Marketing Strategy focuses on increasing the sales of the business and attaining a higher stage in the competitive market. In marketing strategy the analysis of the environmental aspects i.e. internal and external factors is done and the strategy is formed accordingly. It lays down various benchmarks to be achieved. The procedure consists of all the short-term, long term and the basic activities that contribute to the better working of the firm in the market.
The marketing strategy is a strong concept to strengthen the firm’s position in the market.
There are various kinds of strategies based on different principles:
1. Based on Market Dominance: On the basis of the dominating market the strategies will be formed as per the dominating strength exercised by the business. These can be :
2. Based on Entering Strategies: On the basis of entering strategies, the business strategies can be categorized n the basis of how they can explore the market.
3. Raymond Mile’s Strategies: Raymond Miles proposed a more relevant scheme using different kinds of categories like:
There are 2 kinds of Strategic Models on a broader basis:
1. 3 C’s: The 3 C’s stand for: Customer, Corporation and Competitor. The 3 C’s focus on exploring the interests, tastes, choices and dislikes of the consumers; the strengths, weaknesses and opportunities of the business; weakness, strength and strategy of the competitor. All these elements provide the business with an upper hand on the market and help the business to build an effective and efficient marketing strategy.
2. 4 P’s: The 4 P’s stand for: Product, Place, Price and Promotion. This helps the business to build its own policy in such a way that it can operate efficiently and effective. The strategy focuses on developing a strong product having unique qualities, setting a competitive price, choosing an appropriate place to execute the plan and choosing the most feasible way of promoting the product.
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1. Clarify Business Objectives: To develop an effective strategy you need to have a clear objective in mind that is to be implemented. Developing strategies for different objectives of the firm will do no help. Instead a strategy for single objective of business will be more effective ad more result yielding. Thus a business needs to focus on one area rather than varying its aim time and again.
2. Use innovative teams to identify, evaluate and activate emerging innovation strategies: Generally the executives and the managers of the business who are supposed to look at the business and market trends, form policies, take care of proper implementation of actions of the business and expand the business. It is unreasonable to expect from them to find and explore the innovative strategies of the business as well so that the business can foster its growth. They should stick to their original work only. Instead a proper team must be formulated which can explore all the new and feasible areas of doing business.
3. Decouple Strategy and Innovation: The most common mistake followed by business managements is that of putting Strategy and Innovation all together. They hire the same professionals for innovation whom they appoint for basic functions of business. Whereas Strategy and Innovation are two distinct things where Strategy means coping up and planning new things to explore the traditional market in which they already operate and Innovation means going out of the box and exploring totally new area in which they have not worked before and do something new in the business. Thus Innovation and strategy cannot be done together. They need to be differentiated.
4. Build open assets in the Marketplace: Earlier creating big sale promotion used to be the focus of the business organizations to foster market sale of the goods. It was believed that once the potential buyer got to know the product he will ultimately buy it. Whereas the trend has changed and now the market no more gets influenced much with the promotions done through large banners and other prompt ideas. The public hugely gets affected by the Internet marking these days. The Internet serves as the platform for marketing and the public shows its reliability on the internet.
It is very important to evaluate all the feasible options available with a business to have an effective strategy which could earn business large returns.
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