Business Marketing Strategies

Satisfactory Essays
Topics: Marketing
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 * Expenses * 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

You May Also Find These Documents Helpful

  • Powerful Essays

    Sure That Marketing Decisions Match the Business Strategy” 1. Comment of this statement: “Strategies most often fail because they aren’t executed well. Things that are supposed to happen don’t happen.” A successful business strategy can help companies effectively execute and stay ahead of the competition. Maintaining strategic direction and relentlessly executing - rather than reacting to competitive conditions - is the most consistent route to success. Along with a successful strategy, a company…

    • 1072 Words
    • 5 Pages
    Powerful Essays
  • Powerful Essays

    foreign market. Relevant organisational and industrial information is required for the development of a SWOT analysis PEST analysis and PORTER'S 5 factors. The analysis of the environment and the consideration of the situational factors when designing marketing planning are critical as it would allow Dairy Milk to capitalise on organisational strengths, minimize any weaknesses, exploit market opportunities and avoid any threats. SWOT ANALYSIS Strengths Cadbury's could get these advantages in going…

    • 2303 Words
    • 10 Pages
    Powerful Essays
  • Best Essays

    Marketing & Operations Strategy Business Report 1.0 INTRODUCTION This report proposes to discuss the current marketing and operations strategies utilised by the Dangote Group of Nigeria - in order to deliver sustainable customer value to consumers within Nigerian market. This sustainable customer value is delivered in an attempt to ensure the safety of market share, and increase the profitability and revenue of the existing organisation. This report will also investigate Dangote’s ability…

    • 3889 Words
    • 16 Pages
    Best Essays
  • Good Essays

    Evaluate marketing strategies the business could use to achieve its business objectives When devising a marketing strategy, it is important that a business has a clear understanding of the target market. Once this has been established, the business will develop appropriate promotional and pricing strategies that cater to the needs of this target group. The business will also need to consider appropriate locations to sell the product. Qantas is Australia 's leading and largest airline and one of…

    • 789 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Marketing Strategy for a Self-Storage Business By: Mayra Ramirez, Alyson Voyles, Suzanne Guebara Andrew Buckham, Israel Tijerina Contents EXECUTIVE SUMMARY 1 THE CHALLENGE 2 SITUATION ANALYSIS 2 Company Analysis 2 Customer Analysis 2 Competitor Analysis 3 Climate 4 SWOT Analysis 4 MARKET SEGMENTATION 6 MARKETING STRATEGY 7 Product 7 Price 8 Distribution (Place) 9 Promotion 9 CONCLUSION 10 BIBLIOGRAPHY 11 Figure 1 - Competitor Pricing 3 Figure 2 - SWOT Analysis…

    • 2965 Words
    • 12 Pages
    Powerful Essays
  • Powerful Essays

    based company engaged in the business of producing full range of sport shoes, such as basketball, soccer, badminton and tennis etc., which is the third largest market player in UK. The aim of this proposal is to identify the suitable marketing strategies for the business growth of Huddesfill in UK. 2.0 Objective Being the third largest sport shoes producer in UK, Huddesfill’s market share in UK was about 8% in 2005, so that, the objective of the marketing strategies is to increase the company’s…

    • 1473 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    Marketing Strategies

    • 1763 Words
    • 8 Pages

    8: Marketing strategies CHAPTER SUMMARY Summary (CHAPTER 8: Marketing strategies, page 211) • The marketing mix consists of four major elements: product, price, promotion and place. • Combined with these four Ps are people, processes and physical evidence to create the extended marketing mix. • Together, these seven Ps make up the strategies of marketing and become the centrepiece of the marketing plan. • The main goal of a marketing manager is to develop and maintain a marketing mix…

    • 1763 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    Atavia Vigil Case Study One 1. What is the correlation between today’s successful companies and marketing? The correlation between today’s successful companies and marketing is that the successful companies cater to their customers. This creates a positive relationship between existing customers while also gaining new customers through recommendations, reviews, etc. Successful marketing creates successful companies because the company and the customers are both gaining value equally. 2. What is the…

    • 1647 Words
    • 5 Pages
    Good Essays
  • Good Essays

    GPL RC Mission Statement: Objectives GPL RC believes that to determine a viable strategy for catering it is crucial initially to clearly define the broad objectives and policies at a strategic and operational level and to communicate these clearly to both the Catering Team and the employees as a whole. Some of the questions that require clarification include: To what extent should catering be providing a welfare benefit to the staff? Should catering operate as a service to support…

    • 1099 Words
    • 5 Pages
    Good Essays
  • Good Essays

    Marketing Strategy

    • 944 Words
    • 4 Pages

    MARKETING STRATEGY The field of marketing strategy considers the total marketing environment and its impacts on a company or product or service. The emphasis is on "an in depth understanding of the market environment, particularly the competitors and customers." A given firm may offer numerous products or services to a marketplace, spanning numerous and sometimes wholly unrelated industries. Accordingly, a plan is required in order to effectively manage such products. Evidently, a company needs…

    • 944 Words
    • 4 Pages
    Good Essays