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Marketing Strategy |
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Marketing is the fundamental essence for any business to successfully grow. It is nothing but the process of determining the customer’s needs, helping define the products or services so that those needs can be catered to, and also tries to influence the customer to desire the product or service through product awareness and promotional offers. The longevity of the product, service or business depends heavily on the marketing strategy employed to develop, promote and distribute the product or service. With funds increasing in the marketing department, there is a constant need to reinvent itself in order to attract customers. Sectors like advertisements and brand building makes marketing a creative industry.
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This creativity is used to capture new markets and also for retaining and expanding the existing customer base. Approaching marketing in a planned manner is therefore the basis of a good and strong launch for business growth. Thus a marketing strategy can be said to be the process that helps organizations concentrate limited resources on well identified opportunities to increase sales and achieve a competitive advantage after extensive research, data analysis, study of market trends and determining the risk factors.
An effective marketing strategy is an integral component of the company policies, defining how the organization will successfully entice customers, prospects, and competitors in the targeted market sector. It is partially derived from company strategies, company missions, and company goals. The objective of a marketing strategy is closely linked with sales as the customers are the source of the company's revenues. A key component of marketing strategy is often to keep marketing in line with a company's mission statement. One a marketing strategy is formulated, a marketing plan is put in place which defines a set of specific actions required to successfully implement the marketing strategy. For better effectiveness of strategies and plans, the objectives and results should be measurable and targets should be defined and reviewed periodically by the management. The dynamics of marketing strategy is such that it is partially planned and partially unplanned.
Every marketing strategy is uniquely developed and implemented. However, they can be categorized into a few generic marketing strategies. There are again a number of ways to define these generic strategies, each one slightly differing from the other. Strategies based on market dominance are the defining scheme that chiefly classifies firms based on their market share of dominance of an industry. A Porter generic strategy specifies the strategic scope and strategic strength. Strategic scope is the market penetration and strategic strength is the firm’s corresponding competitive advantage. Innovative strategies involve the firm’s rate of new products development and business model innovation. In growth strategies deals with horizontal and vertical integration, diversification and intensification. There are numerous strategic models and tools readily available to analyze marketing decisions and can serve as a good guideline to developing and deploying the most suitable marketing strategy like the 3C, marketing mix and the 4Ps. As dynamics of the market is not always predictable, the real life marketing will revolve around the application of common-sense within an environment of imperfect information, limited resources and tight timescales.
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