What other Strategies Would be a Good fit for your Company - 550 Words

What other Strategies Would be a Good fit for your Company Profile? (Essay Sample) Content: Strategic managementName:Institution: Strategic managementWhat other strategies would be a good fit for your company profile?Strategic management is the process of identifying and analyzing the internal and external environment surrounding a business in order to achieve a good management practice. There are a variety of strategies that a business can use to gain a competitive advantage in the global market and for the promotion of their product. Some of the strategies include relationship, call to action, ambush, diversity, cross media, alliance, cloud and community marketing strategies (Shankar, Carpenter, Hamilton, 2012).Provide a brief overview of these strategies. Alliance marketing involves a combination of two or more organizations in order to combine their resources, with an aim of selling and promoting their products. Such a strategy is not only aimed at benefiting the stakeholders, but also in improving the whole market (Doole Lowe, 1997).Relationship mark eting focuses on building a good relationship with their customers instead of selling to them every time. Relationship marketing makes the customers feel interested in the companys new brands and buys them after they are released into the market (Shankar, Carpenter, Hamilton, 2012). Diversity marketing takes into consideration the differences regarding the expectations, tastes or needs in a certain culture setup and hence creates an effective marketing plan to reach the customers. Ambush marketing strategy is used by the advertisers to associate them with a particular product in a market structure. It aims at doing the marketing without paying for the sponsorship fee hence cutting down the value of the sponsorship (Doole Lowe, 1997). Cross-media marketing strategy involves the use of channels like email and webpages provide information regarding particular products through cross promotion. The Call to Action (CTA) marketing deals with promoting the companys product on the websit es. This can be achieved by using banners or graphics, which guides the customer from a funnel conversation site to an online store where sales can be made (Shankar, Carpenter, Hamilton, 2012).Community marketing strategy can be used to meet the needs of the current customers without using a lot of resources to get new clients. This leads to loyalty and satisfaction of the customers; hence, mouth marketing is enhanced in the market setup. Also cloud marketing is applicable as an online marketing strategy. The companys products are transferred online so that the concerned parties can modify, share or modify them (Doole Lowe, 1997).Why is it important to have more than one strategy in mind when pursuing global expansion? It is necessary to have more than one strategy when aiming to achieve global expansion because of several reasons. To establish the risks and uncertainties likely to be faced in a world market is a challenge. Therefore, it is not wise to have great expectations for only one strategy that is in use. Big losses can likely occur when a single approach is applied, and this gives a less competitive position in the global market. To mitigate the chances of r...