Outline:

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Sadee Amira Irby

Department of Science

Organization & Administration of Exercise Science Program

June 18th , 2021

Marketing Strategies:

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Marketing strategies refer to a business's general ideologies that aim to reach out to

prospective consumers and make those individuals their prospective consumers for their products

and services. Marketing strategies help a business organization utilize its limited resources to

achieve a constant flow of quality products and services. However, a marketing strategy

constitutes the value proposition of a business idea, the main message in branding, the

prospective customers' demographics data, and other essential elements in the business.

There are various marketing strategies that any business organization has to contain in

running the business. This paper will look at three different marketing strategies and how

effective they can be for a business. The three marketing strategies include product development

strategy, diversification strategy, and market penetration strategy.

Product development strategy entails coming up with a new product to sell to prevailing

clients. For example, a smartphone selling business can also decide to sell commodities like

headphones and Wi-Fi routers. Diversification strategy entails creating a new company for new

consumers. It is a new business idea, and it requires a lot of patience in starting up. A market

penetration strategy is a plan that aims at gaining consumers from competitors. It sells the

existing products to consumers and tends to convert those who are not consuming their products

to start using them. It also aims at concealing the current customers.

The marketing strategies will enable my business to acquire benefits, thus maximizing

profits and the services offered at my business organization. The above marketing strategies will

help me establish a business partnership with consumers, thus improving sales. In the case of

market competition, a diversification strategy will aid in retaining the existing customers since I

will have introduced a new product to them under the current developments. Marketing strategies

will be effective for my business as I will understand my consumers' needs, thus enabling me to

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penetrate the market with their demands for various products and services. Using all these

strategies will aid one to achieve a lot in terms of business and expand greatly (Chari et al. 2017).

Funding Strategies:

Funding strategies is a well written and approved plan that determines the monetary

requirements of a business organization over some time. The written document outlines the

methods of raising money and the required resources for the business in conjunction with

meeting the laid objectives of the company. However, everything costs money in the business

world, and a business idea can't thrive without the required capital.

In class, we discussed various funding strategies, but I will choose two of my business

strategies. Borrowing money may not be successful since the business is starting, and no one

may consider giving out money in the name of borrowing. However, in my case, I will use

Angels Investors. These are wealthy or have retired from various executives of companies

directly supporting small-scale businesses owned by others. Angels Investors help small-scale

companies and offer managerial skills and their comprehensive knowledge of a starting business

organization. Angels Investors are a good source of funds, and this is a strategy that I will use

when starting my physical therapy business soon. I will employ my good network with my

friends in acquiring an angel to fund my business (Brown, 2020).

Another funding strategy is personal investments. When you want to start a business

organization, the first and foremost investor is you. You can not start a business when you don't

have even 10% of the required capital. It can happen by raising your cash through savings or

collateral business assets. It also approves investors, guarantors, and bankers to be determined

and committed to that particular business idea.

Profit Centers:

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A profit center refers to a category or a branch in a business organization that directly

augments the businesses bottom-line profitability. However, a profit center is considered an

independent company with revenues accounted for on an independent basis. The main aim of a

profit center is to help the management calculate the profits and losses and identify the revenues

and expenditures in a business organization.

There are various profit centers within my physical therapy business. The inpatient care

unit is one of the profit centers since it incurs expenses and creates revenues from the admission

of patients to physical therapy healthcare. The outlets in the physical therapeutic healthcare that

deal with selling drugs are also a profit center since they generate revenues by selling the

prescribed medications. They also incur costs as a result of purchasing the drugs that are required

(Kephart, 2017).

Different departments like rehabilitation centers, drug abuse counseling, the department of

monitoring injured patients by nurses in the physical therapy healthcare are also examples of

profit centers since they generate revenues to the business. Profit centers help devise marketing

strategies that are required to maximize profits and achieve the business's objectives. However,

when an organization focuses on improving the revenues from a particular branch or unit of

operation, it boosts the production of the company.

References

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Brown, J. R. (2020). Business Funding Strategies for Women-Owned Small Businesses.

Chari, S., Balabanis, G., Robson, M. J., & Slater, S. (2017). Alignments and misalignments

of realized marketing strategies with administrative systems: Performance

implications. Industrial Marketing Management, 63, 129-144.

Kephart, T. A. (2017). Profit Centers. In The Business of Architecture (pp. 47-62).

Routledge.