Marketing Strategies That Help to Boost Your Business.
Marketing Strategy is the process to create, communicate, and deliver value to a target market at a profit. (Philip Kotler-12edition) This strategy for success by defining marketing goals, lead indicators, and lag indicators and providing a focus for the market to focus their effort has the best potential to influence results; Marketing Strategies include 4 components.
a. Market Penetration Strategy.
b. Market Development.
c. Product Development Strategy.
d. Diversification Strategy.
1. Market Penetration strategy
The marketing activities will emphasize increasing the loyalty of existing customers, attracting competitors, and increasing the frequency of products. Increasing awareness through marketing communication and increasing availability through expanded distribution. It is also a strategy where investments in marketing should back more quickly on an existing customer relationship and product knowledge.
2. Market Development Strategy
Markets efforts to expand sales by selling current products in new markets. An involvement in entering new geographic markets, and international markets as well. creating product awareness and developing distribution channels. Example: Fast food Restaurants moved into international markets. Marketing Investments are likely to be longer than for a market penetration strategy because of the time required to build awareness, distribution, and product trial.
3. Product Development Strategy
Creating new products to sell to existing customers. The time required to develop and test a new product may be long, but once a product is developed and tested new product may be long. Research and development activities are a major role in a strategy. (Creating awareness, interest, and availability should be relatively and has a relationship with customers)
Examples: American Express has been able to leverage its relationships with credit card customers to sell travel-related services.
4. Diversification Strategy
It is a hard strategy to get a return on investment. This is a strategy for new business. Check out the following article from David Stewart President’s professor of Marketing and Business Law for more references.