Best
marketing strategy
Best marketing strategy is the plan and a process that can
help a firm to gather its limited resources on the greatest
opportunities in order to increase sales and as a result succeed in
receiving their sustainable competitive advantage. A marketing strategy
should be focused on the customer satisfaction.
A
marketing strategy combines product development, promotion,
distribution, and pricing approach. This identifies the company's
marketing goals, vision and shows how they will be achieved within a
particular timeframe. The best marketing strategy determines the target
market segment, positioning, marketing mix, and allocation of
resources. It is most effective when it is an integral component of
company’s strategy and defines how the firm will successfully engage
customers, prospects, and competitors in the market arena. Marketing
strategy should be linked with sales and it should be applied corporate
missions, goals and strategies.
What are types of
marketing strategies? There are different strategies depending on the
unique situation of the company’s business. These strategies are based
on:
- Market
dominance – Companies are classified based on their market share or
dominance. Typically there are three types of market dominance
strategies:
•
Leader
• Challenger
• Follower
Porter ( 1984) generic strategies - strategy on the
dimensions of strategic scope and strategic strength. Strategic scope
refers to the market penetration while strategic strength refers to the
company’s competitive advantage. The generic strategy framework (porter
1984) comprises two alternative scopes.
* Product
differentiation
* Market segmentation
Innovation strategies - This
deals with the company's rate of the new product development and
business model innovation. It asks whether the company is on business
innovation. There are three types:
* Pioneers
* Close followers
* Late followers
Growth strategies - We ask the question, “How should the firm grow?”.
There are a number of different ways of answering that question, but
the most common gives four answers:
* Horizontal
integration
* Vertical integration
* Diversification
* Intensification Click from Best marketing
strategy to Best product marketing
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