What are marketing strategies?
Marketing Strategy is the activity of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets. Successful marketing strategies should come from market research and focus on the right product mix to achieve the highest profit potential and sustain the company. Marketing strategies are a foundation of a marketing plan and helps a company define their vision, mission and business goals and also outlines the direction a business needs to take to achieve these goals.
What are marketing strategies like?
Effective marketing strategies must have the perfect timing. Presented too early and customers will not understand, however presented too late and everyone will have already forgotten about it. This picture is the perfect example; Audi posted various billboards challenging BMW car vs. car. BMW quickly respond in which started a marketing war. Marketing strategies is a process that allows an organization to achieve goals of increased sales and a sustainable competitive advantage. Audi’s marketing strategy ultimately lost due to BMW purchasing a blimp, however it has drawn customers to think that they are the two best luxury car brands to buy from.
What is the purpose of marketing strategies?
The purpose of marketing strategies is to use the company’s limited resources on the best opportunities (such as advertising etc.) to gain maximum sales and a viable competitive advantage. Marketing strategies helps businesses get ahead of their competitors.
What types of marketing strategies are there?
There are many different marketing strategies companies have used however the main three strategies often used are online marketing, offline marketing or relationship marketing (word of mouth). Online/internet marketing is easy to access and is great exposure. Online you can utilize advertising; design, development and sales, while taking advantage of search engine optimization and email marketing it is an inexpensive outlet to market your company. Offline marketing is the traditional form of marketing, which includes newspaper, radio, television, mail, billboards, magazines, busses etc. Offline marketing is the most expensive outlet for marketing as everything you do for exposure you have to pay for. Relationship marketing (or word of mouth) is an important marketing strategy as it is half the cost to keep a customer than it is to attract new ones. Trust is a large part of marketing strategies, having a relationship with customers will build recommendations and reoccurring sales.
What’s involved in marketing strategies?
Marketing strategies can involve development, market research, sales and advertising. All these elements are important for any successful marketing campaign. In order to have make sales a company must first research into who their customers are and what they want. Once the needs of the consumers are discovered then a product can be released to meet those needs.
Where does the determining of marketing strategies fit into the process of promoting a business?
Marketing strategies are key in promoting a business, as it is an umbrella in which promotion falls under. Marketing strategies determines the manner of which a company promotes itself whether it is online, offline or through relationships. The business would not be known without marketing strategies.
How do marketing strategies impact on different areas of the business?
Marketing strategies impact on different areas of the business, as it is a whole range of things from research to advertising to the whole companies mission statement and knowing their competitors. Many companies ignore marketing however it is a critical business function that can mean the difference from success and failure.
What terms are used when determining marketing strategies?
When determining marketing strategies the common terms used are target markets and the marketing mix (Product, price, placement, promotion) and competition. Further terms and definitions found here: http://www.neubertweb.com/definitions.html
Who would most benefit from this knowledge?
A person with no experience in this area would most benefit from this knowledge, along with staff. The only laws on marketing strategies in Australia are for tobacco and alcohol and there is no cultural or climate impact on marketing.