Marketing strategies, also known as marketing strategies, marketing strategies, or business strategies, are thoughtful actions that are taken to achieve marketing objectives.
Formulating and implementing marketing strategies is one of the most important functions of marketing and of a company in general, since by allowing these to achieve marketing objectives, they are the ones that largely determine the sales and profits of the company.
In this article we tell you what marketing strategies are, several examples of these, and how to formulate them.
Marketing strategies are thoughtful actions that are carried out to achieve marketing objectives.
In this article you will find:
- What are marketing strategies?
- Examples of marketing strategies
- Product strategies
- Price strategies
- Distribution strategies
- Strategies for promotion
- How to formulate marketing strategies
What are marketing strategies?
Marketing strategies, also known as marketing strategies, marketing strategies, or business strategies, are thoughtful actions that are taken to achieve marketing objectives, such as increasing sales or achieving greater market share.
Like all elements of marketing , marketing strategies comprise the four elements that make up the marketing mix , so they are divided or classified into product strategies, pricing strategies, distribution strategies, and promotion strategies.
By enabling the marketing objectives to be reached and understanding the decisions and actions related to the product, the price, the distribution and the promotion, the marketing strategies are usually the most used strategies in a company, and the most decisive when generating sales and profits.
These are usually formulated annually or whenever deemed necessary by the marketing managers or managers, or the marketing managers (marketers), be part of the marketing planning, and be specified in the company’s marketing plan .
Marketing strategies are actions that usually require some planning in their formulation, and have a general scope (for example, advertising on the Internet), unlike marketing techniques , which are actions that usually do not require much planning in their formulation , and be more specific (for example, write a certain advertising message).
Examples of marketing strategies
As we mentioned, marketing strategies comprise the four elements that make up the marketing mix: product, price, distribution and promotion.
Here are several examples of marketing strategies that are usually formulated for each of these elements:
The product is the good or service that a company sells to consumers, generally so that they can satisfy their needs or desires.
The strategies for the product are usually related to the inputs, characteristics, design, style, brand, packaging and label of the product, as well as the services associated with it, and are aimed at developing a good product. quality capable of satisfying the needs, tastes, preferences and desires of consumers and, therefore, capable of having the highest demand or quantity of sales possible.
Here are some examples of strategies that are usually formulated for the product:
- Launching a new product on the market: launching a new product on the market that satisfies the needs, tastes, preferences and desires of consumers, and takes advantage of the weaknesses of the competition.
- Change the inputs : change the inputs and materials that make up the product for higher quality ones, in order to improve the quality of the product.
- Add New Features – Add new features , attributes, benefits, enhancements, features, utilities, and uses that competitive products don’t have to your product.
- Modify the design : modify the design of the product so that it performs its functions more efficiently, can be used more easily, and is more durable.
- Modify the style : modify the style of the product in order to give it a more attractive appearance and more in line with the concept, essence or personality of the company.
- Change colors : change the colors of the product for more attractive, more striking and more in line with the colors of the company.
- Change the brand : change the brand name of the product for a more attractive one, easier to pronounce and remember, and more in line with the concept, essence or personality of the company.
- Change the logo : change the brand logo for one that is more attractive, more striking, more modern, and more representative of the concept, essence or personality of the company.
- Change the packaging : change the product packaging for a more attractive, more attractive one, which allows the product to be handled, transported and stored more easily, and which includes more product information.
- Change the label : change the product label for a more attractive, more striking, and that includes more product information.
- Add new services : add product delivery services, product installation, product use training, and maintenance and repair to the product.
- Extend the warranty : extend the product warranty period from 6 months to 1 year.
- Improve the return policy : include in the return policy the return of products for dissatisfaction up to 14 days after they have been purchased.
- Launch a new product line : develop and launch a new product line complementary to the existing product line (for example, if ladies’ dresses are already sold, launch a line of shoes or handbags to ladies).
- Expand the product line : increase the products that make up the product line (for example, increase the restaurant menu, or develop and launch a new type of shampoo for other hair types).
- Launch a new brand : develop and launch a new brand on the market without having to remove the brand you already have (for example, a new brand for the same type of product, but dedicated to a consumer with greater purchasing power).
