Marketing is a key strategic tool used by many businesses to ensure that they are able to grow themselves in terms of reaching new clients. Marketing in any organization is very important because it through marketing that the product or service being offered by a company will become known to potential clients (Homburg, Sabine & Krohmer, 2009). In the following case study I am the CEO of ITSS which is an IT solutions firm. ITSS basically develops business platforms which include websites and offers IT services. ITSS is a company which has great potential for growth in the current market. ITSS being an IT solutions firm is ideal in developing IT solutions for other companies. The solutions are in high demand and it is a great opportunity for ITSS. The company however cannot grow and become a known brand without marketing itself. Marketing is known to be the activities which are carried out by a company or individual to communicate, create, exchange and deliver goods or services which are valuable to people. The services in which ITSS offer are valuable in the market but the company is not known. The CEO draws up a marketing strategy to help the business grow and gain more clients (Hunt & Derozier, 2004). The focus of the marketing strategy is based on three main areas that include email marketing, search engine marketing and marketing through the product being placed in entertainment areas.
As mentioned marketing enables a company to become known within the market so that individuals may know that there is a company that exists to offer specific goods and services. An IT solutions company such as ITSS should utilize technology to ensure that they are able to get clients who will find the products they offer relevant. Email marketing is a form of marketing that can be used by the company. The emails are usually sourced from an established list of clients in which the company may have (West, Ford & Ibrahim, 2010). A company may also periodically utilize email marketing to send out emails or newsletters to various people whom they may not have any kind of connection to. In this form of marketing emails are sent to a wide database of people to let them know that ITSS exists and offers a specific range of products and services. The use of articles and newsletters sent through email to potential clients is also a great marketing strategy (Volpato & Stocchetti, 2009). A newsletter can have information such as the occurrences in the company. The occurrences may include events such as the company rolling out new products or services. It may also include any improvements or offers the company is offering currently. The offers especially are present to motivate clients to purchase goods and services from ITSS at a discounted price. Articles sent to clients through email marketing are useful because they contain information on the industry in which the company is based and the solutions the company is offering that suit the current industry standards especially in terms of quality and reliability. An example of how email marketing is utilized is when a company such as ITSS publishes articles on their blog (Dann & Dann, 2011). When interested readers come to the blog and subscribe to it they are added to a database where ITSS can send emails to market themselves.
Search engine marketing is another marketing strategy whereby a company such as ITSS creates a website which ranks to be among the top results on search engines when individuals are looking for an IT solutions company online. When clients are looking for anything these days the first instinct is to search for it online. Clients will also look at the first few results displayed from their search. It is therefore important for a company such as ITSS to harness the power of technology and utilize it in getting noticed by potential clients. ITSS can have their website ranking among the top search results by ensuring that their website is designed well and it contains relevant content in which potential clients maybe looking for.
Marketing through the placement of products in entertainment avenues such as movies is another good marketing strategy. Individuals who go to movies will notice products which are not part of the movie easily. This ensures that a product being marketed will be catch the attention of many people in the movie theatre easily (Baker, 2008). A company such as ITSS pays for marketing privileges in a specific movie theatre and in return their products are regularly advertised to potential clients who go to watch movies at that theatre. The aim of coming up with a marketing strategy is to grow the business and clients in which ITSS will be handling and therefore ensuring that their business remains viable.
Macroeconomics is an arm of economics that focuses on the structure, behavior, performance and making of decisions that affect the economy. The economy may include global, regional or national economies. Micro economics is an arm of economics that mainly focuses on the behavior of firms and individuals as they make decisions which are associated with utilization of scarce resources and their interactions (Free, 2010). A company such as ITSS is a business which exists to provide specific solutions to their clients. The existence of ITSS has various impacts to the economy. They can be categorized into three main areas which are the business, employment and profession. Business is basically all the economic activities that a company engages in with regard to the exchange and production of services and goods with an aim of making profits. The act of doing business as it is with ITSS can be categorized as an economic activity due to the fact that its aim includes producing wealth and earning money. As a business operates it creates various utilities through the services and goods which it produces for its consumers. ITSS like any other business sources for raw materials and converts them into a finished product which is valuable to their consumers. The development of IT solutions is based on various technological platforms and programming languages that can be referred to as the raw materials. The raw materials are then harnessed into solutions that are valuable and relevant to their clients. The clients then pay for these products which help them in solving a problem while the company gains revenue (Diamond, Durlauf & Blume, 2008).
