Any business, be it a small family business or a global corporation, is ideally guided by a pre-made road map. This is what marketing strategy is all about. It sets the right path and allows the business to move forward, grow and develop.
What is a marketing strategy
This is the definition and setting of goals that the brand plans to achieve. They are documented and are being developed for years to come. If you are interested in legacy people, follow the link to find out more.
Strategy is confused with a marketing plan. However, at the heart of the marketing strategy is the goal: to introduce a new product to the market, to displace competitors, to gain a certain market share, to increase sales, etc. A marketing plan is a way to achieve such goals, it describes how the business will move forward.
Marketing strategies: types
Growth strategies
At the heart of it is the desire to expand: market coverage, sales scale, production. These strategies include:
- product expansion (increasing the volume of production and sales);
- acquisition (one company buys another);
- diversification (supply of goods to new markets);
- market expansion (search for new markets, if the existing one does not offer growth prospects).
Basic
They are fundamental. The actions of the company are determined by: growth, development or reduction of activity. There are three types:
- price leadership (minimize all costs in order to achieve leadership positions);
- specialization (the company occupies a prominent position in its niche);
- differentiation (difference from competitors due to product properties that are not available in competitive products).
Global
Conquering world markets is the foundation of this marketing strategy. Here are some types:
- internationalization (entering international markets);
- cooperation (collaboration of companies);
- globalization (creation of products based on generally accepted global market standards);
Development of a marketing strategy
Analysis
First of all, they find out what is happening in each area that will be affected by the strategy. To learn more about find info on people, follow the link.
Analyzing:
- Internal environment. They study the state of the company - determine the strengths and weaknesses, opportunities, features of the product, then choose promotion channels and communication channels.
- External environment. The strategy includes:
- market research (state, opportunities, obstacles, the company's place in it, etc.);
- competitors (specificity, strength, pricing policy and features of the marketing strategy, risks of the appearance of product analogues or substitutes);
- the target audience (maximum data about it, in particular, the level of income, its problems and ways to solve them with the help of the product);
- global factors (inflation level, legislative features, degree of state business support, exchange rates, trends, political situation).
Action plan
Based on the set goals and analytical data, the path to the goal is prescribed - a marketing plan is drawn up. In particular, they are developing an information and price policy.
Performance evaluation
To understand how successful the program is, an analysis of the marketing strategy is conducted. It refers to the goal that was set: to what extent it was achieved, the effectiveness of tools and processes, etc.
