There is a certain mission or vision behind setting up a multi-national firm or just a one person firm. Vision is nothing but the objective or a dream behind the firm’s setup. To make the vision accomplish, you need to decide upon certain strategies. Strategies are the plans which help to achieve the vision. Moreover, tactics are step by step actions for following the plans as to when and how to achieve the strategies. So, to bring the firm into reality, begin with the vision, plan out strategies and follow certain tactics to carry out that plan.
Bright business strategies assist in sustaining the profits of the firm while bad ones will lead to even shutting down of it. Gone are the days when a specific product of only one brand ruled the market and there was no much competition. People believed in that particular brand and bought it whole heartedly to fulfill their needs. But now the scenario has changed completely. There is a stiff competition between companies about who will come with a better product at reasonable price and better customer service.
People of twenty first century have become smart buyers and they now have plenty of options where they can search for a specific product for meeting their desires. So, companies are trying their level best and coming out with innovative strategies to promote their product, force the buyers to buy their product using promotional activities like advertising, public relations, branding etc so that the customers not only buy their product but also become their loyal customers.
Companies are going at extreme length to attract potential customers and retain the loyal ones. They are coming up with modern and revolutionary ideas to keep the product alive for many years to come and never let the product reach the decline stage of the product life cycle. The various bright ideas that have worked are internet strategies like newsletters, creating websites, e-mail advertising, sending portfolios and brochures through e-mail, web hosting, posting ads on various websites, article marketing, Google Adsense, social networking etc. Companies are promoting their product using various advertising and publicity methods like print media, mass media, SMS advertising, hoardings and boardings, branding, distributing free samples etc.
Firms are now relying more on information technology to come up with different kinds of ideas to develop the tactics and strategies. And for coming up with intelligent ideas, companies must not forget the strengths, weaknesses, opportunities and threats from the internal and external environment. Also, they must make utmost utilization of the resources they have like money, material, manpower, machinery and methods.
Briefly, we can say that strategies and tactics assist in fulfilling the vision of the firm only when it is done logically and realistically. By making use of your common sense and understanding the diverse nature of the market you are going to serve, you can come up with bright, intelligent and innovative ideas that will help your company or your department to excel and achieve more and more profits.