Strategy serves as the foundation of a marketing plan. A marketing plan contains a list of specific actions required to successfully implement a specific marketing strategy. An example of marketing strategy is as follows: "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service." A strategy is a long term plan of action designed to achieve a particular goal. ...

A strategy is different than a tactic. While it is possible to write a tactical marketing plan without a sound, well-considered strategy, it is not recommended. Without a sound marketing strategy, a marketing plan has no foundation. Marketing strategies serve as the fundamental underpinning of marketing plans designed to reach marketing objectives. It is important that these objectives have measurable results. Traditionally, marketing has been a term applied to the craft of linking the producers (or potential producers) of a product or service with customers, both existing and potential. ...

A good marketing strategy should integrate an organization’s marketing goals, policies, and action sequences (tactics) into a cohesive whole. The objective of a marketing strategy is to provide a foundation from which a tactical plan is developed. This allows the organization to carry out its mission effectively and efficiently.

Marketing strategies are partially derived from broader corporate strategies, corporate missions, and corporate goals. They should flow from the firm's mission statment. They are also influenced by a range of microenvironmental factors. Strategic management is the process of specifying an organizations objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans. ... For a company to gain or maintain a sustainable competitive advantage, it must be ever vigilant, watching for changes in the business environment. ...

Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned. See strategy dynamics. The dynamic model of strategy is a way of understanding how strategic actions occur. ...

Types of Marketing Strategies

Every marketing strategy is unique, but if we abstract from the individualizing details, each can be reduced into a generic marketing strategy. There are a number of ways of categorizing these generic strategies. A brief description of the most common categorizing schemes is presented below. For a more detailed explanation, follow the links.

• Strategies based on market dominance - In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are four types of market dominance strategies:
  • leader
  • challenger
  • follower
  • nicher
  • Only Producer

• Porter generic strategies - Michael Porter assessed strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the breadth of market penetration while strategic strength refers to the firm’s sustainable competitive advantage. He felt three types were important:
  • cost leadership
  • product differentiation
  • market segmentation

• Innovation strategies - This deals with the firm’s rate of 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 integration
  • vertical integration
  • diversification (or conglomeration)
  • intensification

• Aggressiveness strategies - This asks whether a firm should grow or not, and if so, how fast. One scheme divides strategies into:
  • building
  • holding
  • harvesting

A more detailed schemes uses the categories:

• prospector
• analyzer
• defender
• reactor

• Warfare based strategies - This scheme draws parallels between marketing strategies and military strategies. There are many types of marketing warfare strategies, but they can be grouped into:
  • offensive marketing warfare strategies
  • defensive marketing warfare strategies
  • flanking marketing warfare strategies
  • guerrilla marketing warfare strategies

Market dominance strategies are a type of marketing strategy that classifies firms based on their market share or dominance of an industry. ... Michael Porter has described a category scheme consisting of three general types of strategies that are commonly used by businesses. ... Market penetration is one of the four growth strategies as defined by Ansoff. ... In marketing and strategic management, sustainable competitive advantage is an advantage that one firm has relative to competing firms. ... In marketing, product differentiation is the modification of a product to make it more attractive to the target market. ... Market segmentation is the process of grouping a market into smaller subgroups. ... New Product Development is a business and engineering term which describes the complete process of bringing a new product to market. ... A business model (also called a business design) is the mechanism by which a business intends to generate revenue and profits. ... In microeconomics and strategic management, horizontal integration is a theory of ownership and control. ... In microeconomics and strategic management, the term vertical integration describes a style of ownership and control. ... Business strategies can be categorized in many ways. ... Marketing warfare strategies are a type of strategies, used in business and marketing, that try to draw parallels between business and warfare, and then apply the principles of military strategy to business situations. ... In marketing and strategic management, marketing warfare strategies are a type of marketing strategy that uses military metaphor to craft a businesses strategy. ... This article needs cleanup. ... This article needs cleanup. ... In marketing and strategic management, marketing warfare strategies are a type of marketing strategy that uses military metaphor to craft a businesses strategy. ...

See Also:

• marketing
• marketing plan
• strategic planning
• strategic management
• business model
• strategy dynamics