Meaning of Marketing Strategies
Marketing strategy simply refers to the strategies employed by the business for performing its marketing activities. It contains a plan of action for achieving the marketing goals and objectives of an organization. Marketing strategy is the one which defines how one is going to create wide awareness regarding its products in the market.
Concept of Marketing Strategies
This is a crucial tool for every business organization for raising their sales and expanding their customer base. It guides in reaching to prospective customers in markets and convincing them to purchase the company’s products. This takes into account all details such as likes and dislikes of customers so that accordingly they can be reached for delivering better services.
Marketing strategy enhances the company value and keeps it ahead of competitors in the market. Such strategies are developed undergoing several detailed researches in the market by business executives. Marketing strategies are formulated by combining all marketing mix elements and selecting the target market.
Types of Marketing Strategies
Various types of marketing strategies are as given below:-
Paid marketing is the most common type of marketing strategy adopted by business organizations. This involves hiring air media and print media for advertising company’s products and services. Companies pay a lot of money to media agencies for marketing their products through various platforms like television, social media, newspaper etc. It is the one of effective strategy as it attracts a large number of peoples in the market.
It is a strategy in which business working motive plays a key role in marketing its products. Cause marketing is an effective technique used by business working for social causes. People will be motivated to purchase products from such business which are focusing on community development.
Business to Customer
Business to consumer market strategy is implemented by such businesses interacting directly with their customers. This strategy is customer-driven and communicates to their customers by operating through the store or an online website. Peoples purchase products directly from the brand without the involvement of any intermediaries.
It means selling products to customers by meeting them personally direct face-to-face at their places. Companies promote and sell their products by providing a demonstration to customers. It requires sales personnel with an extrovert personality and proper skills that is able to deliver all information about product efficiently.
Employee marketing is marketing that takes place in between business and its employees. Companies provide huge discount deals on its products to their working employees. They convert them into potential customers and their brand ambassadors.
Employees get satisfied by availing such deals and promote companies products which will increase revenue. They suggest it to their friends, families and other known ones thereby attracting a large number of people towards brand products.