Marketing strategy
We know that they analyze and review the strategy at three levels:
Organization-business level and functional or task level.
The strategy at the function and operation level seeks to maximize resource efficiency. One of these strategies at the operational level is the marketing strategy. Therefore, it may be useful to review briefly and simply; What is a marketer and what does he say?
A marketing strategy is a plan that determines how to allocate marketing resources and forces to achieve business goals. Effective marketing strategies (ie goal oriented) guide marketing managers in determining the who, where, when, how much and how of marketing activities such as sales. Naturally, these strategies should include four marketing mix elements (price, product, distribution location and promotion).
By using the market development strategy (i.e. current product for new market), a company can acquire a large share of the current product market through market saturation and market penetration and create new markets for current products. Also, by using the product development strategy, he can design and produce new products for current markets, and if he is very professional and capable, he can offer new products to new markets.
The functional strategy related to price is the most important pillar of marketing, because it directly affects supply, demand, profitability, customer opinions, and the reaction of legislative bodies and competitors. Now, this pricing strategy approach may be cost-oriented, market-oriented, or competitor-oriented. That is, in the cost-oriented approach, pricing decisions are focused on the finished product cost. In the market-oriented approach, pricing is based on customer demand, and in the competitor-oriented approach, decisions are made based on competitors’ prices.
Usually with two methods (there are many pricing methods, but these two are more common) strategy can be implemented to determine the price:
– Cream pricing (non-intrusive)
Skimming pricing strategy
– Penetration pricing.
Pioneering companies in introducing a new product (innovator) use the first strategy and set a high price for the product, and on the other hand, in the second method, the company sets a lower price for the product to gain more market share.
Another point is that; The company can use push and pull strategy in the field of advertising and promotional activities. The pressure of providing discounts, special facilities and product promotion to the distribution system. But the pull strategy introduces and offers the product to all distribution channels with advertisements and commercials. In the push strategy, the members of the distribution channel and in the pull strategy, the customers are the target of advertising and promotion activities. Another point that should be taken into account in strategic decisions is the customer return rate.
Customer defect rate
It means the percentage of the company’s customers who are drawn to competitors every year.
*To remind myself and my friends who have just started.
Sincere
@startup_30T
This post is written by Rimaazz1