Marketing Strategies and Tactics I
– Marketing domain strategies
In this category of strategies, you view the world and the market in terms of market share; you know your market share, you rank as a leader, challenger, follower or better. Then, plan your marketing strategy accordingly.
– Leader– You have market dominance, you must emphasize that you are the dominant business in your market because you are the best.
– Challenger– You are the next big thing, you should point out that the industry leader has become too big to care about customers, which will change the way things are going in the industry. You must project the image of being the next novelty to hit the market.
– Follower: You must consolidate your position by never directly challenging the leaders while making alliances in the market. You wait for your chance to be a challenger or a leader.
– Nest– You focus on your niche, being careful not to venture out unless you are sure of your odds outside of your niche.
– Innovation strategies
This is about who is at the forefront, who produces the new products and technologies before anyone else. You are a pioneer, close follower, or late follower.
– Pioneer: You focus on being the one with the newest and most popular products. It promises that its customers will get the new technology before anyone else.
– Close follower: You wait for others to pioneer in a different direction, and when they are at something, you quickly embrace it, improve it, and make it yours.
– Late followerAdopting only the most stable technology, it emphasizes to its customers that its products will be stable, tested and proven, without errors or last minute recalls.
– Growth strategies
When operating under growth strategies, your focus should be on how to grow your business. You use:
– Horizontal integration: You try to expand by acquiring or starting new businesses in the same field as your main business, in this way you control a greater market share and ignore the competition.
– Vertical integration: You are trying to acquire or start businesses that supply your current business or sell your products. In this way, you can have a stable production and delivery structure.
– Diversification: You try to conquer new markets with new products, spending in an unexpected direction where you predict that there will be big profits there.
– Intensification: Add new features to your existing products. You launch new versions of your products. Trying to consolidate and then expand its position in the market.