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

MARKETING Strategies

Types of Marketing StrategyThere are two levels of strategizings• General Marketing Strategies• Decision Area Strategies

General Marketing Strategies• This concept describes

how marketing will achieve an objective

Decision Area Strategies• Used to achieve general

marketing strategies by considering the 4p’s and the 2c’s

MARKETING Strategies

General Marketing StrategiesCan be apart of the following categories:

Market Expansion

Market Share Growth

Niche Market

Status Quo

Market Exit

MARKETING Strategies

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 PROCESS

Decision Area StrategiesThere areas that support decision area strategies are Target Market Strategy

Product Strategy

Pricing Strategy

Distribution Strategy

Promotion Strategy

MARKETING Strategies

Target Market StrategyHave segmenting techniques

Product StrategyDevelop and introduce a new product

Pricing StrategyLowering your prices compared to competitors

Distribution StrategyGaining relationships with important distribution partners that serve the target market

MARKETING PROCESS

Promotion StrategyBring awareneess of the product to the target market

MARKETING Strategies

Information Presented is from the KnowThis Websitehttp://www.knowthis.com/principles-of-marketing-tutorials/marketing-planning-and-strategy/decision-area-strategies/