State the concepts of Enterprise Marketing and Growth Strategies.

Enterprise marketing can be defined as the marketing efforts used by a large-scale business in order to attract and secure new clients. With enterprise marketing, there is a high level of focus on generating and creating new leads, as opposed to simply maintaining an existing customer base.

Enterprise marketing efforts are similar to traditional marketing efforts, except that they are scaled to meet the needs of large businesses. In order to have an effective enterprise marketing strategy, it's imperative that the entire company is on board with the plan. It is also crucial that your content is flawless and on-point. Strategies and options for enterprise marketing:

There are several key goals for enterprise marketers, including increasing market share, growing sales/turnover, increasing customer loyalty, enhancing the strength of the brand, and effectively managing costs to increase profitability. For example, a company can achieve growth by expanding internally or externally, either through hiring or acquisitions/mergers.

One benefit associated with growth is that a company can then take advantage of the economies of scale in order to reduce costs. This can translate into better buying power or attract more efficient decision makers to the team, ultimately lowering overall costs and increasing profitability.

Defining and targeting your audience is a key component of an effective enterprise marketing strategy. Customer relationship management (CRM) tools are also incredibly valuable in tracking leads, conversions and more. Working off referrals is one way to see the health of your brand's reputation in the market.

Most small companies have plans to grow their business and increase sales and profits. However, there are certain methods companies must use for implementing a growth strategy. The method a company uses to expand its business is largely contingent upon its financial situation, the competition, and even government regulation. Some common growth strategies in business include market penetration, market expansion, product expansion, diversification, and acquisition.

Burger Joe's is a local fast-casual restaurant with only one location that is looking to grow their business. In order to expand, they will need to implement a growth strategy, which is the method that a company uses in order to achieve their goals for expansion.

As Burger Joe's decides how to expand, they have several options from which to choose.

In general, there are two categories of growth, and these each contain their own strategies:

a. Inorganic growth is growth through a partnership. This typically consists of a merger where two businesses come together to form one company; or an acquisition where another company buys most of another company.

b. Organic growth is a growth strategy where a company works to increase their number of customers, revenue, and overall business development.

Organic growth is made up of four growth strategies:

i. Market penetration is increasing marketing efforts with current products or services in the market that they are already operating in.

ii. Market development is expanding into a new market using their current products or services.

iii. Product development is adding a new product or service to what they are already offering.

iv. Diversification is entering a new market with a new product or service.

These four strategies can be broken down into two categories: existing markets, products, or services and new markets, products, or services. Companies will select one or more growth strategies to reach their business goals.