Marketing strategy is seen as helpful mean of companies or organizations to concentrate on finishing resource usage in order to enhance sales as well as over rivals. Therefore, each company uses different marketing strategies to achieve objectives such as keeping present customers, drawing the attention of potential customers and strengthening their name in the market.
If you want to set up a marketing plan, considering the marketing strategy is the first of what you need to do. The marketing plan includes many steps with different strategies at the different level. You will meet the needs and gain the marketing goal.
Forecasting results is very essential because when a particular strategy is chosen at a particular level, its outcome becomes the goal of that particular level. A sensible marketing strategy will make easy to achieve both marketing goal and sequent action of campaign.
The marketing decision should be analyzed at different point of time with the assist of strategic models particularly 3C’s model.
Ansoff is used when the firm wants to calculate its strategic position while the 3C’s model decides factors including the corporation, the customer and the competitors, which create the success of marketing plan.
The association of corporation, the customer and competitor can affect the success of a company. The corporation helps increase the strength of the company; the customer builds up the foundation of strategy; the competitor is also a necessary role. The competitor-based strategies are based on the functioning of business competitors like design and engineering, sales and servicing, and purchasing.
Mix strategy is the combination of some especial strategies.
To know if plan is sticking to the strategies or not, you can use the 4P’s model which means 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 the customer paid for a product, which depends on various factors such as competition, market share, customer perception and product identity. Place where the product is sold can be physical store or store on the Internet that knows as distribution channel. Promotion is what associate with advertising, public relation and point of sale to make customer understand product.
Basing on some criteria, marketing strategies is divided into different types. For example, market dominance strategies consist of Challenger, Leader and Follower, which are useful to dominate the market. Other example is that porter generic strategies include Cost leadership, Market segmentation and Product differentiation, which enhance strategic strength or competing abilities and strategic scope or market penetration. Close followers, late follower and Pioneers are types of innovation strategies that arrange the rate of product development and model innovation aiming at incorporate latest technologies. Intensification, Diversification, Vertical integration and Horizontal integration are types of growth strategies which facilitate the growth of the organization. Marketing warfare strategies are conjunction of marketing strategies and military strategies.
Only after researching market, the firm chooses a marketing strategy or combination of various strategies. An experienced marketer is the person who always is ready to face what suddenly happen or change in the middle of strategy and is able to perform another market research so as to choose the proper strategy in a short period of time.
