Marketing strategy is an important part of every organisation that helps in achieving marketing objectives. A well-defined marketing strategy provides direction for all marketing activities and also help to supports business growth.
- It helps an organization understand its target market.
- It helps create communication with the customer.
- It helps increase sales and income.
It provides guidance for performing marketing activities which include product promotion, pricing, distribution, and customer engagement. In simple terms, a marketing strategy acts as a roadmap that aligns organisational goals with market opportunities, ensuring consistent and effective marketing efforts.
What is Marketing strategy?
It 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 Strategies are formulated to provide superior customer value. In formulating market strategies, the 4-ps are directed at the target market.
Product, Price, Promotion, Place ----> Target Market
- Product - Product is anything that is offered to the consumer which is tangible and can satisfy a need and has some value.
- Price - Price is the amount of money one must pay to obtain the right to use the product
- Place (Distribution) -The goods can be distributed by many channels. These could be retailers, wholesalers, agents or by direct selling. Distribution outlets play an important role in reaching the goods to the consumer
- Promotion - Promotion is the means of changing the attitudes of the consumer, so that it becomes favorable towards the company's products. Various means of promotion are advertising, personal selling, sales promotion and publicity.
Importance of marketing strategy
Marketing strategy provides direction to the organisation in the matter related with market positioning, promotion of product or service, establishing distinct identity or unique identity. The importance of marketing strategy is as follows:
- Decision making – marketing strategy helps the organisation in taking marketing related decisions and also helps in developing products or services according to the organisation in identifying potential or prospective customers so that organisation can perform the marketing strategy accordingly
- Gaining Advantage – Marketing strategy helps the organisation in gaining advantages in the organisation by helping the organisation in establishing its presence in the market and establishing it unique identity. With the help of proper marketing strategy organisation can know about the taste and preferences of the customer and can develop the product or service accordingly to satisfy the needs of the customers.
- Increasing customers – if the organisations want to increase the number of customer or increase its customer base than it has to formulate the marketing strategy properly by selecting or designing proper and relevant promotional tools and techniques so that the customers can become aware about the organisation or product or service. This increases the chances of sales boost and increase in number of customers.
- Distinct identity – with the help of marketing strategy organisation can build its distinctive identity. It is possible that many organisations can sell same product so a proper marketing strategy helps the organisation in identifying its unique selling points (USP) & specialities & organisation present this USP specialities in front of their customers.
- Resource utilisation – with the help of marketing strategy all the necessary marketing related activities can be performed properly and performance of any sort of unnecessary activities can be avoided as a result of which resources can be utilised properly and wastage of the resources can be avoided.
- Helps in adjustment – we all know that market is very dynamic in nature which changes with change in time. New trends appear in the market, update can be seen in the market, market evolve overtime, taste and preferences of the customers also changes. Good or proper marketing strategy helps the organisation to adjust according to the present market related situation.
What types of Marketing Strategies can you use to launch your Business?
Many types of marketing strategies available in a business today are unlimited. Still, marketing itself is a new concept – people and businesses have been engaged in marketing for centuries. But with the passing of time, the best marketers recognize and accept the fact that marketing is as much psychology as it is technique. Combining these two elements effectively can yield your business fantastic marketing results.
There are three broad types of marketing strategies:
- Offline (or traditional forms of) marketing - The term offline market is a term that acknowledges the fact that the Internet has radically altered the way the world relates and communicates. It refers to those types of marketing strategies which have long been accepted because of their proven and consistent results. It can be cheap or expensive, but if done correctly, is still highly effective. In fact, despite the introduction of the internet as a powerful marketing tool, offline marketing still prevails as the main form of advertising for many large organizations.
- Print - like newspapers, magazines, yellow pages, ads, flyers, coupons, etc.
- Television and radio
- Online marketing - Today, the Internet is a goldmine for businesses because of the ability to reach and service customers globally while reducing operating costs significantly. It offers businesses opportunities which would be insanely expensive in the offline world - at a fraction of the cost. Imagine wanting to broadcast an advertisement globally on TV for a new product - how much would that cost you? With the Internet, you can accomplish that same goal at a relatively low cost. The ability to target your audience more finely - and more quickly. There are several types of marketing strategies online
- Performance marketing
- Banner marketing
- Email marketing and press releases.
- Social Networking and Social Bookmarking
- Affiliate Marketing.
- Word-of-Mouth marketing - which is the oldest and arguably the most effective still today. By far the most powerful form of marketing is and will always be word of mouth. People trust their friends and family and other users more than they trust banners or ads. Word of mouth advertising transcends beyond all other forms of marketing because it can fit into any one of them. Take for example, the logo on a can of Coke. Someone drinks a Coke and leaves the can on the table. That in itself is powerful marketing. Even though there technically was no word of mouth, the mere fact someone drank a Coke.
4 Types of Marketing Strategies to Spice up Your Campaigns
- Cause Marketing It is also known as cause-related marketing, links a company and its products and services to a social cause or issue.
- Relationship Marketing It is focuses on customer retention and satisfaction in order to enhance your relationships with existing customers to increase loyalty.
- Scarcity Marketing It creates a perception of a shortage which aims to entice customers to purchase out of fear that they may not be able to get it in the future.
- Undercover Marketing It is also known as stealth marketing, involves marketing to consumers in a way that they do not realize they are being marketed to.
FAQs on Marketing Strategy
What is a marketing strategy?
A marketing strategy is a plan that helps a business promote its products or services to the right customers and achieve its business goals.
How does a marketing strategy help in business launch?
It guides pricing, promotion, distribution, and branding decisions, ensuring a successful and organized market entry.
Can small businesses benefit from marketing strategies?
Yes, even small businesses can use simple marketing strategies to reach customers, control costs, and grow steadily.
0 Comments