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Archive for the ‘Marketing’ Category

Marketing strategy helps organizations to focus their attention to complete resource utilization to increase sales and win over their competitors. Every company applies some kind of marketing strategies to maintain existing customers, attract potential customers and also to maintain and enhance their reputation in the market.

When designing a marketing plan, first a marketing strategy is taken into consideration. The marketing plan consists of steps to be taken so as to attain success in the implementation of the marketing strategy chosen. Big projects involve selection of different strategies at different levels. Usually a strategy consists of well-sketched tactics. They are meant to meet the needs and finally reach marketing objectives. Each of the strategies has pre-calculated results because when a particular strategy is chosen at a particular level, its outcome becomes the goal of that particular level.

If there is an absence of a well thought strategy in a marketing plan means it is supposedly lacking a good foundation. A reasonable marketing strategy should not only facilitate marketing goals, but also the action sequence of a campaign.

At regular time intervals the firm should analyze the marketing decision. This is done with the help of strategic models and the 3C’s model is considered for this purpose. To calculate the company’s strategic position, Ansoff matrix is used. The 3C’s model determines the factors, which leads to the success of a marketing campaign. There are three key parties involved in this model the corporation, the customer and the competitors. The involvement of all the three key parties leads to positive results and this involvement is known as the 3C’s or strategic triangle.

The role of the corporation is to increase the strength of the company in the success critical areas, when compared to that of the competitor. The customer and his interest form the basis of any strategy. The competitor also plays a vital part. The competitor-based strategies are based on the functioning of business competitors like design and engineering, sales and servicing, and purchasing.

When making a marketing plan depending on some particular strategies known as mix strategies are used. 4P’s model is used to calculate whether the plan is sticking to the strategies or not. The four Ps stand for product, price, place and promotion. Products are goods produced by the company on a huge scale for the purpose of selling them and earning profit. Price is the money paid for a product by the customer. The price is based on many factors like competition, market share, customer perception and product identity. Place where the product is sold can be either physical store or store on the Internet. It is also known as distribution channel. To make the customer knowledgeable about a product, the marketer does promotion. It involves advertising, public relation and point of sale.

There are different types of marketing strategies based on some criteria.  Challenger, Leader and Follower are types of market dominance strategies. Market dominance strategies are used to dominate the market. Cost leadership, Market segmentation and Product differentiation are types of porter generic strategies. Porter generic strategies are built on strategic strength or competing abilities and strategic scope or market penetration. Close followers, late follower and Pioneers are types of innovation strategies. Innovation strategies are meant to trigger the rate of product development and model innovation. It helps the firm to incorporate latest technologies. Intensification, Diversification, Vertical integration and Horizontal integration are types of growth strategies. Growth strategies facilitate the growth of the organization. Marketing warfare strategies are conjunction of marketing strategies and military strategies.

A marketing strategy or a mix of them is chosen only after thorough market research. A marketer should always be ready to face any kind of situations like if the strategy is changed in the middle, he should be able to perform another market research so as to choose the proper strategy, within a short period of time. This can be done easily if you have experience.

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Online marketing known by different names some called it internet marketing, web marketing or i-marketing but all these terms are for same function, which is marketing product or services over the internet.

When it comes to searching for products and services, the internet becomes the number one choice for users. Internet is fast changing the way people used to do things. Internet brings the global audience closer and introduced a new medium of advertising which is quite unique compare to other advertising medium. Naturally, this impacts the advertisers, as they accepted internet the most powerful media for advertising. Due to the absence of geographical barriers the internet acceptance has challenged the traditional forms of advertising. The four P’s product, price, place and promotion have long been associated with marketing, but due to internet it has changed. Along with these four P’s there are new three P’s which are relevant to internet marketing. These three P’s are place, process, and physical evidence.

In internet marketing the website is the place where all transactions will happen. Consider few things about your website, like how much interactive your website is? Is it user-friendly? How much easy are the navigation? These things will attract and retain customers. Go into the details like color schemes, buttons sizes, images, photos, layouts. Keep changing and improving the contents as well as design, and above mention things. The look of the web site should be based on corporate logos and standards. Also, simple but powerful navigational aids on all web pages like search engines make it easy for customer to find their way around.

Process is very important for internet marketing as you need to know if your site have the ability to handle large number of customers, the proper support at all times, and a system to answer frequently ask questions. Customer supports needs to be integrated into the website. This service should be able to answer the customer’s questions in fast and reliable manner. To further enhance after sales service, customers must be able to find out about their order status after the sale has been made.