A Marketing strategy is crucial if
you want to really succeed in your marketing.
Amongst its advantages are:
1. Helping you to focus your marketing attention.
2. Better complete utilization of resources
3. Helps in increasing sales; and
4. A powerful resource of winning over your
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 out strategy in a marketing plan it
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. The 3C’s model is usaully
considered for this purpose. 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. These are:
>>> 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 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. Some of the common
marketing strategies are:
1. Market dominance strategies - Market dominance
strategies are used to dominate the market.
Examples of these are Challenger, Leader and
Follower.
2. Porter generic strategies - Porter generic
strategies are built on strategic strength or
competing abilities and strategic scope or market
penetration. Cost leadership, Market segmentation
and Product differentiation are types of porter
generic strategies.
3. Innovation strategies - Innovation strategies
are meant to trigger the rate of product
development and model innovation. It helps you as
a business to incorporate latest technologies.
Close followers, late follower and Pioneers are
types of innovation strategies.
4. Growth strategies - Growth strategies
facilitate the growth of the organization.
Intensification, Diversification, Vertical
integration and Horizontal integration are types
of growth strategies.
5. 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 the experience.
To your
success
Chadrack
Irobogo
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Chardrack Irobogo is a writer with a passion for
helping people achieve their personal and
professional dreams through the provision of
inspiring and empowering content.
The
over-riding
mission of his website
http://www.themarketingmouse.com is to
reveal proven and tested tactics and strategies to
help you generate real and consistent revenue from
your online business even when you are on a
shoestring budget.
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