Business Marketing Strategies to Increase Profits
What is a Marketing Strategy?
A marketing strategy is the very foundation of a marketing plan. A good marketing strategy should have goals that are set by a sound marketing plan. A marketing plan consists of a series of steps to be taken for the successful implementation of the marketing strategy. Marketing strategies are a compass that indicate the right direction, and clarify what actions need to be taken when obstacles occur in the path of your business. Decision-making is vital for the success of any business. A well- formulated marketing strategy will enable you to avoid wrong decisions, while taking the correct ones. A good marketing strategy helps you to determine long-term and short-term goals, which affects how you run your business. Marketing Strategy Goals
Marketing strategy goals should encompass gathering and analyzing information to enable formulating a viable marketing plan. Market research would be helpful in garnering most of the required information: * Competitors in the market
* The product's uniqueness
* Description of key clients
* Channels for distribution
* Pricing strategy
* Research and Development
Types of Marketing Strategy
You need to develop a marketing strategy depending on the situation that exists in the market. Different types of marketing strategies need to be adopted to cater to specific requirements. If you want to be the leader in the market, you need to adopt a market dominance strategy, which would enable you to control the market. This type of strategy can be categorized as leader, challenger, follower and niche-marketer strategies. An innovation strategy is applied when new products are developed. This is based on whether the company has cutting-edge technologies and other means of innovation. The innovation strategy can be classified into three types: pioneers, close followers or late followers. Warfare-based strategies...
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