What Is Types of Marketing Strategies? Definition of Types of Marketing Strategies, Types of Marketing Strategies Meaning and Concept
The concept types of marketing strategies refers to the actions that are going to be carried out to achieve certain objectives within a company .
Strategies are essential for a brand because they define the action plan to execute. It is the basis on which to work to achieve the objectives pursued.
Depending on the products or services that you want to introduce in the market, as well as the potential clients, one or another strategy will be chosen since there are different types according to each specific case.
Types of strategies
These are the most outstanding:
- Segmentation strategy : Taking into account how broad the market is, the competition that exists for similar products and the types of audiences, segmenting to reach those who are interested is a very important strategy. Customers have different needs, it is important to know the interest groups, create a value proposition for them and thus optimize the marketing budget. Within this strategy, it is important to highlight three subgroups:
- concentrated strategy. It is characterized by targeting only a market niche that needs the service being sold.
- differentiated strategy. It deals with proposing a different product to each niche that is identified in such a way as to satisfy the needs of the most diverse audiences.
- undifferentiated strategy. The types of public are not taken into account, but the same product is offered to everyone equally without taking into account the specific needs of each segment.
- Brand positioning strategy : brands are positioned in the minds of customers through certain messages and values that make them stand out from their competition. In this case, this concept is worked on to position the product above its rivals in the market, offer a positive comparison of the characteristics of the product with respect to the competition, provide a value contribution and as a final objective the achievement of being the market leader over other similar brands.
- Functional marketing strategy : In this strategy it is necessary to take into account aspects that are worked on internally, and that are related to the marketing mix , we speak of the 4 P: product strategy (the packaging, the guarantee, the attention to the customer), prices (the form of payment, the variation of prices), distribution (the way in which these products reach their public, how they are managed, the accessible points of sale), and promotion strategies (branding, promotions, advertising). In this strategy, these sections are worked on internally to achieve a product that stands out in the market above its competitors. Of course, these variables must be in line to achieve the commercial objectives that have been proposed from the beginning.
It is essential to have a plan of action in marketing. If you want to succeed with a product that reaches a certain audience and achieve sales to keep the brand positioned in the market, you will have to choose the most appropriate strategies for it.