An entrepreneur can come up with a brilliant business idea, clearly outline a business development plan, find investments and correctly build the production process of his product. But all this will be useless if there is no demand and buyers, its target audience, do not know about the product.
The key element in business that brings in money, and therefore contributes to further growth and development, is sales. That is why tactical marketing, advertising and promotion of the company’s product are always the most important parts of the development of any organization, regardless of its size, production indicators and specifics of its activities.
What is a marketing strategy and its objectives
Marketing strategy is a global long-term plan, the purpose of which is to attract the audience’s attention to the product or activity of the company. Among other things, the task of the strategy is to increase profits.
Simply put, it is an algorithm that a business develops to promote its products or services on the market, attract the target audience (TA), and also to strengthen its competitiveness.
The strategy includes an analysis of the current market situation, defining the company’s target audience, choosing effective methods of promotion and resource allocation. Without a positioning strategy, you simply will not be able to successfully develop your company. This document helps to define and choose ways to achieve the set goals.
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The main goals of the marketing strategy
Marketing strategy is just one element of a general, more global strategy for developing the entire foundation of a business. Therefore, it is extremely important that it coincides with the overall goals of your company. A well-developed strategy should be responsible for the implementation of one or more tasks:
Basic strategies of the companyOften, companies choose one of the basic strategy options that emphasizes the strengths of the product.
1. Focusing
When developing a strategy within the framework of focusing, the main task of a business is to firmly consolidate its position in any one narrow niche with a unique offer aimed only at a specific target audience.
This strategy helps to determine the main vectors of company development and product development within the target market.
2. Cost leadership
This strategy implies maximum optimization of the advertising material production process and reduction of the company’s expenses without compromising the quality of your product. The tasks and goals of the business are to reduce the cost of its products as much as possible, thereby gaining more loyal customers.
3. Differentiation
The differentiation strategy implies the presence of some unique property in your product or service. It should greatly distinguish it from similar products of competitors. It is due to the uniqueness and value of the product that a business tries to achieve primacy even in the most ordinary niche. For example, the best customer service, excellent product quality, brand, special innovative function, and so on help in this.
Growth Strategies
This type of marketing strategy involves business expansion. For example, scaling up production, increasing market share in terms of sales volumes or region of coverage. A corporate growth strategy may be associated with entering global markets. There are five subtypes of growth strategies.
1. Diversification
Companies of completely different levels use this type of strategy. Diversification strategy implies expansion of one’s own assortment or development of a new type of goods and services in a completely different direction for the business. The following are distinguished:
- Horizontal diversification – companies develop an updated product for old consumers who are already familiar with the company.
- Vertical diversification – the development of new goods and services that are part of the chain of creation of the old product.
- Lateral diversification is the creation of a new product for new consumers in a fundamentally different market.
2. Internationalization
First of all, strategies of this type are aimed at expanding the geography of product sales. At the same time, the company tries to go beyond its country or region. For example, such transnational companies as McDonalds and Apple choose this strategy.
3. Market segmentation and expansion
The essence of the strategy involves the introduction of an numbers lists existing product into new local markets. The main feature is that such a strategy implies gradual introduction through a step-by-step change of the product and testing of different hypotheses to conquer the market.
4. Cooperation or acquisition
Partnerships with other companies on mutually beneficial terms (or acquisitions of other companies) allow:
5. Focus on market share and growth in production volumesThe main goal of implementing the strategy is to get a larger percentage of your main sales market. That is, to become the direct leader, for example, in terms of sales volume in your niche.
As part of the strategy, the business seeks to multiply the production volume of an existing product, and also, if possible, improve and modernize it. A common example is when a company’s new product expands its functionality.
Competitive Strategies
The goal is to defeat competitors and take a strong position in a certain market. Strategies of this type differ, for example, from basic ones. In this case, all business actions are aimed at capturing the enterprise market, at a clean fight. This type of strategy is associated with how the company behaves in relation to competitors in the market. In addition to classic competitive leadership, there are also:
Developing a Marketing Strategy: Key Stages
After the marketing specialist has identified the goal of the strategy, its type, the company’s needs, and has decided on the structure of the document, it is time to begin its actual creation.
The best option is to divide the entire strategy into specific blocks or stages, each of which will be consistently connected to each other. If the strategy is developed inconsistently, there is a chance of accidentally leaving out important details or drawing erroneous conclusions from the analysis, for example, of the target audience.
