Strategic marketing is a process of developing and implementing a marketing plan that will allow a company to achieve its desired objectives. Marketing strategies are the foundation of any good marketing plan and there are many different types of strategies that can be used to achieve success. The 10 marketing strategies that we will discuss in this article are:
1. Market Segmentation
2. Target Market Selection
3. Positioning
4. Competitive Advantage
5. Product/Service Differentiation
6. Pricing Strategy
7. Promotional Strategy
8. Distribution Strategy
9. Integrated Marketing Communications (IMC)
10. Marketing Research
1) Market Segmentation:
Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs or wants. This allows companies to target specific groups of consumers with specific marketing messages that are more likely to result in a purchase. There are many different ways to segment a market, but the most common methods are by demographics, geography, or behavior.
2) Target Market Selection:
Once a market has been segmented, a company must then select which target markets they would like to pursue. This decision should be based on factors such as the size of the target market, the company’s ability to serve the target market, and the potential profitability of the target market.
3) Positioning:
Positioning is the process of creating an image or identity for a product or company in the minds of consumers. This is done through various marketing communications such as advertising, public relations, and packaging. Positioning can make a big impact on sales, so it is important for companies to carefully consider their positioning strategy.
4) Competitive Advantage:
A competitive advantage is something that allows a company to outperform its competitors in the marketplace. It can be anything from a unique selling proposition to a superior product or service offering. It is important for companies to identify their competitive advantages so they can make them known to consumers and use them to their advantage in the marketplace.
