MARKETING Strategies What are marketing strategies? Marketing strategies are a process of using the marketing mix to satisfy and attract consumers to make a profit for the organization. There are many types of strategies such as • Market Scope Strategy • Product Strategy • Promotion Strategy • Pricing Strategy • Distribution Strategy
MARKETING Strategies Types of Marketing Strategy There are two levels of strategizings • General Marketing Strategies • Decision Area Strategies
MARKETING Strategies General Marketing Strategies Decision Area Strategies • This concept describes • Used to achieve general how marketing will marketing strategies by achieve an objective considering the 4p’s and the 2c’s
MARKETING Strategies General Marketing Strategies Can be apart of the following categories: Market Expansion Market Share Growth Niche Market Status Quo Market Exit
MARKETING PROCESS Marketing Expansion • Used to grow overall sales • There are two approaches • Grow Sales with existing product • This is done by getting existing customers to buy more, getting potential customers to buy and selling current products in new markets • Grow Sales with New Product • Introduce updated versions of a existing product, introduce products that are extensions of a current product or just introduce products that were not previously marketed
MARKETING PROCESS Marketing Share Growth • Used to increase market share of a company • Best way: Take sales away from competitors
MARKETING PROCESS Niche Market • This strategy focuses on getting a segment of the overall market • This focuses on getting the product introduced to the larger markets as a different and unique product.
MARKETING PROCESS Status Quo • This is a strategy used to keep the current position of a marketer in the market. • Ex. Maintaining the same market share
MARKETING PROCESS Market Exit • This strategy is getting rid of the product in the market • This can be done by removing the product from the company’s product mix or by selling it to another organization.
MARKETING Strategies Decision Area Strategies There areas that support decision area strategies are Target Market Strategy Product Strategy Pricing Strategy Distribution Strategy Promotion Strategy
MARKETING PROCESS Target Market Strategy Have segmenting techniques Product Strategy Develop and introduce a new product Pricing Strategy Lowering your prices compared to competitors Distribution Strategy Gaining relationships with important distribution partners that serve the target market Promotion Strategy Bring awareneess of the product to the target market
MARKETING Strategies Information Presented is from the KnowThis Website http://www.knowthis.com/principles-of-marketing- tutorials/marketing-planning-and-strategy/decision-area- strategies/