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.
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.
- 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.
- Maintaining Price Leadership- Aim to charge the highest price…