Marketing strategies can be defined as any strategy past, present, or future geared towards selling more products and services to increase profits and grow your business. Many marketing strategies worked in the past that are no longer effective today.
Some marketing strategies are still as relevant and useful today as they were decades ago. Here is everything about marketing strategies, past, present, and future, to help your business thrive.
Using the 3P’s
People
This element of service marketing comprises direct or indirect involvement of all the people to accomplish the services. The traits of people take account of commitment, personnel training, interpersonal behavior, appearance, incentives, attitude, the degree of involvement, discretion, customer contact, and other customer behavior.
Process
This element of service marketing comprises the mechanism, the flow of activities, and the mechanism through which products and services are utilized. The traits of the process take account of procedures, policies, employee discretion, customer discretion, the flow of activities, mechanization, customer involvement, and policies.
Physical Evidence
This element of service marketing, based on the environment in which products and services are being delivered. This aspect is also comprised of tangible goods that assist in performing and communicating the services.
The Importance of Marketing Strategies
There are marketing strategies comprised of three features that represent the overall marketing activities of the organization.
The first feature is the growth strategies comprised of market development, marketing penetration, diversification, and product development.
The second feature is the compatibility of the company to compete in the robust competitive market. This feature comprised of strategies proposed by Porter in 1980, termed as generic strategies that are cost leadership strategy, focus strategy, and differentiation strategy.
The third feature is comprised of the marketing strategies proposed. As an offensive strategy, vertical integration strategy, defensive strategy, and first-mover strategy. Strategies are being used between the competing organizations based on the diverse situation of product supply, namely: situation related to ample supply of product, a situation related to a shortage of product, a period of depression, and boom period.
The strategy that the company designs greatly influences the marketing practices because they are designed to achieve the defined targets. If the company’s strategy changes to provide any service, the marketing practice will also be changed to provide it.
Strategic Management vs. Marketing Strategy
Successful organizational performance, strategic management, and marketing strategy should be related to each other. The competitive advantage will only be achieved if a strong organizational relationship exists among the departments.
The competition in the market is fierce, and the company will entertain any disorganization in strategic management and marketing strategy decisions. The processes and the organization’s performance can never be effective and efficient if both strategic management and marketing strategy act contradictory.
To enhance the efficacy of the processes and improve the organization’s performance, both the factors work together to achieve the organizational objectives and improve the organization’s stability in the robust competitive environment.
Standardization of Marketing and Globalization of Strategy
The standardization of marketing and globalization of strategy are both reflected but do not follow each other. This has been in debate for a long and has been the most critical problem in global marketing. This aspect has failed due to not answering some questions regarding the transferability of marketing techniques through markets (countries).
The marketing strategies are different for Europe, the US, or other regions because every market has different priorities and buying behavior. The satisfaction level of the customers of every region differs from each other due to which the marketing strategies are also different for regions.
Geocentric ideal in global strategy deals by accepting the national adjustments it reflects for international standardization. This is clear from a geocentric approach that how standardization accomplished when chasing for global strategy. There is a distinction between the two as the first signifies the restriction, and the other signifies a strategic choice.
Based on this analysis, a multinational organization can transfer its marketing techniques through countries. In strategy formulation, the identification of marketing areas is important. It comprises decision-based on target markets and the marketing mix that is 4ps: product, price, place, and promotion.
In international marketing, the mode of entry also being the foremost aspect to be considered. The organization’s aspect is also considered for the comparison, like one firm can promote standardization of marketing activities better as compared to that of other firms.
Many debates on global marketing mainly focused on “target market” and “mode of entry.” Some other authors considered the product variable and concluded their case related to standardization based on product validation across markets. The organizational variable promotes the quick distribution of marketing techniques across countries.
Price variable being the most crucial aspect, as companies are not paying attention to price variable. The number of variables that make efficient or inefficient marketing techniques will be recognized. The proposition will be engendered to determine the relationship between the degree of standardization that can be accomplished and variables.
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