Important

Marketing Strategies

You Must Know

Every time you talk to someone about your busi-ness, you are engaged in marketing. Any conversa-tion about your company is an opportunity to pro-mote your business and increase sales.

There are many types of marketing strategies, such as

1. Market scoop strategy2. Product strategy3. Promotion strategy4. Pricing strategy5. Distribution strategy

Marketing strategies split into two levels, they are

• General marketing strategy

• Decision area strategy

How marketing will reach the objective can be under-stood from general marketing strategy.

General marketing strategy can also be a part of

• Marketing expansion• Marketing share growth• Niche market• Status quo

General marketing strategy

Marketing Expansion

Marketing expansion is used to grow the entire sales.

There are two approaches to marketing expansion, they are:

Growth sales with existing productGrowing sales with existing product is done by attracting current customers to buy more.

Growth sales with new productTo increase sales through a new product it is very important to update your customer with the latest version of your product.

Marketing share growthIt is used to increase the market share of a particular company.

The best way to do it is, by Taking sales away from competitors.

Niche market

This type of strategy focuses on getting down the root of each marketing strategy.

Through this, businesses get an opportunity to introduce the product to the larger market.

Status quoThis is used to keep your company’s name on top of the list.

Decision Area Strategies

The areas that support decision area strategies are:

• Target Market Strategy • Product Strategy • Pricing Strategy • Distribution Strategy • Promotion Strategy

A marketing strategy will help you focus. It will identify the different ways you can talk to your customers, and concentrate on the ones that will create most sales.It tells you what to say, how to say it and who to say it to in order to make more sales. Because timing is critical, it will tell you when to say it, too.

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