Marketing strategies and Tactics

Marketing Strategy- Medium to long term goal based on the companies objectives, resources and the markets opportunities.

Marketing Objectives- A short term goal in response to a threat or opportunity.

For a strategy to be made, the following factors should be analysed:

• Market shape and trends (growth/decline).

• Target market buying habits.

• SWOT

An example of a strategy is moving into an emerging market, but this will only work if the company has enough resources to do so. They must also make sure they are selling a product that the foreign customers will want to buy, and that the market is still growing.

A strategy needs to be able to :

• Be an asset to the company.
• Take any opportunities.
• Be able to react to threats.
• Address company weaknesses.

Product strategies

• Niche Marketing:
  Developing a product to enter a gap in the market. Must be a large enough market to make it worth it though.
  
  
• Mass Marketing:
  Deciding to aim the product at selling in high volumes to large target market.

• Category Dominance:
  Aiming to try and push out all competitors.
  
  
• Continuous Innovation:
  Putting large amounts of research and development into the product in order to make it as attractive as possible to the target market.
• Providing best service possible:
  Often done by new business' in order to attract new customers.
• Targeting Individual Needs:
  Often for small business' to gain loyal customer base.

Pricing Strategies

• Maintaining Price Leadership- Aim to charge the highest price…