Employment is an economic activity in that individuals are able to work for other people or business owners and in exchange they will gain a form of remuneration such as a salary. In relation to the economy ITSS employs individuals who will enable it to achieve its mandate. An IT solutions firms such as ITSS employs various individuals including developers to handle the development of IT solutions, accountants to handle the finances and a management team that will handle all the firms’ decision making. The existence of the firm and their business activities is what enables them to employ individuals who can help them to achieve their clients’ needs. Employing individuals builds the economy because it gives individuals skilled in various activities a chance to work and gain remuneration (Johnson, 2005). It also grows the economy by growing the business in the activities they undertake. A profession can be known as the occupation in which an individual engages in. The profession involves an individual applying their specific skills and knowledge in exchange for revenue. The term profession refers to an occupation which involves the application of specialized knowledge and skills to earn a living. The persons who are engaged in profession are called professionals. A professional engages in the use of their knowledge and skills to earn revenue (Caplain & Schotter, 2008). ITSS as a business contributes to the economy.
When we undertake a feasibility study on ITSS based on its impact to the economy we will find that it is viable to the economy because of the following reasons. ITSS as a business operates to satisfy the needs of its clients. The business provides various IT solutions to its clients and through this it is able to generate revenue (Samuelson & Nordhaus, 2004). The revenue it makes can be used to pay taxes and other amenities such as business licenses which grow the economy. ITSS has employed various individuals who work to ensure that the clients of the company are able to get the solutions they require. The employees work and earn a living. The money they get can be used in various ways such as their personal shopping which in turn helps in growing the economy. ITSS may choose to hire individuals who a skilled in a specific profession for contractual work. The professionals who may include legal consultants will get paid to do work which they have specialized in. The professional will get paid for rendering their services. The existence of ITSS is economically viable because the business is able to employ many people who are on their payroll and also on contract. The business is also able to generate revenue to pay their employees. The macro and micro economic impacts of the business can be observed through the existence of the business and its operations in generating revenue (Backhouse & Medena, 2009).
References
Backhouse R. E. & Medena S. (2009). Retrospectives: On the Definition of Economics. Journal of Economic Perspectives. 23 (1): 221 – 233.
Baker M. (2008). The Strategic Marketing Plan Audit. p.3
Caplain A. & Schotter A. (2008). The Foundations of Positive and Normative Economics: A Handbook. Oxford University Press.
Dann S. & Dann S. (2011). E-marketing: Theory and Application. Palgrave-McMillan. p.109.
Diamond A. M. Jr., Durlauf S. N. & Blume L. E. (2008). Science Economics of The New Palgrave Dictionary of Economics.
Free R. C. (2010). 21st Century Economics: A Reference Handbook. SAGE Publications. p. 8.
Homburg C., Sabine K. & Krohmer H. (2009). Marketing Management: A Contemporary Perspective. London.
Hunt D. S. & Derozier C. (2004). The Normative Imperatives of Business and Marketing Strategy: Grounding Strategy in Resource Advantage View. Journal of Business and Industrial Marketing. pp. 5 – 22.
Johnson P. M. (2005). Specialization. A Glossary of Political Economy Terms. Department of Political Science. Auburn University.
Samuelson P. A. & Nordhaus W. D. (2004). Economics. McGraw-Hill.
Volpato G. & Stocchetti A. (2009). Old and new approaches to marketing. The quest of the epistemological roots. MPRA Paper No. 30841. p. 34.
West D., Ford J. & Ibrahim E. (2010). Strategic Marketing: Creating Competitive Advantage. Oxford University Press. p. 50 – 56
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