Every marketing strategy is unique, but can be reduced into a generic marketing strategy. There are a number of ways of categorizing these generic strategies. A brief description of the most common categorizing schemes is presented below:” (David, 1989).
1. Strategies based on market dominance: In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are three types of market dominance strategies:
a. Leader
b. Challenger
c. Follower
2. Porter generic strategies: strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firm’s sustainable competitive advantage.
a. Cost leadership
b. Product differentiation
c. Market segmentation
3. Innovation strategies: This deals with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types:
a. Pioneers
b. Close followers
c. Late followers
4. 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:
a. Horizontal integration
b. Vertical integration
c. Diversification
d. Intensification
5. A more detailed scheme uses the categories:
a. Prospector
b. Analyzer
c. Defender
d. Reactor
6. Marketing warfare strategies: This scheme draws parallels between marketing strategies and military strategies.
7. Marketing SWOT strategies Analysis
What is marketing SWOT strategies Analysis?
Remember, Virtually Impossible To Focus Too And What Creates Profits For Your Business.
A SWOT (Strengths, Weaknesses, Opportunities, and Threats) is a tool used to provide a general or detailed snapshot of a company's health. Think of your SWOT as a tune-up that every business needs periodically to diagnose and fix what’s a bit worn, what’s on the verge of breaking down, or what’s already broken and needs placement--so that you can keep the business humming— even better than it has in the past. SWOT offers professional managers an effective evaluative technique to aid the decision making process, it can not find the solution for you, but it will ensure that issues are: identified, classified and prioritized clearly, showing the problem in terms of key underlying issues.
It's a four-part approach to analyzing a company's overall strategy or the strategy of
Its business units..
Strengths:
1. We are able to respond very quickly as we have no red tape, no need for higher management approval, etc.
2. We are able to give really good customer care, as the current small amount of work means we have plenty of time to devote to customers.
a. Basically, corporation strategy demonstrates a corporation’s overall direction in the light of its general mindset toward growth and the management of its businesses and product portfolios. There are three crucial categories, which are stability, growth, and retrenchment, that involve within corporation strategy. Additionally, business strategy often occurs at the business unit or product level, and it highlights the improvement of the competitive position of a company’s products and service in the particular market segment served by the business unit. Competitive and cooperative strategies are two main categories that match within business strategy. Furthermore, functional strategy is the method that through a functional area to
A SWOT analysis is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT is a planning evaluation used by businesses and organizations.
The developers take all the relevant information from the customers through email or over phone. This aim in customer satisfaction.
The six specific strategies that a firm has chosen to support its strategic decisions are;
SWOT analysis is a necessary tool for business that allows corporations to analyze where their strengths, weaknesses, opportunities and threats lie. The SWOT tool contains paramount information about the industry and helps the executives of the business make decisions that are necessary for the business’s survival and success.
Business strategy is the means by which firm’s plans to achieve its goals and objectives. It can also be termed as organization long-term planning. The strategy covers periods between 3-5 years and sometimes longer. Businesses use two major types of strategy, general or generic and competitive strategies. The overall strategy involves strategies of growth, globalization and retrenchment. The competitive advantage includes low pricing, product and customer differentiation. We will look at the business strategy used by Marks and Spenser (Cole, 1997). The company is a British multinational located at Westminster London and specializes in clothes and luxurious food products.
Thompson, A. A., Strickland, A. J., & Gamble, J. E. (2008). Crafting & executing strategy: The quest for competitive advantage (16th ed.). New York: McGraw-Hill Irwin.
A company must identify its strengths and weaknesses in order to develop growth. Downsizing products is more important than developing new products. A company must be able to identify where there weak markets are at. Times change and so do products. The products that are less profitable or simply aged are the ones that must be downsized in order to make way for a different, more innovative market. When developing growth strategies a company must use the product/market expansion grid. First the company has to figure out whether they can have better market penetration, second they must consider looking for market possibilities for current products. Third they must develop their products into innovative products that people can’t live without having. Lastly they need to be diverse with their company, therefore expanding and including different features to the company could draw more attention from different
Once a business has successfully completed segmentation based on the market into various groups the targets will be chosen. As we all know no one unique strategy will be able to appeal to all consumer segments therefore being able to come up with different strategies for specific targets are a vital aspect of marketing.
Thompson, A.A., Strickland, A.J., & Gamble, J. E. (2010). Crafting and executing strategy: The quest for competitive advantage: Concepts and cases: 2009 custom edition (17th ed.). New York: McGraw-Hill-Irwin
Both Porter and Miles and Snow’s strategy typologies are based on the concept of strategic equifinality, or the ability for firms to be successful via differing managerial strategies (Hambrick, 2003, p. 116). Porter 's strategy is more generic while Miles and Snow’s is more specific in nature. Porter’s generic strategy typology is based on economic factors centering on the source of a firm’s competitive advantage and the scope of a firm’s target market (González-Benito & Suárez-González, 2010). Porter’s typology emphasizes a firm’s cost, product differentiation or non-differentiation and market focus. When utilizing Porter’s strategy typology, a firm must first decide to target its products toward the mass market versus a market niche or focus. Secondly, a firm will determine if it wishes to minimize costs or differentiate its products with differentiation meaning that firms will most likely forego lower costs (Parnell, 2014, p. 184). This can lead a firm to develop a myriad of strategies between these options. Strategies which may have or not have focus, may or not be differentiated, may or not be low cost or any combination of strategies. In contrast to Porter, Miles and Snow’s typology is more specific in nature.
This strategy is very much about the business which is carried out as usual. In this strategy the marketer is focusing on both the product and the market opportunity.
By definition, strategic marketing is a firm’s ability to concentrate a limited amount of resource on an opportunity that has deemed to have the highest potential to increase sales, thereby creating a sustainable competitive edge over rivals (Brooksbank & Taylor 2007). Fundamentally, each aspect of marketing has the potential to improve or affect the performance of other marketing facets. Hence, creating a proper coordination of a firm’s activities makes it possible to eliminate unnecessary activities that interfere with efficient profit maximization processes. Strategic marketing explores ways that each of the marketing processes will reinforce each other for the best output. More importantly, strategic marketing makes each department to work
Market opportunities for breakfast cereals is vast, some segments of the market have been neglected, most notably that of the over-50’s. Insightful presentations were given at the “Older, Richer, Wiser” Conference that would suggest the over 50’s market segment is targetable.
There are four main business strategies that can be used they are Cost leadership strategy, Differentiation strategy, Focus strategy (low cost) and Focus strategy (differentiation). We can use Porter’s generic business strategies to understand the difference in these strategies.