Marketing strategy refers to a process which allows a firm to optimize its resources and business opportunities available in order to maximize its sales. It includes scanning of the internal and external business environment .Internal environment includes the organization structure, marketing mix and others. External environment would include the competition in the market, analysis of the consumer, analysis of the market. A strategic plan can be constructed to post the scanning to find various alternatives available, establish the goals, fix the marketing mix to attain these goals and implement these. Marketing strategies which are based on market dominance include leader, follower, challenger and nicher. Marketing strategies based on growth can be classified as horizontal integration, vertical integration, diversification and intensification. Horizontal integration is when a company creates or acquires production units for outputs which are similar. For example Samsung has released various handsets in its galaxy series pertaining to various price bands. Vertical integration is where companies in a supply chain are united through a common owner. Usually each member of the supply chain produces a different product or (market-specific) service, and the products combine to satisfy a common need. For example if a mobile handset seller starts producing its parts by itself it would be regarded as vertical integration. A monopoly produced through vertical integration is called a vertical monopoly. Various other marketing strategies are- 1. Community Marketing - This technique refers to the needs and requirements of the existing customers, as against using various promotional activities to gather new consumers. This promotes loyalty and product satisfaction and also gives rise to “word of mouth” marketing that is when you like a like a product and tell your friends about it. It is more reliable and works better than any other manner of marketing promotion. 2. Affinity Marketing - it links brands which complement each other which hence create strategic partnerships that benefit both companies. While one adds value to existing customer by generating more income, while the other brings in new customers. For example selling Heinz ketchup with Maggie. 3. Call to Action (CTA) Marketing - It is a means particularly and popularly used by websites in the form of a banner, text or graphic, where they induce a person to click it and move into the conversion barrel, from searching to navigating an online store to bagging a sale. 4. Alliance Marketing – In here two or more firms come together and pool in their resources to promote or to sell a particular product or service which will have a much bigger combined impact on the market. 5. Ambush Marketing - This is used by advertisers to bank on a specific event without making any specific the payment, thereby bringing down the costs. It has sub-categories of direct or predatory ambushing or indirect ambushing by association. 6. Close Range Marketing (CRM) – this is also known as Proximity Marketing. It uses Bluetooth technology or Wifi to promote their products and services to their customers at close proximity. For example when you visit café coffee day the wifi connection provided there will provide various activities attempting to promote the brand. Article is posted by Solve My Assignment. For more updates like and follow our social profile pages – Facebook, Twitter, Google+.
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