The price is the monetary value assigned to a product when it is sold to consumers and, therefore, the monetary value that consumers must pay in exchange for obtaining said product.
The strategies for the price are usually related to the fixing of the price, the forms of payment, the conditions of payment and the discounts, and are oriented to fix the price that allows obtaining the greatest possible profit.
Here are some examples of strategies that are usually formulated for pricing:
- Set low prices : launch a new product on the market with a low price compared to the average market price so that it is quickly received, and quickly becomes known.
- Set average prices : launch a new product to the market with a price equal to the average market price in order to compete based on the characteristics of the product, rather than based on prices.
- Set high prices : launch a new product at the market with a high price compared to the average market price in order to obtain a good profit margin, and create in the product a feeling of quality, status or prestige.
- Reduce prices : reduce the price of the product in order to attract a larger customer base and encourage sales.
- Increase prices : increase the price of the product in order to increase the profit margin, and create in the product a feeling of quality, status or prestige.
- Reduce prices below competitive prices : reduce the price of the product below competitive prices in order to block it and gain market share, considering that it is a competition that is difficult keep your prices low.
- Increase prices above competitive prices : increase the price of the product above the competition prices in order to give the product an image of higher quality or exclusivity than that of its products.
- Increase payment methods : in addition to paying in cash, offer payment by credit card, through bank deposit, and through bank transfer.
- Improve payment conditions : in addition to cash payment, offer payment on credit for 30 days, and payment of 50% of the price of the product in cash, and the other 50% on credit for 60 days.
- Offer discounts : offer discounts for prompt payment if the customer pays earlier than stipulated, for volume if the customer buys the product in quantity, as a bonus if the customer offers any benefit in exchange for the product, and seasonally for the products that are out of season.
The distribution (or square) refers to the set of activities that allow you to distribute the product of a company to sales points where it will be available or will be sold to consumers.
Distribution strategies (or distribution strategies) are usually related to distribution channels and points of sale, and are aimed at making the product available to consumers in the right place, in the right quantities, under the right conditions. for proper use or consumption, and at the right time.
Here are some examples of strategies that are usually formulated for distribution:
- Sell the product directly to the final consumer : sell the product directly to the final consumer in its own premises in order to have greater control over it (use a direct distribution channel).
- Sell the product through retail intermediaries : sell the product to retail companies such as stores and supermarkets, so that they can later sell it to the final consumer, and thus increase product coverage (use a short indirect distribution channel).
- Sell the product through wholesale intermediaries : work with distributors who are in charge of distributing the product to retail companies so that they can later sell it to the final consumer, and thus further increase product coverage (use a long indirect distribution channel) .
- Sell the product through phone calls : sell the product by making phone calls to consumers who have previously provided their phone number.
- Sell the product through emails : Sell the product by sending emails to consumers who have previously provided their email address.
- Sell the product in an online store : sell the product in an online store in order to take advantage of the reach of the Internet and the increase in purchases in this medium that is taking place in the Spanish-speaking market.
- Sell the product in vending machines : sell the product in vending machines located in local malls and supermarkets in order to increase product coverage.
- Sell the product in all points of sale : locate the product in all the points of sale that have been and have been (intensive distribution strategy).
- Sell the product in some sales points : locate the product only in the sales points that are convenient for the type of product and the consumer that makes up the target market (selective distribution strategy).
- Sell the product in a single point of sale : locate the product only in a point of sale that is exclusive (exclusive distribution strategy).
- Increase distribution : increase product distribution by opening new business premises, increasing supply capacity, hiring more delivery personnel, and acquiring more distribution vehicles.
Strategies for promotion
The promotion (or communication) refers to the set of activities that allow to communicate, inform, raise awareness or to recall the existence of a product to consumers and persuade, encourage, motivate or induce purchase, purchase, consumption or use .
Promotion strategies (or promotion strategies) are usually related to personal selling, sales promotion, advertising, public relations, direct marketing and merchandising, and are aimed at publicizing the product and encouraging its purchase or acquisition in the most effective way possible.
