Types Of Marketing Strategies

From Santa Fe Institute Events Wiki

Types Of Marketing Strategies: What Are They?

Marketing is an age old concept which deals with the popularization of the products offered by a manufacturer or trader. No matter what is being offered for sale, marketing is essential to ensure that the target audience gets to know about it and buys it in preference to that of the competition. Various types of marketing strategies are employed to get an upper hand on the market.

If you are the current market leader and launching a new product, you will already have a loyal customer base to reach out to. The first thing is that this is your territory and this is what needs to be defended against any pretending challenger. This includes a careful product mix that consists of the best performing products only shunning the products that are currently not doing well.

Types Of Marketing Strategies Challenger

If you are the challenger in the market and are looking to take the dominance in the market then try and find the niche that is still untapped in the market and which you can meet and satisfy. Being a challenger you are entering a market that is currently being dominated by other players and one which needs careful consideration in order to become the leader. Focusing on a small area will allow you to get a foothold and avoid competition which other players may well ignore at the beginning allowing you the time to settle in.

Types Of Marketing Strategies Market Follower Market follower is one of the types of marketing strategies. As a market follower your approach is to exploit the market research and in roads that have already been made by your competition. You are merely making your products and marketing strategy targeted towards the audience who may be are dissatisfied by the products and services offered by the current players. Better service, better products and great customer support are the key elements of the marketing strategy of a market follower.