What are marketing strategy
What is meant by marketing strategy is an effort to market a product, both goods and services, by using certain plans and tactics so that the sales figure is higher.
Definition of marketing strategy can also be interpreted as series of efforts made by company to achieve certain goals, because potential to sell a proposition is limited to number of people who know it.
Marketing strategy has an important role in a company or business because it serves to determine economic value of the company, be it the price of goods or services. There are three factors that determine the price value of goods and services, namely:
Marketing Strategy Functions
Broadly speaking, there are 4 functions of a marketing strategy, including:
1. Increase Motivation to See the Future
Marketing strategy seeks to motivate company management to think and see the future in a different way. This is very necessary to maintain the continuity of the company in the future.
It is important for companies to follow the rhythm of the market, but sometimes the company also has to come up with something new.
2. More Effective Marketing Coordination
Every company must have its own marketing strategy. Marketing strategy serves to help the direction of the company so as to form a coordination team that is more effective and right on target.
3. Formulating Company Goals
With existence of a marketing strategy will help business actors in detailing goals they want to achieve, both in the short and long term.
4. Supervision of Marketing Activities
With a marketing strategy, the company will have performance standards for its members. That way, supervision of the activities of members will be easier to monitor in order to get the quality and quality of work that is effective.
Marketing Strategy Objectives
In general, there are at least 3 marketing strategy objectives, including:
- As means of measuring marketing results based on predetermined performance standards
- As logical basis in marketing decision making
- Increase adaptability when there are changes in marketing
Marketing Strategy Concept
Many marketing experts say that customer satisfaction is the main key to marketing concepts and marketing strategies. In other words, every company has a way to carry out its marketing process according to their respective capabilities.
In fact, the ultimate goal of marketing will still lead to customer satisfaction. Here are 5 Marketing Strategy Concepts:
1. Market Segmentation
Every consumer must have different needs and habits. Companies must classify heterogeneous markets into homogeneous market units.
2. Determination of Market Position
No company can control the entire market. Therefore, companies must have a certain ranking pattern in the market, namely the selection of the most profitable segments.
3. Market Entry Strategy
This is the company's strategy to enter a certain market segment. Some of the ways that are often done are:
- Buying Other Companies
- Internal Development
- Collaboration with Other Companies
4. Marketing Mix Strategy
Marketing Mix is collection of several variables that have been used to influence consumer responses. Some of these variables include;
- Physical Evidence of People
5. Time Strategy
Marketing timing is also very important to pay attention to. Companies need to make good preparations in the field of production, and determine the right time to determine the products to be marketed.
Examples of Marketing Strategies
After understanding marketing strategy well and doing the analysis, you are now ready to carry out several strategies accordingly. Some of the following popular marketing strategies you can implement:
Marketing partnerships have number of advantages, for example collaborating with other parties. This marketing strategy is cheaper and more likely to work.
2. Work with influencers
Don't underestimate the abilities of celebrity class influencers. They actually have a lot of influence on your sales, with a greater reach of followers, when you contract influencers to improve your product, it is certainly not impossible to make a lot of profit.
3. Involving Employees
There is nothing wrong with involving your employees in multiple projects. Try the occasional funny ad involving employees. Of course this has a double effect.
They will be happy to share videos with companies while increasing work effectiveness. The average employee feels proud to be involved in a project like this.
4. Keeping Old Customers
Well, here's what's important. Customers always spoil your past because they are the most loyal to buy products.
Try giving a special small bonus for old customers. Most of them are the most loyal to the products they find satisfying.
Difference of Marketing Strategy and Marketing Plan
It turns out that many are confused by marketing strategies and marketing plans. The reverse is very different.
A marketing strategy is an explanation of the goals you need to achieve with your business. We only see it in the business goals it was designed for.
Meanwhile, marketing plan is a plan for how we can achieve marketing goals that we have previously set. So, marketing plan is more of map or a collection from one step to another.
1. Marketing Strategy
Therefore, to make a marketing plan, an understanding of the marketing strategy must take precedence in addition to its important components. The component marketing strategy itself includes:
- External marketing message
- Setting goals goals
- Short term goals and children
- Long term goals and lazy
2. Marketing Plan
The components of marketing plan are as follows:
Mastering challenges (can be about product description / target recap that refers to the marketing strategy earlier). An analysis of the current situation, which may include:
Now that you have defined the above, you are ready to do a consumer analysis. This analysis can be in the form of the target consumers who want to be obtained, the type, the reason they buy your product, what kind of consumers will be targeted and so on. This kind of analysis can later refine your marketing strategy and find out what steps are being taken to attract more consumers.
Apart from that, it is also good idea to do a competitor analysis. Can we measure where our business is now and its competitors? What are your strengths compared to competitors and what are your weaknesses?
This is very good with the problem we can understand the gap of competitors and determine a good strategy. Remember, competing with big competitors will be very difficult, but when we provide what they don't have but look for customers, of course the results will be different.
This is a brief explanation of the meaning of marketing strategy, functions, objectives, concepts, and examples of marketing strategies. May be useful.