Marketing Strategies Essay

Document Type:Essay

Subject Area:Marketing

Document 1

Lastly, the essay will provide considerations on how to proceed when marketing a product or service by comparing or contrasting why certain strategies would be best for the target market. A marketing strategy is the overall game plan of a business for reaching potential clients and turning them into customers of the service or product that the business offers. It defines the company’s value proposition (competitive advantage), information of potential clients and the target market at large, and key brand/marketing messages. A marketing strategy forms the basis for a marketing plan, and it’s derived from a market research and it concentrates on developing the appropriate product mix (Kotler et. al. Piggybacking is another market entrance strategy which aims at reducing costs and risks, it is used to enter new markets especially international markets, conformity and full adaptation strategy, security and availability strategy, product modification strategy, and technological innovativeness strategy.

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(Porter, M. E. The next marketing strategy used by businesses to push their products or services to the market is growth strategy. This strategy aims at helping a business/ company enhance and improve its market share of the existing business market. It involves identification of target/ potential customers. (Aaker, D. A. They aim at improving the business’s performance, setting operational change priorities, effective alteration and development of company’s strategies, and selecting realistic business goals and accomplishments. The following are some of the marketing management strategies used in the implementation of the marketing plan. Management of channel conflict involves recognition, and strategic respecting of each channel needs and roles of partners. They eliminate conflict by ensuring open and fair competition by not creating undue advantage with add-ons and discounts.

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Moreover, return on marketing investment strategy. Involves business or company executive management accountability and operational management. Define the fiscal accomplishments of the business and accessing lead indicators and channel training. They focus on ensuring that all communications and messaging strategies are consistent in all channels and consumer centered. The first integrative strategy is concentrated marketing which focusses on a specific group of individuals within a certain target market. This integrative strategy offers a customized approach, which the specific groups of potential clients within the target market would like, prefer, need or want. For instance, Rolls Royce cars which attract potential customers of premium cars segment. Another integrative strategy is the differentiated strategy; this strategy aims at attracting different groups of potential customers within the same target market using the same integrated technique.

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When it comes to marketing a product or service it is essential to first conduct a market research and analysis so as to determine the approach to use in order to get the best out of the target market. Such considerations include; defining the target market, developing vision before strategy, focusing and prioritizing customer experience, developing and defining the selling process, creating a marketing calendar, defining the channels and methods to use in order to reach the target audience, knowing the competition and way of differentiating the product or service, and defining the specific market niche to occupy. On the other hand, this is the comparison between different marketing strategies which would be best for the target market or groups of individuals within the target market.

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