Marketing strategies Essay Example for Free

merchandise strategies EssayTypes of strategiesMarketing strategies may differ depending on the unique situation of the individual employment. However there argon a consequence of ways of categorizing some generic strategies. A brief description of the most commonality categorizing schemes is presented below Strategies based on market dominance In this scheme, fuddleds are classified based on their market share or dominance of an industry. Typically there are four types of market dominance strategies Leader contentionFollowerNicherAccording to Shaw, Eric (2012). Marketing Strategy From the Origin of the Concept to the Development of a Conceptual Framework. Journal of Historical Research in Marketing., there is a framework for marketing strategies. Market introduction strategiesAt introduction, the marketing strategist has two principle strategies to choose from penetration or niche (47). Market emersion strategiesIn the early growth stage, the marketing manager may choos e from two additional strategic alternatives segment blowup (Smith, Ansoff) or brand expansion (Borden, Ansoff, Kerin and Peterson, 1978) (48). Market maturity strategiesIn maturity, sales growth slows, stabilizes and starts to decline. In earlymaturity, it is common to employ a maintenance strategy (BCG), where the blotto maintains or holds a stable marketing unite (48). Market decline strategiesAt some point the decline in sales approaches and then begins to exceed costs. And not fitting accounting costs, there are hidden costs as well as Kotler (1965, p. 109) observed No financial accounting can adequately play all the hidden costs. At some point, with declining sales and rising costs, a harvesting strategy becomes unprofitable and a divesting strategy necessary (49). Early marketing strategy concepts wereBordens marketing mixIn his classic Harvard Business Review (HBR) article of the marketing mix, Borden (1964) credits James Culliton in 1948 with describing the marketing administrator as a decider and a mixer of ingredients. This led Borden, in the early 1950s, to the insight that what this mixer of ingredients was deciding upon was a marketing mix (34). Smiths distinction and segmentation strategiesIn product differentiation, according to Smith (1956, p. 5), a firm tries bending the will of hire to the will of supply. That is, distinguishing or differentiating some aspect(s) of its marketing mix from those of competitors, in a mass market or large segment, where customer preferences are relatively homogeneous (or heterogeneity is ignored, Hunt, 2011, p. 80), in an attempt to shift its nub demand curve to the left (greater quantity sold for a given price) and make it more inelastic (less amenable to substitutes).With segmentation, a firm recognizes that it faces multiple demand curves, because customer preferences are heterogeneous, and focuses on serving one or more specific target segments within the overall market (35). Deans sliver and penet ration strategiesWith skimming, a firm introduces a product with a high price and after milking the least price sensitive segment, gradually reduces price, in a stepwise fashion, tapping effective demand at all(prenominal) price level. With penetration pricing a firm continues its initial low price from introductionto quick capture sales and market share, but with lower profit margins than skimming (37). Forresters product life cycle (PLC)The PLC does not offer marketing strategies, per se rather it provides an overarching framework from which to choose among various strategic alternatives (38). There are also corporate strategy concepts likeAndrews SWOT analysisAlthough widely utilize in marketing strategy, SWOT (also known as TOWS) Analysis originated in corporate strategy. The SWOT concept, if not the acronym, is the work of Kenneth R. Andrews who is credited with writing the text parcel of the classic Business Policy Text and Cases (Learned et al., 1965) (41). Ansoffs growth strategiesThe most well-known, and least often attributed, aspect of Igor Ansoffs product Strategies in the marketing books is the term product-market. The product-market concept results from Ansoff juxtaposing new and existing products with new and existing markets in a two by two matrix (41-42). Porters generic strategiesPorter generic strategies strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firms sustainable competitive advantage. The generic strategy framework (porter 1984) comprises two alternatives each with two alternative scopes. These are Differentiation and low-cost leadership each with a dimension of Focus-broad or narrow. ** Product differentiation ** Cost leadership **Market segmentation * Innovation strategies This deals with the firms rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types ** Pioneers ** Close followers ** Late followers * Growth strategies In this scheme we ask the question, How should the firm grow?. There are a number of different ways of answering that question, but the most common gives four answers Horizontal integrationVertical integrationDiversificationIntensificationThese ways of growth are termed as organic growth. Horizontal growth is whereby a firm grows towards acquiring other businesses that are in the same line of business for example a clothing retail outlet acquiring a nutrient outlet. The two are in the retail establishments and their integration lead to expansion. Vertical integration can be forward or backward.Forward integration is whereby a firm grows towards its customers for example a food manufacturing firm acquiring a food outlet. Backward integration is whereby a firm grows towards its source of supply for example a food outlet acquiring a food manufacturing outle t. A more detailed scheme uses the categoriesMiles, Raymond (2003). Organizational Strategy, Structure, and Process. Stanford Stanford University Press. ISBN 0-8047-4840-3. ProspectorAnalyzerDefenderReactorMarketing warfare strategies This scheme draws parallels between marketing strategies and military strategies. BCGs growth-share portfolio matrix Based on his work with experience curves (that also provides the rationale for Porters low cost leadership strategy), the growth-share matrix was originally created by Bruce D. Henderson, CEO of the Boston Consulting Group (BCG) in 1968 (according to BCG history).Throughout the 1970s, Henderson expanded upon the concept in a series of short (one to three page) articles in the BCG newsletter titled Perspectives (Henderson, 1970, 1972, 1973, 1976a, b). Tremendously popular among large multi-product firms, the BCG portfolio matrix was popularized in the marketing literature by mean solar day (1977) (45).