Marketing Strategies

Marketing Strategies



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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