There are several different marketing strategies you could implement to determine your success as a viable business, such as:
(a) DOMINANCE STRATEGY; which pushes for rocketing your establishment to the top. These specific methods will categorize a Company according to its “market shares”. For example: WINDOWS operating system dominates the worldwide usage at just about 92% of market share, where-as Mac and Linux fail miserably in the market share of that specific arena.
MARKET DOMINANCE is distinquished by four specific categories of concern which are: Leader, Follower, Challenger, and Nicher.
1. Market Leader targets are geared towards multiplying the global exchange, safeguarding the cutting-edge market, and expanding market share.
2. Market Follower strategies strive to counterfeit merchandise with the greatest market share; For example: (Panasonic emulates Sony).
3. Market Challenger strategies go after the market leader, companies of comparable size, and very tiny Mom & Pop companies.
4. Market Nicher strategies focus on various niches which larger companies disregard as a threat. ( examples of that might be something like, Logitech computer mouse).
(b) INNOVATIVE STRATEGY:
Innovative marketing strategies are applied to manage corporations on the cutting edge of technology and new establishment procedures. Clearly, they dictate a corporations’ rate of professional replicas regarding innovation and new merchandising growth.
INNOVATIVE MARKETING STRATEGIES consists of three separate classifications, which are:
2. EARLY FOLLOWERS
3. LATE FOLLOWERS
These DESCRIPTIONS are related to what is known as (first-mover advantage). For example, Amazon was the first at creating an online book-purchasing outlet. Subsequently, other stores such as Barnes & Noble began marketing books online. Later, it appears that Amazon & Borders collaborated their efforts to expand sales, which prompted Barnes and Noble to oppose that action by presenting more merchandise online. In this representation, Amazon was the pioneer which makes Barnes and Noble the early followers. Once other bookstores jumped on board and decided they wanted to emulate these archetype they were termed “late followers”. Currently, innovative marketing strategies incorporate express mail contests, featured write-ups in publications, third-party journals, and out-of-home promotions.
GROWTH MARKETING STRATEGIES concentrate their efforts on growth of their company. They target expanding purchasing power in current markets by focusing on repeat customers. Data extracted from a repeat customers purchasing history facilitates ways to measure future growth within that company dynamic. There are four specific classifications of the above mentioned strategies.
1. HORIZONTAL INTEGRATION,- attempts to expand selling effectiveness, decreases price of buying and selling, allows merchandise ingenuity, and retails more of the same items.
2. VERTICAL INTEGRATION- facilitates a decrease in transportation expenses, embraces ambitious product margins and subsequent product margins; and introduces downstream allocation.
3. FOLLOWING SUIT- facilitates the centralized improvement of cutting-edge merchandise, corporate achievement, affiliation with like-minded companies, and contemporary product licensing.
4. INTENSIFICATION GROWTH STRATEGY- Pierces the market to expand the allotment, gain repeat customer allegiance, and develop binding motivation that focus on the current customer base. An example of a growth strategy could be a frequent buyer rewards program.
These are only a few of the options you might take a look at for growing a viable business and succeeding in any type of business venture you encounter. You can research any of these strategies, in-depth, online, and decide which one works for your specific needs and market targets.
Source by Judy Marie Bailey