Marketing Strategy
Marketing Strategy
Marketing Strategies Implemented by Corporations
1. Strategies based on Market Dominance – In this scheme, the companies are classified based on their market share of dominance of an industry.
Typically there are four types of market dominance strategies:
Leader Challenger Follower Nicher
2. Porter generic strategies – strategy on dimensions of strategic scope and strategic strength.
Strategic scope refers to the market penetration while strategic strength refers to the company’s sustainable competitive advantage.
Overall cost leadership
Here the business works hard to achieve the lowest production and distribution costs so that it can price lower than its competitors and win a large market share.
Differentiation
Here the business concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market. It can strive to be the service leader, the quality leader, the style leader or the technology leader, but it is possible to be all of these things.
Focus
Here the business focuses on one or more narrow market segments. The firm gets to know these segments intimately and pursues either cost leadership or differentiation within the target segment.
3. Innovation strategies – This deals with the company’s rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation.
There are three types:
Pioneers
Close followers
Late followers
4. Growth strategies – In this scheme we ask the question, “How should the firm grow?” There are a number of different ways of answering that question, but the most common gives three answers:
IntensiveGrowthOpportunities–Identify opportunities to achieve further growth within the company’s current businesses.
IntegrativeGrowthOpportunities–Identify opportunities to build or
Marketing Strategies Implemented by Corporations
1. Strategies based on Market Dominance – In this scheme, the companies are classified based on their market share of dominance of an industry.
Typically there are four types of market dominance strategies:
Leader Challenger Follower Nicher
2. Porter generic strategies – strategy on dimensions of strategic scope and strategic strength.
Strategic scope refers to the market penetration while strategic strength refers to the company’s sustainable competitive advantage.
Overall cost leadership
Here the business works hard to achieve the lowest production and distribution costs so that it can price lower than its competitors and win a large market share.
Differentiation
Here the business concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market. It can strive to be the service leader, the quality leader, the style leader or the technology leader, but it is possible to be all of these things.
Focus
Here the business focuses on one or more narrow market segments. The firm gets to know these segments intimately and pursues either cost leadership or differentiation within the target segment.
3. Innovation strategies – This deals with the company’s rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation.
There are three types:
Pioneers
Close followers
Late followers
4. Growth strategies – In this scheme we ask the question, “How should the firm grow?” There are a number of different ways of answering that question, but the most common gives three answers:
IntensiveGrowthOpportunities–Identify opportunities to achieve further growth within the company’s current businesses.
IntegrativeGrowthOpportunities–Identify opportunities to build or