Submitted by ARIJIT DESHMUKH
(Department of BBA (2017-2020))
University Roll Number : 15205017102
If we look it consist of two words marketing and strategy, they are marketing and strategy. The basic meaning of marketing is it is the study and management of exchange relationship. It is a business process by which an organisation tries to identify, anticipate and try to satisfy the needs of the customers and turning them into profits. Whereas, strategy means a plan of action through which is designed to long term or the short-term objective of the organisation.
Thus, we can say that marketing strategy is the overall business plan for reaching the prospective of thee consumers and turning them into customers of the product or the services which the organisation is trying to provide. It is done after identifying the product mix, needs of the customers, data on targeted customers demographic, advertisement and other high-level elements.
- Increase sales.
- Increase profit.
- Build brand awareness.
- Grow market shares.
- Target new customers.
- Enter new market internationally and globally.
Various Marketing Strategy:
- Niche Marketing: A niche market is a subset of market on which a specific product is focused. The product is basically aimed to satisfy specific market needs as well as price range, production quality and the demography which they are trying to focus. It is also a small market segment. For example, if we take the example of mobiles there are basically two leaders’ android and iOS, android is basically developed by google whereas iOS is developed by apple. Both the company has huge customer base but they satisfy the needs of targeted customers. Android basically target the people whose income rate is moderate whereas the iOS products basically targets the people whose income rate is high.
- Trade Show Marketing: Trade show marketing basically refers to the exhibition which are organised by the company. The main aim of the companies through this kind of exhibition is to showcase or demonstrate the new products which are going to be launched in the upcoming days. People in this exhibition are either invited or allowed to watch it for free of cost. This helps the company to advertise their new product. For example, the MWC or the mobile world congress which is held in Barcelona. It is a annual trade show organised by GSMA where various mobile companies take part so that they could give the ideas to the people what are the products they are working on and what are the products which they are going to launch in the upcoming day.
- Social Media Marketing: Social media marketing is the use of social media platform and the website for the promotion of the product. This helps in connecting with the audience to build the brand, increase the sales and drive website traffic. For example, ZOOM, it is a platform that allows the user to perform video conferencing with a greater number of people. During this pandemic situation this platform got a huge popularity as this platform allows the user to attend virtual meetings and call from any location.
- Freebie Marketing: Freebie marketing is defined as any promotion of a low-price product or giving that away so that it could encourage the sale of another higher value product. Freebie marketing need not always be the distribution of free products. These campaigns are also called loss leader programs. A loss leader is a product which is sold at a loss in order to attract customers. For example, providing a free pen with a notebook, a toothbrush with a pack of toothpaste, etc
- Undercover Marketing: It is a form of marketing strategy in which a product is introduced to the customers in such a way that it does not look like advertising. The product is launched or introduced to the customer that they do not feel like the company is doing any kind of advertising. For example, using a vivo smartphone in a movie, or using Audi cars in the movie Captain America Civil War. Many people might not have noticed but they advertised their product in such a way that it does not seems like the company is advertising their product.
- Outbound Marketing vs Inbound Marketing: Outbound marketing is also known as push marketing. In this case the organisation uses various plans or strategy so that they could give message to a large number of people in attempt to make a sale. For example, they use radio, hoardings, social media, direct mail, calling etc so that they could give their message to a large number of audiences. It basically focuses on promoting their product and convincing the consumers to buy their product.
Whereas, Inbound marketing helps in creating strategy where the company could create content or social media tactics that helps to spread brand awareness so that people could learn about them. The customer might go to their website before making the purchase.
- Cross Promotion Marketing: Cross promotion marketing is a form of marketing strategy where customer of one product or service are targeted with the promotion of the related product. In simple terms we can say that the company is trying to sell the product in such a way that the other product which are related to it also gets promoted. For example, Motorola lost it market share a few years back but when they came back with the launch of their new android phone it was only sold through flipkart.com., In this case flipkart was promoting the brand Motorola whereas Motorola was promoting flipkart on the other had. Another good example of cross promotion is the sale of OnePlus phones as it is only sold via amazon.in in India.