Marketing Strategy: The Three Major Marketing Strategies

Marketing Strategy

The strategies of marketing can be recognized through the goals which try to fulfill so company profits are boosted. The three main strategies of marketing consist of segmentation of marketing, differentiating product and the reduction of price (for the growth of the share of market). The share of market tactic elaborate for the reduction of costs of production so prices of consumers are reduced. Through this strategy firms strive in manufacturing the products in a less expensive market and hence larger market share. As per this tactic firms avoid diverse lines of products and slightly successful products and the allocation of negligible funds towards advertising and development of product. The competitive benefit this strategy

Once the market is separated into smaller categories, firms can launch programs of marketing in catering to the preferences of individual categories. Further, firms can choose to court all the categories of the market by differentiated marketing, to focus on other categories disregarded by other firms by tactic of niche marketing ( concentrated marketing), or focusing on very minute markets or also the individual consumers by atomized marketing. Segmentation of marketing strategy also includes two other strategies, as marketers can focus on many segments by making usage of the differentiation of product or the price – reduction tactic. If a category develops, nevertheless huge competitors can start focusing on it as

Relationship marketing has a beginning point the acknowledgement that the customers are present in multifaceted changing systems in which multiple duties are enacted by them (Mitussis et al, 2006). In the current scenario, multiple offerings of products and high competition, loyalty can be pronounced as the customers will in patronizing a brand over a considerably long phase of time (Leone et al, 2006). These customers are more likely to promote and recommend the brand to other consumers, leading to positive word-of mouth. However, many brands are experiencing the great challenge in the retaining of Customer loyalty in the dynamic scenario of market. (Chattopadhyay et al, 2009). As per Shankar et al. (2003), the loyalty of the customer has also been known to be vital in both online and offline environment of marketing. Many studies have indicated a relationship betwixt loyalty of brand and the customer demographics. As recommended by Coe et al. (2008), that there is higher loyalty of brand amongst the aged old groups, due to the simple fact of having much deeper inclinations with the brand, over a time period. Some other researcher’s (Setlow, 2002), research controverts this and elaborates that loyalty is not determined by age, but over a phase of time, experience affects and matters more as an influencing