Local business marketing strategies differ from one market segment to another depending on the customer served and their tastes. Market analysis ought to be done to ascertain their needs. After this, products are introduced into the market to fill the gaps. This creates a special relationship between the company and their customers.
Promotion is done in various segments of the markets to introduce new goods into them. The information about the special features of these products is relayed to the consumers. Sometimes the products are re-engineered to meet the changing needs. Once enhanced products have been produced, they have to be marketed too.
Different enterprises tend to charge high prices for their goods and services when there is no rivalry in the market. Since monopoly is enjoyed, consumers have no other means of obtaining goods. Therefore, they will pay whatever the price set by the monopolistic company. Businesses tend to be opportunistic in nature. After the production costs have been recovered and some profits made, the entity can choose to reduce the prices.
Companies do use corporate means to attract new clients. Responses to various matters that affect the society around which the entities operate provide a medium of commercial promotion. Charity work and a variety of social development projects undertaken by the businesses portray them as responsible corporations. Consumers want o be associated with socially responsible companies.
There are often different classes of clients served by the company. The high end users buy the specially designed products. High performance cars and other forms of luxury cars are tailored to meet their special needs. Product focus is therefore done to focus on the special demands.
Local business marketing is also done through the internet. Various advertisements are carried online. The promotion work is done all day and around the clock. The flexibility of marketing ensures that the updates to the adverts are done with ease. Questionnaires accompanying the adverts act as media of doing the market research.
Source: http://www.springcleanpc.com/2012/07/20/dynamics-in-the-local-business-marketing/
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