What Is Marketing Stratergy?
What is Marketing Stratergy in the context of Small Business Management? Marketing Strategy is a method which will enable an enterprise to focus its limited resources in the most strategic areas to improve sales and attain a sustainable competitive edge. Marketing Strategies are not static, they are ever-changing as new opportunities and markets emerge. In a globalized marketplace, marketing strategies must be flexible enough to respond to the changing economics and marketing environments of any market segment.
Marketing Strategies generally include two broad elements, one being Sales Training and the second being Marketing Research. Sales Training involves the strategies and tactics that will be used to sell the product or service and motivate the prospective customers. On the other hand, Marketing Research involves the systematic research regarding the marketing potential of a market segment and the techniques to be used to make the product and/or service appealing to the prospective customers. Both the Sales and Marketing Research will form the crux of the enterprise’s marketing program and, together, these two important components will decide the success of the venture.
There are numerous market segments which require unique marketing strategies. Some of them include Pharmaceuticals, Discrete Manufacturing, Energy, Consumer Products, grocery, etc. Each market segment has a unique product and sales prospects. Thus, there is a need for an enterprise to have a unique marketing mix for each market segment. The mix should include a combination of Sales and Marketing Strategies.
How to identify a profitable market segment? That is a question that many an enterprise will ask when embarking on a marketing program. It is not so much a question of finding the profitable segment but more of identifying the most lucrative potential. For instance, in the Discrete manufacturing sector, a firm can look forward to capturing a niche market by producing a particular product. It will have a lot of competition and hence, the profits can be significant. However, this will not hold good in the case of a brand new product that nobody has ever heard of.
So, the first step is to look at the competitors and their marketing strategies and then improvise your plan to make yours as competitive as possible. Now, once you have a chalked out strategy, it is time to execute it effectively. There are various execution techniques such as advertising media, direct mail, telemarketing, and other forms of marketing. It is here that what is marketing stratergy comes into play.
This is the most critical phase of the whole process and one where the right strategies need to be executed vigorously to get results. Hence, this stage is important. Marketing Strategies are very effective if they are executed correctly. There is no room for experimentation. If experimentation is done, then the enterprise risks incurring heavy losses. Hence, it is imperative that all the marketing strategies employed by the enterprise are tried and tested before implementing them for the enterprise.