MARKETING
STRATEGY
Introduction:
Marketing refers
to activities a company undertakes to promote the buying and selling of a product,
service, and goods. It is one of the primary components of business management
and commerce Markets
can direct their product to other businesses and directly to consumers
Marketing strategy
definition
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.
Effective marketing
strategies help to get ahead
in the competition.
The marketing strategies might be totally
innovative or they can be previously
tried or tested strategies.
1. Define the target
population
Defining target population is main and necessary step in
choosing your marketing strategy. It gives the proper demographics which help in selecting the most appropriate marketing plan for your business.
2. Test your audience
Create a hypothetical process of buying to test your
audience. Once you know the buying behavior
of your target audience, you can select more appropriate marketing strategy.
3. Consider marketing strategies
Once you know the demographics; their knowledge, attitudes
and behaviors. You can select
more appropriate marketing
strategy.
4. Evaluate
those strategies
Once you have considered the marketing strategies and
found the applicable ones. Asses them, apply them and evaluate
them. This process
must be for testing purposes
and the most suitable and productive strategy
must be applied.
Types of marketing
strategies
There are different types of marketing strategies
available. Picking up a marketing strategy
includes analyzing the needs of your business, your target audience and specifications of your products.
The two main types of marketing strategy
are:
·
1. Business to business (B2B) marketing
·
2. Business
to consumer (B2C) marketing
The most common form of marketing is business to consumer (B2C)
marketing. Let’s
explore a bit more.
Following are the different types of marketing
strategies available.
1. Paid advertising
This includes multiple
approaches for marketing.
It includes traditional approaches like TVCs and print media advertising. Also,
one of the most well-known marketing approach is internet marketing. It includes various
methods like PPC (Pay per click) and paid advertising.
2. 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.
3. Relationship marketing
This type of marketing is basically focused
on customer building. Enhancing existing relationships with customers and improving customer
loyalty.
4. 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.
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