Question

What Marketing Strategies do business use to launch there business

Answer 1

This all comes down to the marketing mix.

In the marketing mix, we use the 4 Ps:

1) Product
2) Price
3) Promotion
4) Place

When someone is trying to launch their own business (for a new or exisitng product) they need to consider the 4 Ps of the marketing mix.

First, and most important, is product.
Before launching their business, owners need to decide on which product they're going to launch. Is it new or existing? Cheap or expensive? Low-quality or high-quality? long-term or short-term? Consumable or capital? They need to take out market-research (primary or secondary) to determine what the consumers (customers) in the market place are looking for in their own product or in products in general to get a broad scope of what they're eventually going to sell.

Secondly, it's price. Once the business knows which product they're going to sell, they need to know how to price it. They need to think about how much is it worth? and How should I price it (which pricing strategies do I use)? If the product is a high-quality good, it tends to be higher priced. If it's a low-quality good, it tends to be lower priced. Also, most businesses go with a pricing strategy; i.e. penetration pricing, skimming pricing; cost-pricing, competitor-pricing, etc. strategies.
(look up these if you don't know what they mean)

Thirdly, it's promotion. After having priced the product, businesses need to decide on how they're going to make the public known about their idea. Usually, new businesses need a lot of promotion, compared to the rest of their product life-cycle. If it's a newly-invented product, they need to get known to many people and tested to see if their new invention works or not, but there are many more promotion or advertising options, e.g., sampling, face-to-face, displays, BOGOF, et.c

And lastly, it's place. Before any of this is decided, or after, or inbetween any of the other strategies, location needs to be decided upon. This can be from the rural countryside to the urban inner-cities. Depending on the money the firm has to place rent, and the location of its presumed customers, the firm will locate its business in the desired areas.

I hope all this helps and you know more about this!