Marketing strategies and Tactics

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Marketing Strategy- Medium to long term goal based on the companies objectives, resources and the markets opportunities.

Marketing Objectives- A short term goal in response to a threat or opportunity.

For a strategy to be made, the following factors should be analysed:

  • Market shape and trends (growth/decline).
  • Target market buying habits.
  • SWOT

An example of a strategy is moving into an emerging market, but this will only work if the company has enough resources to do so. They must also make sure they are selling a product that the foreign customers will want to buy, and that the market is still growing.

A strategy needs to be able to :

  • Be an asset to the company.
  • Take any opportunities.
  • Be able to react to threats.
  • Address company weaknesses.

Product strategies

  • Niche Marketing:
    Developing a product to enter a gap in the market. Must be a large enough market to make it worth it though.

  • Mass Marketing:
    Deciding to aim the product at selling in high volumes to large target market.
  • Category Dominance:
    Aiming to try and push out all competitors.

  • Continuous Innovation:
    Putting large amounts of research and development into the product in order to make it as attractive as possible to the target market.
  • Providing best service possible:
    Often done by new business' in order to attract new customers.
  • Targeting Individual Needs:
    Often for small business' to gain loyal customer base.

Pricing Strategies

  • Maintaining Price Leadership- Aim to charge the highest price

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