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Business Strategy The economy as we know it today has gone through immense changes during the hundreds of years it exists. From the early forms of barter in the Stone Age to first attempts of mass production in the time of the industrial revolution and to e-commerce and emotional marketing in the 21 st century, the world has seen many different strategies of producing and selling goods. Today, businesses utilize various strategies in order to succeed on the competitive market, which is continuously changing. In my opinion the competition on the market will be increasing in the next years as the products offered on the market become more and more exchangeable and can only be distinguished from each other by their stories and statements.
Because of a larger competition, companies are forced to come up with new and creative ideas to sell their goods. (Jennings) I think the Internet will play an increasing role in the future marketing strategies. Customers will be able to access different channels (retail stores, catalogs, call centers and the Web) and companies will have to develop plans in order to reach the right target group with the right message. At the turning point of the graph companies will be concentrating more on retaining customers than on acquiring new ones, because customer retention is much less cost intensive and on the other hand consumers will be less likely to try new brands. That is why there will be a growing number of loyalty programs, frequent buyer programs and other benefits for loyal customers. Serving clients in this manner means creating a working link between traditional public relations and Internet communications.
After all, the Internet is changing the very nature of communications, demanding integrated communications that cut through the clutter. It means seeing beyond the obstacles that has separated communications disciplines like public relations and advertising. As you can see, the Internet has arrived to the business where anyone in the World can see you company or product. You can reach markets beyond the United States. Your company or product is worldwide now. The Promotion in the Internet is quite difficult.
The key to success in this new realm is to blend some of the best thinking and practices on the public relations, advertising and Internet business. The artificial barriers that have separated these businesses are rapidly eroding under the weight of the Internet. The focus should be on producing great communications, which, by its very nature, blends the speed, reach and frequency of the Internet. The news value of public relations and the creativity of advertising in such a new and developing business space as the Internet will require businesses to make fast decisions.
These decisions have to be creative enough to work well in this constantly changing environment where everyone relies primarily on ideas. Ideas are the key to success in business. Nowadays, successful business strategies result not from rational analysis but from a thought process that is creative and intuitive. As we are living in a surplus society right now, companies have to find ways to stand out against their competitors. Some ten years ago there was far less competition on the market and normal advertisement was sufficient for selling a product.
Now the situation has changed and companies have to create other ways to become the consumers favorite. Different strategies on how to improve performance of a business have been continuously developing. All these strategies are perfectly known by businessmen, who possess solid knowledge in the field of business. However, the question then rises, why some companies are more successful and others are not? If we will assume that all companies can use the same tools (market analysis, knowledge) when developing their strategies then it will be possible to imagine that there would be no difference between these companies. Nevertheless, some companies are more successful and others are less.
That is because more successful companies develop new and more sophisticated strategies. The development of new strategies can be stimulated by rigorous analysis; however, the development itself is a creative process. I would compare a new strategy with a new car. When a car designer creates a new vehicle, he or she analyses cons of a previous model (sometimes it is not necessary). It would be just an improvement, which is also a creative process.
Oftentimes, a car designer simply imagines a brand-new concept. However, what design a customer will like more. Will it be a car that looks a little bit different from what a customer used to see, or will it be a car designed in the way never seen before? I believe that a creative designer is able to create a masterpiece that people will like a lot. This creative designer will be much more successful than a designer that was just changing the looks of an existing model, even through precise examination of negative features of an old model (rational approach). Creativity is very important in business.
I believe it is even more important than a precise analysis. Creativity usually has been attributed with being one of the defining qualities of any businessman, in part because the very meaning of entrepreneurship is creating a new business. It can be whether a new idea or a new market for an existing idea. Many aspiring businessmen are seeking that elusive creative idea that fits for them.
One of the hallmarks of a successful business venture is that the business is something that the entrepreneur loves that fills their creative needs. It is possible to find that successful businessmen need to have some essential creative quality that will set them apart from their less successful competitors. (Small Business Notes) Businessmen do have an ability to see opportunity and seize it that seems to be intuitive, but time and time again they can cite counter examples of persistence and determination, non creative skills, paying off in the success of business ventures so intuition is not the sum total of making a successful business decision. What does seem to be essential in the creation of a successful business strategy is the ability of a businessman to open mind to new ideas and ways of doing things and this talent is inborn. Today, creativity can be the most valuable asset for any business. If a businessman is locked in to the day-to-day running of a business, he or she can lose sight of the whole picture of the market. Things sometimes happen so fast that a businessman has to react to situations, rather than give himself time to think the whole thing through.
And sometimes a businessman can base his or her decisions on prejudices and preconceptions buried deep within his or her brain, rather than from a fresh and uncluttered perspective. However, a fresh perspective is vital in taking a prompt, correct, and up-to-date decision. Often an intuitive decision is made by a businessman. Nevertheless, there have been many cases when an intuitive decision has been very successful. Intuition is called the act or faculty of knowing without the use of rational processes; immediate cognition. (The Intuitive Self) Another definition is the capacity for guessing accurately; sharp insight. Intuition is an unconscious, specialized source of information which thousands of years ago people understood as a source of protection.
Intuition is knowing without knowing how you know and in many cases it such a definition of intuition can be applied in business. The success or failure of intuition in business varies with the people and reasons for bringing intuition consciously into an organization. Crisis situations most often force people to resort to intuition. In many cases a manager was 100 % sure that a decision that he or she is about to make will benefit a company; however, a manager would not be able explain why a new approach would work and how would it work. Such an example can be applied to marketing.
Joel Levey, Ph. D. of Inner Work Technologies, Inc. describes intuition as direct, unmediated knowing which functions in a realm prior to thought and is different from thinking. (The Intuitive Self) Levey maintains that if we learn to listen deeply enough, intuition will reveal significant, profound insight into any question we hold in mind. (The Intuitive Self) Intuition and creativity are very powerful tools in business.
They are used in decision making, in product development, in stress management, in team building, in worker relationships, in promotion and in many other ways. Businessmen use intuition and creativity to develop successful business strategies and to uncover and actualize the limitless potential of their lives. As a rule, the most successful business strategies result from a creative and intuitive thought process. Bibliography: Stumpf, Stephen and Mullen, Thomas.
Taking Charge: Strategic Leadership in the Middle Game. New Jersey: Prentice Hall, 1992 Jennings, Lane. The Buying and Selling of Dreams, Futurist, Vol. 33, 1999 Ray Michael and Myers Rochelle. Creativity in Business, Doubleday, 1986 Small Business Notes, The Dilbert Principle by Scott Adams, Creativity is allowing oneself to make mistakes.
Art is knowing which ones to keep. [Online]. web [Accessed 22 nd February 2003 ]. The Intuitive Self, Business Rationality by Bill Taggart. [Online] web [Accessed 22 nd February 2003 ].
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Research essay sample on Key To Success Public Relations
