A marketing strategy is a comprehensive business development plan that includes all issues related to increasing profits and sales.
There are different types of marketing strategies known today. Each marketing manager should decide which type is appropriate for their company. At the same time, it should correspond to the market situation and the organization’s capabilities. This step is extremely important because it has a massive impact on marketing.
What exactly is a marketing strategy for?
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A marketing strategy is designed to achieve goals of these types:
- Production ones – it is about introducing innovative technologies, launching a new product, increasing the volume of production;
- Financial ones – it is everything that relates directly to money, namely reducing the cost of production, increasing sales, improving profitability;
- market ones – it can be an expansion of the occupied share in a niche, an increase in the number of customers, an increase in profits;
- Organizational ones imply optimizing personnel management, including distributing responsibilities among employees.
An effective strategy makes it possible to find priority business directions and plan activities. With its help, it is possible to manage resources optimally, prevent possible marketing errors, and increase the efficiency of the company’s activity.
There are a lot of different marketing strategies. The main ones include:
The former indicates whether the company will show growth, develop, or cease operations altogether. The basic strategy, as a rule, has different directions. These are specialization, differentiation, and leadership. It is characterized by choice, which is based on the assessment of benefits and costs.
As for the second group, there are four approaches to such strategies. The first is the leader, the second is the follower of the leader, the third is the challenger, and the fourth is the nicher. But global strategies are aimed at developing the company in the worldwide market and constant geographical expansion of activities.
What is multi-segment specialization?
Multi-segment specialization is a marketing strategy that divides the target audience into several groups, including consumers with similar demographics and preferences. It allows one to create customized campaigns targeting each segment. For example, one can focus on how one product appeals to different segments or make ads for multiple products that fit different audiences.
Many large firms adopt multi-segment specialization because they often have resources at their disposal that can be allocated to individual marketing campaigns. However, this strategy can be used by any size company.
Today, everyone knows about the Marketing Strategy of BMW, which uses several approaches. It helps to stay visible and constantly increases the customer base. Various methods are taken to a new level, and all because the car manufacturer has a huge marketing budget, including huge expenses on TV advertising. Strategies include:
- aggressive multi-channel advertising;
- the use of the premium segment;
- media presence.
By dividing the audience into several segments, it will be possible to create targeted marketing campaigns that meet the interests of consumers. Finding that the right strategy can maximize advertising budgets and provide benefits is pretty realistic.
Identifying the most relevant markets for one’s brand and products also allows one to use their resources more effectively and maximize one’s reach and effectiveness in those markets. In addition, strategies can be used to increase brand awareness by highlighting product features that appeal to different populations.
A successful marketing strategy offers the opportunity to choose a good line of business development in which all resources work at total capacity and give a positive result.