Marketing Reviews

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 further 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 clover in the implementation of the marketing strategy chosen. Big projects involve selection of mismatched strategies at different levels. Usually a strategy consists of well - sketched tactics. They are meant to meet the needs and finally grasp marketing objectives. Each of the strategies has pre - calculated results over when a particular strategy is chosen at a particular level, its outcome becomes the goal of that particular level. If finished 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 unparalleled 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 plan the corporation, the customer and the competitors. The involvement of all the three key parties leads to forceful results and this concern is known as the 3C’s or strategic triangle.

The role of the mission 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 besides plays a coal-and-ice 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 declared as alloy strategies are used. 4P’s method 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 due to the purpose of selling them and earning profit. Price is the coinage paid for a product by the customer. The appraisal 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.

Ace 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 tactical 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. Stretching 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 outside any kind of situations like if the strategy is changed in the middle, he should exhibit 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.