Marketing is a fundamental tool for the success of any business. Marketing is a potent tool to make one’s business profitable. Diverse marketing strategies are used by all enterprises regardless of business level. Marketing strategy is a procedure in which an organisation concentrates on its limited resources available on most significant opportunities to increase its sales to achieve a sustainable competitive advantage. Marketing strategy is applied using a key concept in which customer satisfaction is the chief goal. Marketing approach can be made successful by following the critical and appropriate plan.
One should think himself a market leader, challenger, follower or niche marketer to attack the market with increased power. Marketing strategies may differ according to the unique situation of the individual business. Following a mix of strategy is commonly used to take advantage of competitors’ weakness. Four basic market dominance strategies are:
- Leader
- Challenger
- Follower
- Niche
Aside from market dominance strategy, porter generic strategies based on dimensions of strategic scope and strategic strength. Porter Generic Strategies are:
- Product demarcation
- Cost leadership
- Market segmentation
Using growth strategies, the question arises, “How should the firm grow?” Several ways are used to answer this question. Common four answers are:
- Horizontal integration
- Vertical integration
- Diversification
- Intensification
Another form of strategies is innovation strategies. These strategies deal with the firm’s rate of new product development and business model innovation. It has the following three ways:
- Pioneers
- Close followers
- Late followers
Aside from all described strategies, warfare strategies are also used in marketing. This strategy is used to draw a parallel between business and warfare. Once it illustrates a side, then it applies principles of military strategy to business situations. There are some warfare strategies used in the marketing process. These are:
- Offensive marketing warfare strategies
- Defensive marketing warfare strategies
- Flanking marketing warfare strategies
- Guerrilla marketing warfare strategies
- Deterrence Strategies
- Pre-emptive strike Frontal Attack
- Flanking Attack
- Sequential Strategies
- Alliance Strategies
- Position Defense
- Mobile defence
- Encirclement strategy
- Cumulative procedures
- Counter-offensive
- Strategic withdrawal
- Flank positioning
- Leapfrog strategy
To make marketing strategies effective, planning is essential. You can make comprehensive a strategic plan to make your marketing strategies effective. Strategic Plan Template can be followed to make your strategic plan more effective and productive.
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