Two Types Of Marketing Strategies

“Marketing is a contest for people’s attention.” said Seth Goodin. It is the action of promoting and selling products or services including research and advertising. Marketing has several strategies based on different factors. Marketing strategies are plans designed to fill market needs and reach marketing objectives ("Business Case Studies"). Basically, strategies are used to increase sales and achieve a sustainable competitive advantage. One way to achieve these goals is by attracting investors, whether they are stakeholders or consumers, who might have an interest in the products or the business. There are two types of strategies that consider the audience their priority. These types are broad strategy and focus strategy, and in this article,

It aims at marketing a product or service in a small segment of the market that is not being served by the main stream product or service providers (“Focus Strategy.”Business Dictionary). In contrast to broad strategy, niche marketing’s audience is a few who have a specific need and depend on small number of companies to serve them, such as providing vehicles to disabled people. Firms that use this strategy tend to produce their products with innovation and high quality, shaping a strong corporate culture and image of their service. The marketing behavior of companies in this field is based on experience and specialization, which needs time and effort to be gained. This means two things: the first is that this strategy is not likely to attract other competitors. The second is that this market offers the products and services at a high price. However, as the customers in the niche marketing have no other choice, they are willing to pay a premium price as an exchange to satisfy their need. To sum up, “the aim of focus strategy is to know and understand the customer well so the product or service fits him perfectly and sells itself” (Druker,“Strategies for