Marketing Strategy - Revision history

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 == Understanding Marketing Strategy<ref>What is a Marketing Strategy? [https://marketbusinessnews.com/financial-glossary/marketing-strategy/ MBN]</ref> ==
-A marketing strategy is all of a company’s marketing goals and objectives combined into a single comprehensive plan. Business executives draw a successful marketing strategy from [[market]] research. They also focus on the right product mix so that they can get the most profit. A good marketing strategy helps companies identify their best customers. It also helps them understand consumers’ needs. With a good strategy, it is possible to implement the most effective marketing methods. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business.
+A marketing strategy is all of a company’s marketing goals and objectives combined into a single comprehensive plan. Business executives draw a successful marketing strategy from market research. They also focus on the right product mix so that they can get the most profit. A good marketing strategy helps companies identify their best customers. It also helps them understand consumers’ needs. With a good strategy, it is possible to implement the most effective marketing methods. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business.
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 == See Also ==
 *[[4S Web Marketing Mix Model]]
 *[[5C's of Marketing Strategy]]
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 *[[7 Ps of Marketing]]
 *[[Advocacy Marketing]]
 == References ==
 <references/>

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 == See Also ==
+*[[Marketing Effectiveness]]
 == References ==
 <references/>

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 *“Marketing’s job is never done. It’s about perpetual motion. We must continue to innovate every day.” (former vice chair and chief marketing officer, GE)
 *"Take two ideas and put them together to make one new idea. After all, what is a Snuggie but the mutation of a blanket and a robe?" (Jim Kukral, speaker and author of "Attention!")<ref>Nuances of What Marking Strategy [https://www.investopedia.com/terms/m/marketing-strategy.asp Inventopedia]</ref>
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 **Digital Pull: The “pull” technique occurs when consumers take the initiative to locate your business via an online search via digital marketing. For instance, they may perform a search on the internet using your name. The customers then establish a link, via your website, where they can easily contact your company or keep track of your business. For example, they may sign up for text messages, streaming video, emails, newsletters, or podcasts on your website. So, you’re pulling in, or attracting, customers.
 *Internet or Online Marketing: Internet or online marketing is a marketing campaign that requires an internet connection. This marketing technique allows you to reach customers, conduct research, and sell your product or services over the internet. For example, you can promote your company’s message. The definition varies according to how it’s used. A home business person may refer to this marketing as selling over the internet. However, if you have a website, you may refer to it as blogging—writing articles or placing banner advertisements on other websites to drive traffic to your site. It’s important to note there are many terms for internet marketing like web marketing, online marketing, and website promotion.

