Marketing Mix
Marketing strategy helps organizations to focus their priority to complete resource utilization to expand sales and win over their competitors. Every company applies some form of marketing methods to preserve existing customers, attract potential prospects and then to maintain and enhance their reputation available in the market.
When designing a marketing plan, first a marketing strategy is taken into consideration. The marketing plan comes with steps to be taken so to attain success inside the implementation of the marketing strategy chosen. Big projects involve selection of different strategies at different levels. Often a strategy consists of well-sketched tactics. They are supposed to meet the needs and at last reach marketing objectives. Each of the strategies has pre-calculated results because whenever particular strategy is chosen for a particular level, its outcome becomes the aim of that particular level. In case there is an absence of a well thought strategy in a marketing means it is supposedly lacking a first-rate foundation. A decent marketing strategy is not to only facilitate marketing goals, but in addition the action sequence of a campaign.
At regular time intervals the firm should analyze the marketing decision. This might be performed with the support of strategic models and of course the 3C’s model is considered for this purpose. To calculate the company’s strategic position, Ansoff matrix can be used. The 3C’s model determines the factors, which might lead to the success of a marketing campaign. You can find three key parties needed for this model the corporation, the customer and of course the competitors. The involvement of all the three key parties leads to positive outcomes and this involvement is named the 3C’s or strategic triangle.
The role of a given corporation is usually to improve the strength of the company inside the success critical areas, when compared to that of the competitor. The client and his interest build basis of any strategy. The competitor also plays significant part. The competitor-based strategies are based on the functioning of business competitors like design and engineering, sales and servicing, and purchasing.
When producing a marketing plan relying on some particular strategies generally known as mix strategies may be used. 4P’s model is made to calculate whether the plan is sticking to the strategies or is not. The 4 P’s indicate product, price, place and promotion. Products are goods offered by the organization on a huge scale when it comes to selling them and earning profit. Price is the bucks paid on a product by their customer. The price is based on many factors like competition, market share, customer perception and product identity. Place in which the product is sold can be either physical store or store on the Internet. It is sometimes known as distribution channel. In order to make the customer knowledgeable about this new product, the marketer does promotion. It involves advertising, public relation and point of sale.
You can find several types of marketing techniques based on some criteria. Challenger, Leader and Follower are types of market dominance strategies. Market dominance strategies are used to dominate the market. Cost leadership, Market segmentation and Product differentiation are different kinds of porter generic strategies. Porter generic strategies are designed on strategic strength or competing abilities and strategic scope or market penetration. Close followers, late follower and Pioneers are kinds of innovation strategies. Innovation strategies are designed to trigger the rate of product development and model innovation. It may help the firm to assimilate latest technologies. Intensification, Diversification, Vertical integration and Horizontal integration are types of growth strategies. Growth strategies facilitate the build up of the organization. Marketing warfare strategies are conjunction of marketing strategies and military strategies.
A marketing strategy or just a series of them is chosen only after thorough market research. A marketer should always be well prepared to obtain any type of situations like if the strategy is changed in the middle, he should be able to perform another market research to make sure they can discover the proper strategy, inside of a small period of time. This can be carried out easily in the event that you have experience.
