Behind every business that is launched, product or service, an extensive research & strategy exercise is undertaken to understand the viability, sustainability and future of the business. This intensive exercise can be termed as the development of a ‘Business Strategy’. Business strategy encompasses a wide variety of components which are deduced from exhaustive research and analysis of the market in lieu with the product or service which is being planned. The main component of any business strategy is to lay down a detailed go-to market strategy which outlines how a product or service is delivered to the end customer. Myk Pono, an expert in SaaS Marketing and Product Growth, defines Go-To Market Strategy as, ‘Go-to-market strategy (GTM) is an action plan that describes repeatable and scalable processes for how a company acquires, retains, and grows customers’ The first step in creating a go-to market strategy is finding a suitable market-fit…

A marketing concept is a strategy that firms effectively implement to remain competitive by increasing sales, maximizing profits, and aiming to satisfy customer needs etcetera. The 5 Marketing Concepts There are five marketing concepts that organizations make use of, these include: Production Concept Product Concept Selling Concept Marketing Concept Societal Marketing Concept Production Concept: This being a very orthodox concept implies that consumers will prefer goods that are available and inexpensive or whose demand is elastic. At times, firms that rely too heavily on this concept lose sight of the bigger pictures in terms of varying demand patterns and preferences and focus too narrowly on just their own operations; this leads to market myopia. The company ends up focusing on production and distribution and increasing output and decreasing costs. Companies that manufacture their goods overseas are an example of the production concept as this decreases costs…