Marketing strategies: In the contemporary age of increased competition, business entrepreneurs have to face a lot of challenges in order to make the business more successful. Different people have different meanings of success, though success in a business is depicted by one and only one factor, i.e…
According to Neyman (n.d.), there are three fundamental strategies that can be used to maximize profits in a business: 1. Maximize every order’s dollar size 2. Maximize the frequency of sales 3. Maximize the volume of customers. Some of the useful ways in which each of these three marketing strategies can be implemented are discussed below: Businessmen should look out for ways in which they can increase their sales, without having to compromise upon profitability. One way to achieve this is by making use of the “buy one get one free” strategy. For instance, let’s suppose there is a businessman who owns a pizza hut. The businessman can achieve the three objectives mentioned above by offering the customers to have one personal size pizza for free upon purchase of a family size pizza. Then, when a considerable number of customers are able to make use of this deal, the businessman can upgrade the offer by offering the customers a family size pizza for free upon purchase of one family size pizza but with an addition of only five dollars. A customer loyalty program can often work wonders when maximization of profits is the goal. Such programs require the owner to provide the customers with a pre-defined discount upon shopping of a certain level. For instance, if a customer spends up to $100 at a shop, he/she can be granted a discount of 10 per cent upon the next order. ...
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