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Marketing Strategies - Essay Example
Pages 7 (1757 words)
Running Head: Marketing Strategies Marketing Strategies Table of Contents Table of Contents 2 INTRODUCTION 3 TYPES OF MARKETING STRATEGIES 3 Strategies based on Market Dominance 3 Market Leader Strategies 3 Market Challenger Strategies 3 Market Follower Strategies 4 Market Niche Strategies 4 Porter’s Generic Strategies 4 ELEMENTS OF A SUCCESSFUL MARKETING STRATEGY 4 MARKETING STRATEGY AND MARKETING PLAN 5 MARKETING STRATEGY - A HALLMARK OF SUCCESS 6 IMPORTANCE OF MARKETING STRATEGY 7 SUCCESSFUL MARKETING STRATEGIES 8 CONCLUSION 9 INTRODUCTION Marketing has become one of the most important functions of any business and it is not possible to separate thi…
Therefore, it is very important that companies select and design marketing strategies that would benefit them. One should remember that marketing is not like mathematics, in which there are set formulae to derive results. However, goals are met on the basis of past experiences, and some trial and error. Marketing strategies are based on the principles of psychology and sociology and believes in one core value that customers come first; therefore, one needs to satisfy their needs. TYPES OF MARKETING STRATEGIES Marketing strategies are divided on the basis of the status of the organization in the market, its stage in the life cycle and also on the basis of different levels in the company. Strategies based on Market Dominance Market Leader Strategies Market leader focuses on expanding total market, defending market share or expanding market share. Total market can be expanded either by attracting new users, creating more usage or new usage. ...
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