Marketing Strategy: An Integral Phase of Marketing

Once the smart-marketing objectives are set by the company and it has a clear idea of its own product base and the environment in which it operates which is determined by marketing audit and marketing analysis, it must initiate a process to devise a long term marketing strategy to achieve the desired goals.

Marketing strategy is purely based on two principles – who is the consumer and therefore who is my target market?

Some of the companies opt for “Niche Marketing”, where they choose to find a market, where very few of their competitors operate, and certainly none of the big players in the same segment exist in this market and thus try to capture the market by a strong market segmentation, by avoiding direct competition with larger stronger brands, but it a ideal option for start-up businesses.

However the disadvantages of Niche Marketing are that it might attract larger brands to enter the markets with “me-too” products and affect your growth in the long terms.

Another process which is frequently adopted is “Mass Marketing”, where the product is considered suitable for the broad mass base of the market and therefore does not attempt to segment the market and the greatest advantage of this process is that the production can be on a very large scale, thus allowing the exploitation of economies of scale, however to attract consumers the promoters of the brand will have to develop a USP (Unique Selling Point)and the marketing strategy needs a perfect coordination between the product, price factor, promotion and place.

Thus, to sum it up we can say that Business Marketing is an extremely important aspect and hence we need to spend a lot of time in analyzing it to get the optimum output.