Introduction
For any firm to expand, it must put in place objectives that will guide its day-to-day activities. This means that the objectives have to put into consideration the company’s aims, and describe clearly what needs to be done within a given timeline. On the same note, the objectives of a firm need to focus on customers, markets and how to increase sales in order to enhance profitability.
It should be noted that firms which have misplaced objectives usually fail to achieve their targets. In this regard, firms usually have various objectives which are backed up with different strategies to ensure success is achieved.
New Market Target
One of the objectives of every firm is to enhancing its profitability through increasing market for its products. New market objectives include introduction of new products to existing customers, introduction of existing commodities to new customers or introduction of new products to new customers.
It is important to note that introduction of new commodities to new customers is the most challenging part because no prior knowledge is held (Hale 138). When developing new market targets, a firm should keep in mind that existing strategies may not work. Therefore, new strategies must be implemented. In addition, there is a possibility that unique strategies will be required because each market is unique in its own way.
On the same note, it should be noted that one can never be certain about new markets, even after good research has been done. Consequently, strategies employed should be flexible to allow for adjustments in case of any eventuality. It is also paramount to note that firms need to sell directly to customers in new markets, so that any adjustment can be done immediately and avoid loss of time through channels of distribution (Sireau 190).
Most importantly, firms should first generate demand for their commodities in the new markets before venturing into these markets. Furthermore, since new markets are challenging, firms need to strictly follow up the whole process, collect feedback from customers regarding performance and make changes as necessary (Lavin and Peter 173).
Increasing Product Awareness
Another objective of firms is to increase awareness of their products, mostly in new markets. Aiming at small groups in the beginning is highly beneficial as this helps in reducing costs of targeting a whole market at once. Similarly, this strategy ensures that the quality of services offered is high thus increasing its effectiveness.
On the same note, advertisement is crucial in ensuring that customers are aware of the new products (Lavin and Peter 215). It is imperative that the method of advertisement used is one which majority of people in the target market can easily access. Furthermore, it is important to ensure that when launching the campaign program, there is enough publicity to make as many people as possible aware of the product.
Moreover, constant measuring of various indicators is essential to gauge the level of awareness among the market and change the strategy if necessary (Sandhusen 54).
Decrease Potential Customers’ Resistance
Resistance of customers to a product can be detrimental to a firm, especially in a new market. It should be noted that unless customers’ resistance is dealt with, sales of firm will be low. Firstly, before entering any market, exhaustive research is crucial in ensuring that the needs of customers are known and products are tailored to suit this needs.
When needs of customers are taken into consideration, chances of customers declining a firm’s products are minimized. In addition, inability to convince customers to change from products they are used also contributes to customer resistance. To minimize this type of customer resistance, it is important for a firm to focus more on the strengths of its commodity when advertising to fully convince customers (Sireau 209).
On the same note, it is important for top management to be involved in launching of products because this creates a convincing atmosphere. Similarly, it is important to get knowledge of information that clients need to know, in order to guide them in making decisions.
It should be noted that capitalizing on the weaknesses of substitute commodities usually works miracles. Moreover, offering of guarantees increases customers’ confidence in the product thus increasing sales (Hale 145).
Increasing Information about Product Benefits and Features
It should be noted that though customers may have accepted a commodity, increase in information about the commodity will increase sales. Consequently, it is upon firms to ensure that customers are continuously informed about benefits of their products. Organizing special events has proved quite beneficial in many instances because this attracts huge crowds of willing customers (Lavin and Peter 192).
On top of that, materials used during special events can serve for more than one event thus decreasing cost incurred. Furthermore, point of sale displays can also help in informing customers about a firm’s products (Sandhusen 46). Generally, it is upon a firm to employ unique strategies in every market as well as ensuring that feedback is collected and acted upon.
Works Cited
Hale, David P. The High-Performance Entrepreneur: 12 Essential Strategies to Supercharge Your Startup Business. Bloomington: iUniverse, 2008. Print.
Lavin, Frank, and Peter Cohan. Export Now: Five Keys to Entering New Markets. Hoboken: John Wiley and Sons, 2011. Print.
Sandhusen, Richard L. Marketing. New York: Barron’s Educational Series, 2008. Print.
Sireau, Nicolas. Microfranchising: How Social Entrepreneurs are Building a New Road to Development. Austin: Greenleaf Publishing, 2011. Print.