Breaking News

Diversification of Marketing Strategies

Marketing is a fundamental tool for the success of any business. Marketing is a potent tool to make one’s business profitable. Diverse marketing strategies are used by all enterprises regardless of business level. Marketing strategy is a procedure in which an organisation concentrates on its limited resources available on most significant opportunities to increase its sales to achieve a sustainable competitive advantage. Marketing strategy is applied using a key concept in which customer satisfaction is the chief goal. Marketing approach can be made successful by following the critical and appropriate plan.

One should think himself a market leader, challenger, follower or niche marketer to attack the market with increased power. Marketing strategies may differ according to the unique situation of the individual business. Following a mix of strategy is commonly used to take advantage of competitors’ weakness. Four basic market dominance strategies are:

  • Leader
  • Challenger
  • Follower
  • Niche

Aside from market dominance strategy, porter generic strategies based on dimensions of strategic scope and strategic strength. Porter Generic Strategies are:

  • Product demarcation
  • Cost leadership
  • Market segmentation

Using growth strategies, the question arises, “How should the firm grow?” Several ways are used to answer this question. Common four answers are:

  • Horizontal integration
  • Vertical integration
  • Diversification
  • Intensification

Another form of strategies is innovation strategies. These strategies deal with the firm’s rate of new product development and business model innovation. It has the following three ways:

  • Pioneers
  • Close followers
  • Late followers

Aside from all described strategies, warfare strategies are also used in marketing. This strategy is used to draw a parallel between business and warfare. Once it illustrates a side, then it applies principles of military strategy to business situations. There are some warfare strategies used in the marketing process. These are:

  • Offensive marketing warfare strategies
  • Defensive marketing warfare strategies
  • Flanking marketing warfare strategies
  • Guerrilla marketing warfare strategies
  • Deterrence Strategies
  • Pre-emptive strike Frontal Attack
  • Flanking Attack
  • Sequential Strategies
  • Alliance Strategies
  • Position Defense
  • Mobile defence
  • Encirclement strategy
  • Cumulative procedures
  • Counter-offensive
  • Strategic withdrawal
  • Flank positioning
  • Leapfrog strategy

To make marketing strategies effective, planning is essential. You can make comprehensive a strategic plan to make your marketing strategies effective. Strategic Plan Template can be followed to make your strategic plan more effective and productive.

Steps To Become the person you want to be in life is in your hands, Business, Education Money, Career

Follow us
Twitter: @StepsToBecome
Facebook: @StepsToBecome
Google+: +Stepstobecome

Enter your email address:

Delivered by FeedBurner

Powered by Blogger.