Importance of Proper Business Strategies-Free-Samples for Students

Question: Disucss about the importance of proper business strategies to achieve profit in the long run. Answer: Introduction Coming from a decent background of marketing and advertising, it is not an easy task to think and estimate each idea down to the earth. The task of running a business in the modern world has been further increased by the limitation of resources and time. However I decided to venture into a new world of possibilities and started my own business. The company which I started in Australia is an Advertisement company which provides online advertisements solution to the private as well as public sector companies. Products The products of my company mainly constitute online advertisements in different web pages, web portals and search engine pages. We also offer a variety of innovative ad ideas to ther ad agencies. Apart from online contents we also design offline contents to be displayed in television and newspapers. Revenue The company was started on a decent capital of just a few dollars and at the beginning we had to take the help of demo software and free contents to our customers. But as time passed by we were flooded with offers from different companies that led to a steady increase in our annual revenue. Our company is now listed in the Australian stock exchange to be a 150 million dollar company. Summary As mentioned in the case study the new decade has provided the advertising companies with new challenges. The industry was seen to be undergoing a rapid transformation with the emergence of new companies like Google and Yahoo that brought in the concept of Digital Revolution. Earlier the different advertising agencies had the business objective to target a specific audience on behalf of the clients with special information that encourages these companies to try a product or service or ultimately purchase it. The following is performed largely by the concept of brand name being advertised by the use of the different sources of media (Esteves and Resende 2016). There are different brands that have a different choice of target. Coca-Cola, Nike are some brands that target only the consumers whereas IBM, Boeing are brands that offer Business to business value. Apart from the above two brands like Apple and Samsung target both the consumers and business. Advertisements in modern terms can be said to be the backbone in building a successful brand. The importance of advertisement has gone up to such levels that apart from the private sector companies the Government also uses them to advertise about different public sector services, healthcare facilities, new schemes and policies or any other important information related to the interest of public (Sayedi Jerath and Srinivasan 2014). The governments of different countries generally spend a large amount of money behind advertising. Apart from the public and private sector advertisements, there are also the NGOs which takes the help of advertisements to attract donations and revenue from the sources of interest. The companies generally advertise their products and services through a number of different media channels like television, radio and press. However there has been a change in the form of media selection as online advertising and mobile advertising has turned out to be the latest trend in the world of advertisement. The companies provides the necessary sources and information that they wish to be advertised to the advertising agencies and depends on the immense experience of these agencies to formulate a proper advertisement that is easily acceptable to the target population. As mentioned earlier that the money spends on advertising has been increased by quite a fold over the past two decades and it has been estimated at more than dollar 480 billion all over the globe. However recent estimates have tracked the growth of the worldwide spending on advertisement to more than dollar 500 billion. According to, Dindaro?lu (2017) the advertising agencies have been showing a steep rise in the different stock exchanges because of the increasing business that they are attracting. My own estimate shows that compared to the year 2011-12 my own business grew by at least 15% and it has been showing signs of constant improvement. The future trend shows a strong emergence of the consumer brand specially in the areas where the global consumers are in a minority. The growth of the advertising industry has created a new source of competition as large to small scale advertising agencies are directly or indirectly involved in competition that results in acquisition, selling off and many other similar techniques. The large scale multi agency advertising firms compete on the basis of different creative terms like the ability to buy media more cost effectively, knowledge of the market in which they are operating, creative skills of the employees that they employ, global reach and the type of services that they provide to the client companies. My company is a medium sized one and we basically compete in the market by the proper delivery of different value added services through an in depth knowledge of the specific market sectors or by providing a number of specialized marketing services like digital marketing, digital campaigns and many more as such. The smaller agencies are however mostly acquired by the large agencies which decreases the competit ion instantly in the particular sector. Online advertisements on the other hand have been the pillar of strength in the modern advertisement world as it has completely changed the way by which companies approach their target population. A new form of agency namely the AKQA established themselves in the online world much before the emergence of the traditional agencies (Dinner Van Heerde and Neslin 2014). My company follows the similar line as the above mentioned online agencies and has been able to gain quite a good reputation among our clients. Our strategy is simple which is to advertise the content provided by the clients in the online web pages as well as the search engines. The ads are targeted mainly to the potential customers so that they can view the advertisements easily when they browse different web channels or online contents. Conclusion The business strategies of the organization must be transparent and clear enough so that the company can walk in lines of success. The following report will be able to make the readers understand the importance of proper business strategies to achieve profit in the long run. A thorough analysis of the report can also help them to get an idea of the modern world of advertisement and the components and concepts that are related to it. References Dindaro?lu, B., 2017. Competitive advertising on broadcasting channels and consumer welfare.Information Economics and Policy. Dinner, I.M., Van Heerde, H.J. and Neslin, S.A., 2014. Driving online and offline sales: The cross-channel effects of traditional, online display, and paid search advertising.Journal of Marketing Research,51(5), pp.527-545. Esteves, R.B. and Resende, J., 2016. Competitive targeted advertising with price discrimination.Marketing Science,35(4), pp.576-587. Esteves, R.B. and Resende, J., 2016. Competitive targeted advertising with price discrimination.Marketing Science,35(4), pp.576-587. Hatzithomas, L. and Zotou, A.Y., 2016. Measuring the impact of competitive advertising environment and ad-exposure time on 3D posters' effectiveness.Journal of Customer Behaviour,15(2), pp.153-172. Sayedi, A., Jerath, K. and Srinivasan, K., 2014. Competitive poaching in sponsored search advertising and its strategic impact on traditional advertising.Marketing Science,33(4), pp.586-608.