Diversification of Marketing Strategies

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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