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; Know your market share, classify yourself as a leader, challenger, follower or niche. Then plan your marketing strategy accordingly.

– Leader: You have dominance in the market, 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 need to point out that the industry leader has gotten too big to care about customers, which will change the way things go in the industry. It has to project an image of being the next cutting-edge thing to hit the market.

– Follower: You should consolidate your position by never directly challenging the leaders while making alliances in the market. You wait for your opportunity 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

Here it is a question of who is at the forefront, who produces the new products and technologies before anyone else. You are a pioneer, a close follower or a late follower.

– Pioneer: You focus on being the one with the newest and most popular products. You promise that your customers will get the new technology before anyone else.

– close follower: You wait for others to pioneer in a different direction, and when they’re onto something, you quickly adopt it, improve it, and make it your own.

– late follower: It adopts only the most stable technology, emphasizes to its customers that its products will be stable, tried and tested, with no bugs or last-minute withdrawals.

– Growth strategies

When operating under growth strategies, your focus should be on how to grow your business. You use:

– horizontal integration: tries to expand by acquiring or starting new businesses in the same field as its main business, thus controlling a greater market share and bypassing the competition.

– Vertical integration– Attempts to acquire or start businesses that supply your current business or sell your products. 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 there are big profits there.

– Intensification: Adds new features to your existing products. You release new versions of your products. Trying to consolidate and then expand its position in the market.