Marketing Strategy

What is a marketing strategy and what are its types?

A Marketing Strategy is the long term plan of enterprise goals that the company wants to be achieved.

For these goals to be accomplished it is significant to pick a good specific action to strengthen the standing of products and services and increase sales in the market as well.

Utilizing the chances is essential to find out the target market and to be able to gain customers which are loyal to the business so that the position of the business becomes more powerful.

It is essential to determine how you want to put the product & service in the market in order to accomplish positioning amongst consumers and meet the consumer and business relationship loyalty. 

Marketing strategy is the technique to generate sales possibilities and also to communicate and place the product or service and explain the operational lines that enable reach a target market using the correct channels.

It applies to a business whole plan for reaching prospective buyers and turning them into customers of business products or services.

A marketing strategy involves the company’s attractive product lineup, major brand messaging, information about target customer demographics, and other important elements.

Marketing strategy comprises all the Ps of the marketing mix.

Businesses are not only dependent on one marketing strategy but they need multiple to target audiences and growing.

Types marketing strategy-

 

1. B2C (Business to consumer) strategies:

Business to consumer market strategy is for those businesses which market their products and services straight to the buyers. 

These types of companies can work online or in-store as well. B2C marketing strategy is customer-driven and you must know about your customer inside out.

You have to know all the things like how much you have earned, which social media they use and prefer, their income level and where do they live and several other demographics to target them accurately.

Most of the e-commerce website like Flipkart and amazon does this they track shopping behaviour of customers like what they have seen recently n the website and next yo open the application or website they show you the similar best match product which you have seen previously.

2. B2B (Business to Business) strategies:

Business to business marketing strategy is useful when one business markets its products and services to another business. 

For example, you are a laptop manufacturer but your laptop only contains few parts of your company and several other parts like hard disk and RAM and display you need from other companies so they market to you their RAMs and CPUs.

Like Samsung makes RAMs they market their RAMs to several other companies like Dell, HP, Lenovo etc. to install their ram on their laptops 

3.Cause marketing strategy

Various companies select this marketing strategy to raise their sales. People get attracted to the companies which are working for a cause.

Customers feel great to know that their funds are used for charitable and other causes. 

Hence, there is no loss to choose this strategy that serves you as well as the society.

 To perform this, you need to get into a partnership with an organization that works for charity and social causes.

You can select the cause of giving education and scholarships to parentless children and for low-income level children as well.

After you form a partnership with an NGO which works for causes.

So, now you can let know your customers how they can give their contribution and donation for child education.

For example- surf excel  does this that if you buy their detergent it will

Help to educate children.

4.  Internet marketing 

This strategy is one the most used marketing strategy in this world of the internet.

It includes various kinds of marketing like email marketing, social media marketing, blogs and video marketing etc.

Businesses install cookies on customers web browsers to track their activities and their buying behaviours after knowing the demographics and other information businesses can directly target specific customers according to their needs via social media, e-mail and vlogs etc.

On the internet, marketing strategy timing matters a lot when you are posting your content to convince customers to buy your product and services.

5. Point of purchase marketing

Point-of-purchase (POP) marketing strategy involves positioning your product where buyers do the most purchase. 

In hypermarkets, small products always placed at the cash counter so if customer like it while checking out they will add the product to their shopping cart it can be anything from chocolates to deodorants.

Some time cashier also tries to convince you by pitching that there is an offer going on this product or any kind of voucher or discount given told by the cashier.

So this is a good example of POP marketing.

 

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