Marketing Strategies

Marketing StrategiesMarketing strategy helps organizations to focustheir attention to complete resource utilizationto increase sales and win over their competitors.Every company applies some kind of marketingstrategies to maintain existing customers,attract potential customers and also to maintainand enhance their reputation in the market.When designing a marketing plan, first amarketing strategy is taken into consideration.The marketing plan consists of steps to be taken

so as to attain success in the implementation ofthe marketing strategy chosen. Big projectsinvolve selection of different strategies atdifferent levels. Usually a strategy consists ofwell-sketched tactics. They are meant to meet theneeds and finally reach marketing objectives.Each of the strategies has pre-calculated resultsbecause when a particular strategy is chosen ata particular level, its outcome becomes the goalof that particular level. If there is an absenceof a well thought strategy in a marketing planmeans it is supposedly lacking a good foundation.A reasonable marketing strategy should not onlyfacilitate marketing goals, but also the actionsequence of a campaign.At regular time intervals the firm should analyzethe marketing decision. This is done with the helpof strategic models and the 3C 抯 model isconsidered for this purpose. To calculate thecompany 抯 strategic position, Ansoff matrix isused. The 3C 抯 model determines the factors,

which leads to the success of a marketing campaign.There are three key parties involved in this modelthe corporation, the customer and the competitors.The involvement of all the three key parties leadsto positive results and this involvement is knownas the 3C 抯 or strategic triangle.The role of the corporation is to increase thestrength of the company in the success criticalareas, when compared to that of the competitor.The customer and his interest form the basis ofany strategy. The competitor also plays a vitalpart. The competitor-based strategies are basedon the functioning of business competitors likedesign and engineering, sales and servicing, andpurchasing.When making a marketing plan depending on someparticular strategies known as mix strategies areused. 4P 抯 model is used to calculate whether theplan is sticking to the strategies or not. Thefour Ps stand for product, price, place and

promotion. Products are goods produced by thecompany on a huge scale for the purpose of sellingthem and earning profit. Price is the money paidfor a product by the customer. The price is basedon many factors like competition, market share,customer perception and product identity. Placewhere the product is sold can be either physicalstore or store on the Internet. It is also knownas distribution channel. To make the customerknowledgeable about a product, the marketer doespromotion. It involves advertising, publicrelation and point of sale.There are different types of marketing strategiesbased on some criteria. Challenger, Leader andFollower are types of market dominance strategies.Market dominance strategies are used to dominatethe market. Cost leadership, Market segmentationand Product differentiation are types of portergeneric strategies. Porter generic strategiesare built on strategic strength or competingabilities and strategic scope or market

penetration. Close followers, late follower andPioneers are types of innovation strategies.Innovation strategies are meant to trigger therate of product development and model innovation.It helps the firm to incorporate latesttechnologies. Intensification, Diversification,Vertical integration and Horizontal integrationare types of growth strategies. Growth strategiesfacilitate the growth of the organization.Marketing warfare strategies are conjunction ofmarketing strategies and military strategies.A marketing strategy or a mix of them is chosenonly after thorough market research. A marketershould always be ready to face any kind ofsituations like if the strategy is changed in themiddle, he should be able to perform anothermarket research so as to choose the properstrategy, within a short period of time. This canbe done easily if you have experience.PPPPP