Running Head: Marketing Strategies Marketing Strategies Table of Contents Table of Contents 2 INTRODUCTION 3 TYPES OF MARKETING STRATEGIES 3 Strategies based on Market Dominance 3 Market Leader Strategies 3 Market Challenger Strategies 3 Market Follower Strategies 4 Market Niche Strategies 4 Porter’s Generic Strategies 4 ELEMENTS OF A SUCCESSFUL MARKETING STRATEGY 4 MARKETING STRATEGY AND MARKETING PLAN 5 MARKETING STRATEGY - A HALLMARK OF SUCCESS 6 IMPORTANCE OF MARKETING STRATEGY 7 SUCCESSFUL MARKETING STRATEGIES 8 CONCLUSION 9 INTRODUCTION Marketing has become one of the most important functions of any business and it is not possible to separate thi…
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Therefore, it is very important that companies select and design marketing strategies that would benefit them. One should remember that marketing is not like mathematics, in which there are set formulae to derive results. However, goals are met on the basis of past experiences, and some trial and error. Marketing strategies are based on the principles of psychology and sociology and believes in one core value that customers come first; therefore, one needs to satisfy their needs. TYPES OF MARKETING STRATEGIES Marketing strategies are divided on the basis of the status of the organization in the market, its stage in the life cycle and also on the basis of different levels in the company. Strategies based on Market Dominance Market Leader Strategies Market leader focuses on expanding total market, defending market share or expanding market share. Total market can be expanded either by attracting new users, creating more usage or new usage. Market share can be defended through “position defense, flanking defense, pre-emptive defense, counter-offensive defence, mobile defence, market broadening, and market diversification and contraction defense” (Smith, n.d). Market Challenger Strategies A challenger can attack the leader by making “a frontal, flank, encirclement, and bypass or guerrilla attack” (Smith, n.d). Other strategies available to a market challenger include “offering price discounts, offering goods at low cost, introducing prestige goods, doing product proliferation, bringing innovation in the product, improving services, bringing innovation in the distribution, reducing manufacturing cost or doing intensive advertising” (Ranchhod, Tinson, & Gauzente, Marketing Strategies, 2004, p. 182). Market Follower Strategies Market follower can either become a counterfeiter, cloner, Imitator, or adapter. Market Niche Strategies Market niche follows “market differentiation strategy” (McDonald, 1995, p. 50). Porter’s Generic Strategies Porter generalised marketing strategies in three broad types that companies can choose from in order to get a competitive advantage. These are “market segmentation, market differentiation and cost leadership” (Bradley, 2005, p. 152). There are strategies related to growth of the company, and then there are product and pricing strategies and many others. Product and pricing strategies are designed once a company decides the stage of the lifecycle it is in and the broad strategy it wishes to pursue. Moreover, there are corporate level strategies, business level strategies and functional level strategies. It is important that a company stays consistent from corporate level to functional level when selecting a strategy. For example, if a company has chosen low cost strategy on corporate level, then it has to find out innovative ways to make that low cost possible at functional level through reducing manufacturing cost and the like (Kaynak, 1993, p. 290). ELEMENTS OF A SUCCESSFUL MARKETING STRATEGY The core idea of devising a successful marketing strategy is to keep the customer first. In
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