Marketing Strategies

A marketing strategy is a plan of action for promoting a product and increasing the company's profit. The strategy is always unique: each company develops its own depending on the goals, product range, niche features, and target audience.

Without a strategy marketing in the company is chaotic and ineffective.

Researchers distinguish between different classifications of marketing strategies. For example, there are global, basic, and competitive strategies. In each group, subgroups of strategies are distinguished - let's take a closer look at this.

Global strategies are represented by five types of marketing strategies:

• Internationalization: entering new foreign markets and strengthening positions in them;

• Segmentation: production of different products for all audience segments;

• Globalization: release of products according to uniform market requirements;

• Diversification: creation of the widest possible range of products and mastering new directions;

• Cooperation: cooperation with other companies.

Basic strategies were proposed by the American economist Michael Porter. His classification includes three types of strategies:

• Cost leadership: reducing costs wherever possible;

• Differentiation: creating a unique distinctive feature;

• Focus: focus on leadership in a particular niche.

Competitive strategies determine how the company will work with competitors. There are four types of strategies:

• Leader: work to always stay ahead of competitors;

• Follower: follow the leader, look for their weaknesses and overtake them in something;

• Challenger: change the price of the product to "shake" the leaders;

• Nicher: enter markets where there are no leaders.

Sometimes, offensive strategies, holding strategies, and retreat strategies are also referred to as competitive strategies. In the first case, the company seeks to conquer the market, in the second - to maintain positions, in the third - it itself reduces its market share, because it does not have enough resources or it is not satisfied with the result.