Procedure for creating marketing strategy
Marketing strategy is a set of medium-and long-term policies, which create market-based operational activities. The formulation of this strategy is decision making process that involves setting the problem areas, and then selecting of optimal solutions and implementation actions.
- Level of the corporation
- Level of strategic business unit
Strategy at the level of corporation
- Market penetration,
- Development of the market,
- Product development,
- Diversification of activities.
Business unit strategy
Bermuda triangles means areas of the business, in which it is not possible to determine optimal marketing strategy
- Strategy of preference - customers, so called brand customers pay little attention to the price, but the essential thing is for them is quality and brand of product,
- Strategy price-quantity is targeted to buyers who pay attention to the price, the company's activity is based on the principle: large volume-small unit profit
Another ways to impact the market are:
- Mass-marketing strategy - aimed for the average buyer,
- Differentiated marketing strategy - based on the distinction of market segments
The best way to make accurate decisions is to create a strategic profile. Then, managers can adapt strategic decisions to changes taking place in the enterprise and its environment.
- Sheth, J. N., & Sisodia, R. S. (2015). Does marketing need reform?: Fresh perspectives on the future. Routledge.