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-[[File:Marketing_Strategy.jpg|300px|Marketing Strategy]]<br ?>
+[[File:Marketing_Strategy.jpg|400px|Marketing Strategy]]<br ?>
 source: Market Business News
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 Marketing strategies may differ depending on the unique situation of the individual business. According to Lieberman and Montgomery, every entrant into a market – whether it is new or not – is classified under a Market Pioneer, Close Follower or a Late follower
 *Pioneers: Market pioneers are known to often open a new market to consumers based off a major innovation. They emphasise these product developments, and in a significant number of cases, studies have shown that early entrants – or pioneers – into a market have serious market-share advantages above all those who enter later. Pioneers have the first-mover advantage, and in order to have this advantage, business’ must ensure they have at least one or more of three primary sources: Technological Leadership, Preemption of Assets or Buyer Switching Costs. Technological Leadership means gaining an advantage through either Research and Development or the “learning curve”. This lets a business use the research and development stage as a key point of selling due to primary research of a new or developed product. Preemption of Assets can help gain an advantage through acquiring scarce assets within a certain market, allowing the first-mover to be able to have control of existing assets rather than those that are created through new technology. Thus allowing pre-existing information to be used and a lower risk when first entering a new market. By being a first entrant, it is easy to avoid higher switching costs compared to later entrants. For example, those who enter later would have to invest more expenditure in order to encourage customers away from early entrants. However, while Market Pioneers may have the “highest probability of engaging in product development” and lower switching costs, to have the first-mover advantage, it can be more expensive due to product innovation being more costly than product imitation. It has been found that while Pioneers in both consumer goods and industrial markets have gained “significant sales advantages”, they incur larger disadvantages cost-wise.
-*Close followers: Being a Market Pioneer can, more often than not, attract entrepreneurs and/or investors depending on the benefits of the market. If there is an upside potential and the ability to have a stable market share, many businesses would start to follow in the footsteps of these pioneers. These are more commonly known as Close Followers. These entrants into the market can also be seen as challengers to the Market Pioneers and the Late Followers. This is because early followers are more than likely to invest a significant amount in Product Research and Development than later entrants. By doing this, it allows businesses to find weaknesses in the products produced before, thus leading to improvements and expansion on the aforementioned product. Therefore, it could also lead to customer preference, which is essential in market success. Due to the nature of early followers and the research time being later than Market Pioneers, different development strategies are used as opposed to those who entered the market in the beginning,[96] and the same is applied to those who are Late Followers in the market. By having a different strategy, it allows the followers to create their own unique selling point and perhaps target a different audience in comparison to that of the Market Pioneers. Early following into a market can often be encouraged by an established business’ product that is “threatened or has industry-specific supporting assets”.
+*Close followers: Being a Market Pioneer can, more often than not, attract entrepreneurs and/or investors depending on the benefits of the market. If there is an upside potential and the ability to have a stable market share, many businesses would start to follow in the footsteps of these pioneers. These are more commonly known as Close Followers. These entrants into the market can also be seen as challengers to the Market Pioneers and the Late Followers. This is because early followers are more than likely to invest a significant amount in Product Research and Development than later entrants. By doing this, it allows businesses to find weaknesses in the products produced before, thus leading to improvements and expansion on the aforementioned product. Therefore, it could also lead to customer preference, which is essential in market success. Due to the nature of early followers and the research time being later than Market Pioneers, different development strategies are used as opposed to those who entered the market in the beginning, and the same is applied to those who are Late Followers in the market. By having a different strategy, it allows the followers to create their own unique selling point and perhaps target a different audience in comparison to that of the Market Pioneers. Early following into a market can often be encouraged by an established business’ product that is “threatened or has industry-specific supporting assets”.
 *Late Entrants: Those who follow after the Close Followers are known as the Late Entrants. While being a Late Entrant can seem very daunting, there are some perks to being a latecomer. For example, Late Entrants have the ability to learn from those who are already in the market or have previously entered.[99] Late Followers have the advantage of learning from their early competitors and improving the benefits or reducing the total costs. This allows them to create a strategy that could essentially mean gaining market share and most importantly, staying in the market. In addition to this, markets evolve, leading to consumers wanting improvements and advancements on products. Late Followers have the advantage of catching the shifts in customer needs and wants towards the products. When bearing in mind customer preference, customer value has a significant influence. Customer value means taking into account the investment of customers as well as the brand or product. It is created through the “perceptions of benefits” and the “total cost of ownership”. On the other hand, if the needs and wants of consumers have only slightly altered, Late Followers could have a cost advantage over early entrants due to the use of product imitation. However, if a business is switching markets, this could take the cost advantage away due to the expense of changing markets for the business. Late Entry into a market does not necessarily mean there is a disadvantage when it comes to market share, it depends on how the marketing mix is adopted and the performance of the business.[102] If the marketing mix is not used correctly – despite the entrant time – the business will gain little to no advantages, potentially missing out on a significant opportunity.
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 *Measure/Optimize: Measure how marketing is performing against well-defined KPIs and benchmarks. Then, explore ways to optimize to improve results and performance. If a particular channel or activity isn’t working, tweak or change what you’re doing, or reach into the “Soon” bucket to take a different approach. If a particular channel or activity isn’t working, tweak or change what you’re doing, or reach into the “Soon” bucket to take a different approach.
 These seven steps will deliver a marketing strategy that will provide your marketing with structure and focus. It allows everyone involved to know where you want to go and the most important elements. That said, your strategic needs evolve and adapt as your product changes, customers ask for different things and new competitors emerge.

← Older revision		Revision as of 22:41, 18 November 2019
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	*It helps an organization to make optimum utilization of its resources so as to provide a sales message to it’s target market.		*It helps an organization to make optimum utilization of its resources so as to provide a sales message to it’s target market.
	*A marketing strategy helps to fix the advertising budget in advance, and it also develops a method which determines the scope of the plan, i.e., it determines the revenue generated by the advertising plan.		*A marketing strategy helps to fix the advertising budget in advance, and it also develops a method which determines the scope of the plan, i.e., it determines the revenue generated by the advertising plan.
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		+	== Marketing Strategy - Mistakes to Avoid<ref>What Mistakes Should be Avoided While Implementing a Marketing Strategy? [https://pestleanalysis.com/what-is-a-marketing-strategy/ PestAnalysis.Com]</ref> ==
		+	*Striving for a 'One-Size-Fits-All' Approach: This is perhaps the greatest mistake businesses make when implementing a marketing strategy. As mentioned multiple times in the article, the business that fails to recognize market dynamics and adapt its marketing strategy to meet market changes is setting itself for failure.
		+	*Putting All Eggs in One Basket: Unless you have clear-cut data on your hands to back your marketing decision, you should be careful to spend all your advertising dollars on one or two promotional items (like tradeshows and direct mail). For the most part, your marketing budget should try to incorporate as many channels are possible (email, podcasts, print ads, and marketing etc.).
		+	*Failure to Track Results: Finally, remember that marketing is only measured by results. When you execute promotional campaigns but fail to track results, you will never be able to spot weakness and hence, there will be no improvement. Marketing is an organic process and closely follows the scientific mindset of trial and error. You find out what works and shun the rest. In the future, all investment follows the strategy that works, and hence you get to save money in the long run.