How to survive market competition?

smc It is a competitive world out there. Business enterprises have to go through a lot of hardships to carve a niche market of their own.

The world seems to have reached a saturation point with innumerable products, services and business houses mushrooming all over the globe.

Consumers have become the focal points for all marketers employing new strategies to allure existing consumer base. Modern day consumer is too smart to fall for worthless products or services. The task to market your merchandise becomes all the more difficult with competitors constantly trailing behind your back.

Marketing business has become a specialized field where professionals constantly strive to come up with a proposition that could click with customers at large and increase the profits of the firm.

Given below are some instructions to enhance the efficacy of your marketing strategies:

1.    Evaluate you product/service in terms of utility. This is essential because if your product does not appeal to the consumers it is bound to fall flat on expected sales.

2.    Survey the market to know what would sell and what would not. This is essential to ascertain the positive and negative aspects about your product.

3.    Set your budget related to marketing. The budget should be so prepared that caters to all the needs of advertising as well as marketing channels such as print media, electronic media, sales staff, whole sale, retail sales, over the counter sales etc.

4.    Analyze customer behavior and demography to have a fair idea of their tastes, preference, culture and attitude.

5.    Outline a pricing strategy. Exercise much caution while fixing a price for a product as a higher price may lead the customer to buy cheaper competitive product. On the other hand a lower price may induce them to believe your product is inferior.

Bhrat Brij

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