MARKETING STRATEGY

MARKETING STRATEGY
• Is a collection of techniques that enable a particular
organization to direct its resources towards the best
opportunities in terms of increasing sales and achieving
sustainable advantage over the competition.
• Marketing strategy is used by different companies to
collaborate with their consumers. It is also employed to
aware the customers about the features, specifications and
benefits of company’s products.
• It is basically focused on encouraging target population to
buy those specific products and services. The marketing
strategies might be totally innovative or they can be
previously tried or tested strategies.
DEVELOP MARKETING STRATEGY
• Identify your business goals
To develop your marketing strategy, identify your overarching business goals,
so that you can then define a set of marketing goals to support them. Your
business goals might include:
– increasing awareness of your products and services
– selling more products from a certain supplier
– reaching a new customer segment.
A simple criteria for goal-setting is the SMART method:
Specific - state clearly what you want to achieve
Measurable - set tangible measures so you can measure your results
Achievable - set objectives that are within your capacity and budget
Relevant - set objectives that will help you improve particular aspects of your
business
Time-bound - set objectives you can achieve within the time you need them.
DEVELOP MARKETING STRATEGY
• State your marketing goals
Define a set of specific marketing goals based on the
business goals you listed above. These goals will motivate
you and your team and help you benchmark your success.
• Research your market
Research is an essential part of your marketing strategy. You
need to gather information about your market, such as its
size, growth, social trends and demographics (population
statistics such as age, gender and family type).
• Profile your potential customers
Use your market research to develop a profile of the
customers you are targeting and identify their needs.
DEVELOP MARKETING STRATEGY
• Profile your competitors
Similarly, as part of your marketing strategy you should develop
a profile of your competitors by identifying their products, supply
chains, pricing and marketing tactics.
• Develop strategies to support your marketing goals
List your target markets and devise a set of strategies to attract
and retain them.
• Use the '7 Ps of marketing'
Identify your tactical marketing mix using the 7 Ps of marketing. If
you can choose the right combination of marketing across
product, price, promotion, place, people, process and physical
evidence, your marketing strategy is more likely to be a success.
DEVELOP MARKETING STRATEGY

• Test your ideas

In deciding your tactics, do some online research,
test some ideas and approaches on your customers
and your staff, and review what works. You will
need to choose a number of tactics in order to
meet your customers' needs, reach the customers
within your target market and improve your sales
results.
TYPES OF MARKETING STRATEGY

BUSINESS TO
BUSINESS (B2B) BUSINESS TO
CONSUMER (B2C)
TYPES OF MARKETING STRATEGY
•Paid advertising
This includes multiple approaches for marketing. It
includes traditional approaches like TVCs and print media
advertising.
•Cause marketing
Cause marketing links the services and products of a
company to a social cause or issue. It is also well known as
cause related marketing.
•Relationship marketing
This type of marketing is basically focused on
customer building. Enhancing existing relationships with
customers and improving customer loyalty
 TYPES OF MARKETING STRATEGY
• Undercover marketing
This type of marketing strategy focuses on marketing the product
while customers remain unaware of the marketing strategy. It is
also known as stealth marketing.
• Word of mouth
It totally relies on what impression you leave on people. It is
traditionally the most important type of marketing strategy. Being
heard is important in business world. When you give quality
services to customers, it is likely that they’d promote you.
• Internet marketing
It is also known as cloud marketing. It usually happens over the
internet. All the marketing items are shared on the internet and
promoted on various platforms via multiple approaches.
TYPES OF MARKETING STRATEGY

• Transactional marketing
Sales is particularly the most challenging work. Even for the
largest retailers, selling is always tough especially when there
are high volume targets. However with the new marketing
strategies, selling isn’t as difficult as it was. In transactional
marketing the retailers encourage customers to buy with
shopping coupons, discounts and huge events.
• Diversity marketing
It caters diverse audience by customizing and integrating
different marketing strategies. It covers different aspects like
cultural, beliefs, attitudes, views and other specific needs.
ADVANTAGES OF MARKETING STRATEGY

• Improved efficiency
There is a need of an investment in the message development,
project management, design, etc. in all the marketing tools. The
business owners can get more out of their budget by leveraging
parts of one project across the several platforms by having a
strong marketing strategy.

• Targeted Approach
A marketing strategy can give marketing efforts and campaigns
a target to a business. It can help the business to look different
from the others and creating more customers.
ADVANTAGES OF MARKETING STRATEGY
•Better Information
The business owners are allowed to get access to a great piece of
information by having a strong marketing strategy. Market research often
demands by the marketing strategies that helps the owners to get a
better understanding of the market. In addition to this, it can help in
making goals based on a combination of future projections and past
performances.
•Branding
The business owners can create an impression of their company
by having a marketing strategy. They can give their customers the
impression that their organization is not viable if the strategy for a
specific service become ineffective.
DISADVANTAGES OF MARKETING STRATEGY

•Getting Struck
One of the main disadvantages of a marketing strategy is the
dependency caused by small companies. Generally, they have to follow the
strategy to the end no matter what consequences it offers. A lot of
resources and effort can get wasted if the marketing strategy fails or gets
changed.
• Decreased Value
There are more chances of a decrease in the perceived value of the
product or service, the longer a marketing promotion lasts. That’s why
keeping promotions can prevent the long term damage to the overall
pricing strategy.
IMPORTANCE OF MARKETING STRATEGY

•Marketing strategy provides an organization an edge over it’s competitors.

•Strategy helps in developing goods and services with best profit making potential.
•Marketing strategy helps in discovering the areas affected by organizational growth and
thereby helps in creating an organizational plan to cater to the customer needs.
•It helps in fixing the right price for organization’s goods and services based on information
collected by market research.
•Strategy ensures effective departmental co-ordination.
•It helps an organization to make optimum utilization of its resources so as to provide a sales
message to it’s target market.
•A marketing strategy helps to fix the advertising budget in advance, and it also develops a
method which determines the scope of the plan, i.e., it determines the revenue generated by
the advertising plan.