Marketing strategy assists organisations in focusing their attention on complete resource utilisation to increase sales and outperform competitors. Every business employs marketing strategies to retain existing customers, attract new customers, and maintain and improve its market reputation.
A marketing strategy is considered first when developing a marketing plan. The marketing plan outlines the steps that must be taken to successfully implement the marketing strategy chosen. Large projects necessitate the selection of various strategies at various levels. A strategy is typically made up of well-planned tactics. They are intended to meet needs and, ultimately, to achieve marketing objectives. Each strategy has pre-calculated results because when a specific strategy is chosen at a specific level, its outcome becomes the goal of that specific level. If a marketing plan lacks a well-thought-out strategy, it is said to be lacking a solid foundation. A good marketing strategy should not only facilitate marketing goals, but also the campaign action sequence.
The firm should analyse the marketing decision at regular intervals. This is accomplished through the use of strategic models, such as the 3C model. The Ansoff matrix is used to calculate the company’s strategic position. The 3C model identifies the factors that contribute to the success of a marketing campaign. This model involves three key parties: the corporation, the customer, and the competitors. The involvement of all three key parties results in positive outcomes, and this involvement is referred to as the 3C’s or strategic triangle.
The corporation’s role is to increase the company’s strength in the success critical areas when compared to the competitor. Any strategy is built around the customer and his interests. The competitor is also essential. Competitor-based strategies are based on how business competitors operate in areas such as design and engineering, sales and servicing, and purchasing.
When developing a marketing strategy, some specific strategies known as mix strategies are employed. The 4P model is used to determine whether or not the plan is adhering to the strategies. Product, price, place, and promotion are the four Ps. Products are goods manufactured on a large scale by a company to sell them and profit from them. The price of a product is the amount of money paid by the customer. Many factors influence the price, including competition, market share, customer perception, and product identity. The product can be sold in either a physical store or an online store. It is also referred to as a distribution channel. The marketer uses promotion to educate customers about a product. Advertising, public relations, and point of sale are all part of it.
There are various types of marketing strategies based on certain criteria. Market dominance strategies include challenger, leader, and follower. Market dominance strategies are used to gain market dominance. Porter’s generic strategies include cost leadership, market segmentation, and product differentiation. Porter generic strategies are based on strategic strength or competitive capabilities, as well as strategic scope or market penetration. Innovation strategies include close followers, late followers, and pioneers. Innovation strategies are intended to accelerate product development and model innovation. It enables the company to incorporate cutting-edge technologies. Growth strategies include intensification, diversification, vertical integration, and horizontal integration. Organizational growth is aided by growth strategies. Marketing warfare strategies are a hybrid of marketing and military tactics.
A marketing strategy, or a combination of them, is chosen only after extensive market research. A marketer should always be prepared to face any situation, such as if the strategy is changed in the middle, he should be able to conduct another market research to choose the appropriate strategy in a short period. If you have prior experience, this is a simple task.
