Marketing Strategy and Types of Strategies

2126 Words Feb 22nd, 2010 9 Pages
Marketing strategy
Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered around the key concept that customer satisfaction is the main goal.

Marketing strategy is a method of focusing an organization 's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm 's marketing goals, and explains how they will be achieved, ideally within a stated
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It asks whether the company is on the cutting edge of technology and business innovation. There are three types: ○ Pioneers ○ Close followers ○ Late followers • Growth strategies - In this scheme 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

A more detailed scheme uses the categories: • • • • • Prospector Analyzer Defender Reactor Marketing warfare strategies - This scheme draws parallels between marketing strategies and military strategies.

STRATEGIC MODELS

Marketing participants often employ strategic models and tools to analyze marketing decisions. When beginning a strategic analysis, the 3Cs can be employed to get a broad understanding of the strategic environment. An Ansoff Matrix is also often used to convey an organization 's strategic positioning of their marketing mix. The 4Ps can then be utilized to form a marketing plan to pursue a defined strategy. Marketing in Practice The Consumer-Centric Business There are a many companies especially those in the Consumer Package Goods (CPG) market that adopt the theory of running their business centered around Consumer, Shopper & Retailer needs. Their Marketing departments spend quality time looking for "Growth Opportunities" in their categories by identifying relevant insights (both mindsets and behaviors) on their
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