Marketing strategies

Marketing strategy helps organizations focus their attention on making full use of resources to increase sales and win over their competitors. Every company applies some kind of marketing strategies to retain existing customers, attract potential customers and also to maintain and enhance its reputation in the market.

When designing a marketing plan, the marketing strategy is taken into consideration first. A marketing plan consists of the steps that must be taken to achieve success in implementing the chosen marketing strategy. Large projects involve choosing different strategies at different levels. Strategy usually consists of well-planned tactics. It aims to meet needs and ultimately reach marketing goals. Every strategy has pre-calculated results because when a particular strategy is chosen at a particular level, its results become the goal of that particular level. If there is an absence of a well-thought-out strategy in the marketing plan, this means that it supposedly lacks a good foundation. A sensible marketing strategy should not only facilitate marketing objectives but also facilitate the sequence of campaign actions.

At regular intervals the company must analyze the marketing decision. This is done with the help of strategic models and the 3C model is taken into consideration for this purpose. To calculate the strategic position of the company, the Ansoff matrix is used. The 3C model identifies the factors that lead to the success of a marketing campaign. There are three main parties involved in this model: the company, the customer, and competitors. The participation of the three main parties leads to positive results, and this participation is known as the 3C or strategic triangle.

The role of the company is to increase the company's strength in critical areas of success compared to the competitor. The customer and his interest form the basis of any strategy. The competitor also plays a vital role. Competitor-based strategies depend on the performance of competitors in businesses such as design, engineering, sales, service, and purchasing.

When developing a marketing plan based on some specific strategies, mix strategies are used. The 4P model is used to calculate whether the plan adheres to the strategies or not. The four Ps stand for product, price, place and promotion. Products are goods produced by a company on a large scale for the purpose of selling them and making a profit. Price is the money the customer pays for the product. The price depends on many factors such as competition, market share, customer perception and product identity. The place where the product is sold can be either a physical store or an online store. It is also known as distribution channel. To make the customer aware of the product, the marketer does promotion. It includes advertising, public relations and points of sale.

There are various types of marketing strategies based on some criteria. Competitor, leader and follower are types of market dominance strategies. Market dominance strategies are used to control the market. Cost leadership, market segmentation, and product differentiation are types of general carry strategies. Porter's generic strategies are based on strategic strength or competitive capabilities and strategic scope or market penetration. Close followers, lagging followers and pioneers are types of innovation strategies. Innovation strategies aim to stimulate the rate of product development and model innovation. It helps the company integrate the latest technologies. Intensification, diversification, vertical integration and horizontal integration are types of growth strategies. Growth strategies facilitate organization growth. War marketing strategies are a combination of marketing strategies and military strategies.

The marketing strategy or a combination thereof is chosen only after conducting comprehensive market research. A marketer should always be ready to face any kind of situation, like if the strategy is changed in the middle, he should be able to do another research of the market so that he can choose the right strategy, within a short period of time. This can be done easily if you have experience.