Here are some examples of strategies that are usually formulated for promotion:
- Launch new sales promotions : launch new sales promotions to the market consisting of the offer of two products for the price of one, the 15% discount on all products during the company’s anniversary month, and the delivery of consumption of US $ 10 valid for the second purchase.
- Advertise in newspapers : publish an advertisement in the local newspaper that is most read by the consumers that make up the target market, in the section related to the type of product, and in classified ads.
- Distribute flyers and brochures : distribute flyers and brochures where the main characteristics of the product and sales promotions are indicated, in the surroundings of the company premises, and in the places that are frequented by the consumers that make up the target market.
- Give away advertising items : give away items such as pens, key chains and cartridge cases that carry the brand of the product to all customers, in order to remind them of the brand at all times.
- Increase advertising : increase product advertising by placing advertising posters on the facade of the company premises, advertising foils on distribution vehicles, and advertising posters in advertising spaces that are for rent on public roads.
- Create a web page : create an attractive and professional looking web page where the product is exhibited and information is provided about it and about the company, and which is subsequently advertised through the Google Ads advertising program.
- Create a Facebook page : Create a Facebook page where publications of interest to consumers are regularly published, and where some of the publications are eventually advertised through the Facebook advertising program.
- Create a blog : create a blog where entries of interest to consumers are regularly published, and where consumers are given the possibility to subscribe to an electronic newsletter, and thus receive other publications in their mailboxes that also are of interest to you.
To learn more promotional strategies you can visit our article: How to promote a product .
How to formulate marketing strategies
To formulate or design the marketing strategies of a company, the marketing objectives must be taken into account, since strategies must be formulated to achieve them; but also the consumers that make up the target market, the competition, and the resources and capabilities of the company.
The consumers that make up the target market must be taken into account since strategies must be formulated that allow, for example, satisfying their needs or desires, solving their problems, or taking advantage of their habits or customs.
Let’s see some specific examples below:
- If the consumers that make up the target market prefer a certain characteristic in the type of product that the company sells, a strategy to formulate would be to include said characteristic in the product, focus on it, and highlight it in advertising.
- If they are consumers who take the price into account a lot when deciding on their purchase, a strategy to formulate would be to set low prices, or set prices below those of the competition.
- If they are consumers who are starting to buy online, a strategy to formulate would be to sell the product in an online store or on Internet marketplaces.
- And if they are consumers who usually spend time on social networks and YouTube, a strategy to formulate would be to have an active participation in social networks, and constantly upload videos to YouTube.
To formulate marketing strategies should take into account the competitors as they develop strategies to, for example , should, take advantage of their weaknesses, addressing their strengths, or take as a reference the strategies they are using and that better results were are giving.
Let’s see some specific examples below:
- If one of the weaknesses of the competitors is the little differentiation of their products, one strategy to use would be to add a differentiating feature to the product, and highlight it in advertising.
- If the competitors are not producers and, therefore, another of their weaknesses is their lack of ability to keep their prices low, a strategy to use would be to reduce prices below theirs in order to gain market share.
- And if the competitors are using a point of sale or an advertising medium that is giving them good results, a strategy to use would be to also use said point of sale or advertising medium or, in any case, take it as a reference when choosing one.
Finally, to formulate a company’s marketing strategies, its resources and capabilities should also be taken into account, since, for example, if the company does not have sufficient resources and capabilities to sell its product in its own premises, it could consider the strategy of selling it through intermediaries.
Marketing strategies are usually specified in the company’s marketing plan , where in addition to these, the marketing objectives, the tasks or activities necessary to implement the strategies, and those responsible and responsible for carrying them out are usually specified.
- Marketing strategies are thoughtful actions that are carried out in order to achieve certain marketing objectives.
- For better management, marketing strategies are divided or classified into product strategies, price strategies, distribution strategies, and promotion strategies.
- By enabling marketing objectives to be achieved and related to product, price, distribution and promotion, marketing strategies largely determine the company’s sales and profits.
- To formulate marketing strategies, the marketing objectives, the target market, the competition and the resources and capacities of the company must be taken into account.
- Finally, to implement the marketing strategies, a marketing plan is usually made where, in addition to the strategies, the marketing objectives, the tasks or activities to be carried out, and the managers and managers of these are specified.