Marketing Strategies
Edited: June 22, 2007
By: Lonnie Amirault
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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