for enhancing benefits you deliver to customers by improving your existing products and services or developing new ones. New product/new market
Diversification is a strategy that usually carries high costs and high risks. It often requires firms to adopt new ways of doing business and so has consequences far beyond simply offering new products/services in a new market. It is therefore usually a...