Marketing strategies Essay

Types of strategiesMarketing strategies may differ depending on the singular situation of the individual business. However there atomic number 18 a return of ways of categorizing some generic strategies. A brief description of the near(prenominal) common categorizing schemes is presented be broken Strategies based on market authorisation In this scheme, unwaverings are classified based on their market share or dominance of an industry. Typically there are four types of market dominance strategies LeaderChallengerFollowerNicherAccording to Shaw, Eric (2012). Marketing Strategy From the telephone circuit of the Concept to the Development of a Conceptual Framework. Journal of Historical look into in Marketing., there is a framework for market strategies. Market entree strategiesAt introduction, the marketing strategist has two principle strategies to charter from discernment or niche (47). Market developing strategies In the early harvest-festival stage, the marketin g manager may choose from two additional strategic alternatives segment expansion (Smith, Ansoff) or brand expansion (Borden, Ansoff, Kerin and Peterson, 1978) (48). Market matureness strategiesIn maturity, sales growth slows, stabilizes and starts to decline. In early maturity, it is common to employ a maintenance system (BCG), where the firm maintains or holds a stable marketing mix (48). Market decline strategiesAt some send the decline in sales approaches and then begins to exceed costs. And not serious accounting costs, there are hidden costs as well up as Kotler (1965, p. 109) observed No financial accounting can adequately convey all the hidden costs. At some point, with declining sales and ascent costs, a harvesting schema becomes unprofitable and a divesting strategy unavoidable (49). Early marketing strategy concepts wereBordens marketing mix In his continent Harvard Business Review (HBR) article of the marketing mix, Borden (1964) credits jam Culliton in 1948 with describing the marketing executive as a decider and a sociable of ingredients. This led Borden, in the early 1950s, to the insight that what this mixer of ingredients was deciding upon was a marketing mix (34). Smiths differentiation and segmentation strategiesIn point of intersection differentiation, according to Smith (1956, p. 5), a firm tries bending the will of command to the will of supply. That is, distinguishing or differentiating some aspect(s) of its marketing mix from those of competitors, in a mass market or large segment, where customer preferences are comparatively homogeneous (or heterogeneity is ignored, Hunt, 2011, p. 80), in an attempt to shift its aggregate quest curve to the left (greater quantity sold for a given price) and recognise it to a greater extent inelastic (less amenable to substitutes).With segmentation, a firm recognizes that it faces multiple strike curves, because customer preferences are heterogeneous, and focuses on serving one or more specific target segments within the overall market (35). Deans skimming and penetration strategiesWith skimming, a firm introduces a product with a high price and after milking the least price sensitive segment, piecemeal reduces price, in a stepwise fashion, tapping effective demand at for each one price level. With penetration pricing a firm continues its initial low price from introduction to rapidly capture sales and market share, except with lower profit margins than skimming (37). Forresters product life cps (PLC)The PLC does not offer marketing strategies, per se rather it provides an overarching framework from which to choose among various strategic alternatives (38). in that respect are also corporate strategy concepts likeAndrews attire analysisAlthough widely used in marketing strategy, SWOT (also known as TOWS) Analysis originated in corporate strategy. The SWOT concept, if not the acronym, is the work of Kenneth R. Andrews who is credited with writing the text portion of the classic Business Policy Text and Cases (Learned et al., 1965) (41). Ansoffs growth strategiesThe most well-known, and least often attributed, aspect of Igor Ansoffs ontogeny Strategies in the marketing lit is the term product-market. The product-market concept results from Ansoff juxtaposing new and existing products with new and existing markets in a two by two matrix (41-42). Porters generic strategiesPorter generic strategies strategy on the dimensions of strategic electron orbit and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firms sustainable competitive advantage. The generic strategy framework (porter 1984) comprises two alternatives each with two alternative scopes. These are note and low-cost leadership each with a dimension of Focus-broad or narrow. ** harvest-home differentiation ** Cost leadership **Market segmentation * Innovation strategies This deals with the firms rate of the n ew product development and business copy innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types ** Pioneers ** Close followers ** Late followers * Growth strategies In this scheme we ask the question, How should the firm grow?. There are a number of different ways of answering that question, but the most common gives four answers Horizontal integrationVertical integrationvariegationIntensificationThese ways of growth are termed as organic growth. Horizontal growth is whereby a firm grows towards acquiring other businesses that are in the analogous line of business for example a clothing sell issuance acquiring a diet outlet. The two are in the retail establishments and their integration lead to expansion. Vertical integration can be front or backward.Forward integration is whereby a firm grows towards its customers for example a food manufacturing firm acquiring a food outlet. Backward integration is whereby a firm grows towards its source of supply for example a food outlet acquiring a food manufacturing outlet. A more exact scheme uses the categoriesMiles, Raymond (2003). Organizational Strategy, Structure, and Process. Stanford Stanford University Press. ISBN 0-8047-4840-3. ProspectorAnalyzerDefenderReactorMarketing war strategies This scheme draws parallels between marketing strategies and military strategies. BCGs growth-share portfolio matrix ground on his work with experience curves (that also provides the rationale for Porters low cost leadership strategy), the growth-share matrix was originally created by Bruce D. Henderson, chief executive officer of the Boston Consulting Group (BCG) in 1968 (according to BCG history).Throughout the 1970s, Henderson expanded upon the concept in a series of short (one to three page) articles in the BCG newsletter entitle Perspectives (Henderson, 1970, 1972, 1973, 1976a, b). Tremendously popular among large multi-product firms, the BCG po rtfolio matrix was popularized in the marketing belles-lettres by Day (1977) (45).