Category: Marketing Strategies

Marketing strategy helps organizations to focus their attention to complete resource utilization to increase sales and win over their competitors. Every company applies some kind of marketing strategies to maintain existing customers, attract potential customers and also to maintain and enhance their reputation in the market.

When designing a marketing plan, first a marketing strategy is taken into consideration. The marketing plan consists of steps to be taken so as to attain success in the implementation of the marketing strategy chosen. Big projects involve selection of different strategies at different levels. Usually a strategy consists of well-sketched tactics. They are meant to meet the needs and finally reach marketing objectives. Each of the strategies has pre-calculated results because when a particular strategy is chosen at a particular level, its outcome becomes the goal of that particular level. If there is an absence of a well thought strategy in a marketing plan means it is supposedly lacking a good foundation. A reasonable marketing strategy should not only facilitate marketing goals, but also the action sequence of a campaign.

At regular time intervals the firm should analyze the marketing decision. This is done with the help of strategic models and the 3C’s model is considered for this purpose. To calculate the company’s strategic position, Ansoff matrix is used. The 3C’s model determines the factors, which leads to the success of a marketing campaign. There are three key parties involved in this model the corporation, the customer and the competitors. The involvement of all the three key parties leads to positive results and this involvement is known as the 3C’s or strategic triangle.

The role of the corporation is to increase the strength of the company in the success critical areas, when compared to that of the competitor.

The customer and his interest form the basis of any strategy. The competitor also plays a vital part. The competitor-based strategies are based on the functioning of business competitors like design and engineering, sales and servicing, and purchasing.

When making a marketing plan depending on some particular strategies known as mix strategies are used. 4P’s model is used to calculate whether the plan is sticking to the strategies or not. The four Ps stand for product, price, place and promotion. Products are goods produced by the company on a huge scale for the purpose of selling them and earning profit. Price is the money paid for a product by the customer. The price is based on many factors like competition, market share, customer perception and product identity. Place where the product is sold can be either physical store or store on the Internet. It is also known as distribution channel. To make the customer knowledgeable about a product, the marketer does promotion. It involves advertising, public relation and point of sale.

There are different types of marketing strategies based on some criteria.  Challenger, Leader and Follower are types of market dominance strategies. Market dominance strategies are used to dominate the market. Cost leadership, Market segmentation and Product differentiation are types of porter generic strategies. Porter generic strategies are built on strategic strength or competing abilities and strategic scope or market penetration. Close followers, late follower and Pioneers are types of innovation strategies. Innovation strategies are meant to trigger the rate of product development and model innovation. It helps the firm to incorporate latest technologies. Intensification, Diversification, Vertical integration and Horizontal integration are types of growth strategies. Growth strategies facilitate the growth of the organization. Marketing warfare strategies are conjunction of marketing strategies and military strategies.

A marketing strategy or a mix of them is chosen only after thorough market research. A marketer should always be ready to face any kind of situations like if the strategy is changed in the middle, he should be able to perform another market research so as to choose the proper strategy, within a short period of time. This can be done easily if you have experience.

 

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Marketing strategy is seen as helpful mean of companies or organizations to concentrate on finishing resource usage in order to enhance sales as well as over rivals. Therefore, each company uses different marketing strategies to achieve objectives such as keeping present customers, drawing the attention of potential customers and strengthening their name in the market.

If you want to set up a marketing plan, considering the marketing strategy is the first of what you need to do. The marketing plan includes many steps with different strategies at the different level. You will meet the needs and gain the marketing goal.
Forecasting results is very essential because when a particular strategy is chosen at a particular level, its outcome becomes the goal of that particular level. A sensible marketing strategy will make easy to achieve both marketing goal and sequent action of campaign.

The marketing decision should be analyzed at different point of time with the assist of strategic models particularly 3C’s model. Ansoff is used when the firm wants to calculate its strategic position while the 3C’s model decides factors including the corporation, the customer and the competitors, which create the success of marketing plan.

The association of corporation, the customer and competitor can affect the success of a company. The corporation helps increase the strength of the company; the customer builds up the foundation of strategy; the competitor is also a necessary role. The competitor-based strategies are based on the functioning of business competitors like design and engineering, sales and servicing, and purchasing.

Mix strategy is the combination of some especial strategies.

To know if plan is sticking to the strategies or not, you can use the 4P’s model which means product, price, place and promotion. Products are goods produced by the company on a huge scale for the purpose of selling them and earning profit. Price is the money the customer paid for a product, which depends on various factors such as competition, market share, customer perception and product identity. Place where the product is sold can be physical store or store on the Internet that knows as distribution channel. Promotion is what associate with advertising, public relation and point of sale to make customer understand product.

Basing on some criteria, marketing strategies is divided into different types. For example, market dominance strategies consist of Challenger, Leader and Follower, which are useful to dominate the market. Other example is that porter generic strategies include Cost leadership, Market segmentation and Product differentiation, which enhance strategic strength or competing abilities and strategic scope or market penetration. Close followers, late follower and Pioneers are types of innovation strategies that arrange the rate of product development and model innovation aiming at incorporate latest technologies. Intensification, Diversification, Vertical integration and Horizontal integration are types of growth strategies which facilitate the growth of the organization. Marketing warfare strategies are conjunction of marketing strategies and military strategies.
Only after researching market, the firm chooses a marketing strategy or combination of various strategies. An experienced marketer is the person who always is ready to face what suddenly happen or change in the middle of strategy and is able to perform another market research so as to choose the proper strategy in a short period of time.

 

 

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