Business Tips

Marketing is a fundamental tool for success of any business. Marketing is very powerful tool to make one’s business profitable. Diverse marketing strategies are used by all businesses regardless of business level. Marketing strategy is a procedure in which an organization concentrates on its limited resources available on greatest opportunities to increase its sales in order to achieve a sustainable competitive advantage. Marketing strategy is applied using key concept in which customer satisfaction is chief goal. Marketing approach can be made successful by following significant and appropriate strategies.

One should think himself a market leader, challenger, follower or niche marketer to attack market with increased power. Marketing strategies may differ according to unique situation of individual business. Following mix of strategies is commonly used to take advantage of competitors’ weakness. Four basic market dominance strategies are:

• Leader
• Challenger
• Follower
• Nicher

Aside from market dominance strategy, porter generic strategies based upon dimensions of strategic scope and strategic strength. Porter Generic Strategies are:

• Product demarcation
• Cost leadership
• Market segmentation

Using growth strategies, question arises, “How should the firm grow?” Several ways are used to answer this question. Common four answers are:

• Horizontal integration
• Vertical integration
• Diversification
• Intensification

Another form of strategies is innovation strategies. These strategies deal with firm’s rate of new product development and business model innovation. It has following three forms:

• Pioneers
• Close followers
• Late followers

Aside from all described strategies, warfare strategies are also used in marketing. This strategy is used to draw parallel between business and warfare. Once it draws parallel then it applies principles of military strategy to business situations. There are number of warfare strategies used in marketing process. These are:

• Offensive marketing warfare strategies
• Defensive marketing warfare strategies
• Flanking marketing warfare strategies
• Guerrilla marketing warfare strategies
• Deterrence Strategies
• Pre-emptive strike Frontal Attack
• Flanking Attack
• Sequential Strategies
• Alliance Strategies
• Position Defense
• Mobile defense
• Encirclement strategy
• Cumulative strategies
• Counter-offensive
• Strategic withdrawal
• Flank positioning
• Leapfrog strategy

To make marketing strategies effective, planning is essential. You can make comprehensive a strategic plan to make your marketing strategies effective. Strategic Plan Template can be followed to make your strategic plan more effective and productive.