Marketing strategy is a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage. Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives .Marketing is indeed an ancient art; it has been practiced in one form or the other since the days of Adam and Eve. It convergence as a management discipline however is of relatively recent origin And within this relatively short period, it has gained a great deal of importance and stature. In fact, today most management thinkers and practitioners the world over regard marketing as the most important of all management functions in any and every business. In other words, Marketing strategy is the complete an unbeatable plan designed specifically for attaining the marketing objectives of the firm i.e. what the firm wants to achieve. Thus it takes its direction and cue from the marketing of the firm. It can be described as STP Segmentation, Training, and Positioning.
Formulation of Marketing Strategies:
1. Selecting the target market.
2. Assembling the marketing mix.
Selecting the target market: The target selection shows to whom the firm intends to sell the product. It involves the decision on:
a. What parts of the market are to be served?
b. What parts of the market are not to be served? And What is the logic of selecting a particular segment?
When the selection of the target market is over, an important part of the marketing strategy of the firm is already determined, defined and expressed.
Assembling the marketing mix: marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in TGT market. The marketing mix shows how the firm intends to sell the product. Assembling the marketing mix means assembling the four P’s of marketing i.e. product, price, promotion and place in the right combination and deciding on theweightage to be assigned to each of the four P’s. The firms plans and assembles different marketing mixes with varying levels of expenditure on each element and tries to figure out the effectiveness of each combination in terms of generating the best sales and maximum profit It then chooses the combination that is best according to the judgment. In a given solution, a firm may formulate its marketing mix with maximum weight age on the product as such i.e. banking on the technological superiority and functional benefits of its product may provide average weight age to price, promotion and distribution. Thus the firm puts in extra effort and investment on its product and this superior product forms the core element of its marketing mix.
As the marketing mi assumes the form of the total product offering of the firm (which is meant to serve the market or customer), so the marketing mix formulation has to take its cue directly and totally from the market of customer. The marketing mix is a flexible and dynamic entity that has to be modified and manipulated to meet the changes in the market. At the same time, the firm cannot afford to keep changing its marketing mix ever other day. The formulated over all strategy still normal over all strategy still normally remain intact over a longer term; but within that framework, adjustments and tactical man oeuvres will take place constantly. The main aim of marketing strategy is to cope with competition and it essentially represents the competitive postures of the firm to the market.
TYPES OF MARKETING STRATEGIES:
The marketing strategies fall under 4 generic categories:...