Marketing strategy deals with pricing, selling and distributing a product. Using a market development strategy, a company or business unit can:
- Capture a larger share of an existing market for current products through market saturation and market penetration or
- Develop new market for current products.
Eg: P & G, Colgate – Palmolive
Using Product development Strategy, a company or business unit can
- Develop new products Egisting markets or
- Develop new products for new markets.
Eg: GCMMF – Amul products (Using a successful brand name to market other products is called line extension and is a good way to appeal to a company’s current customers).
Using Advertising and promotion strategy, a company or business unit can use
- Push Strategy – Spending a large amount of money on trade promotion inorder to gain or hold shelf space in retail outlets.
- Pull Strategy – spending a large amount of money on consumer advertising designed to build awareness so that shoppers will ask for the products.
Using Distribution strategy, a company or business unit can choose any method of distribution, namely
- Using distributors and dealers to sell the products
- Selling directly to the consumers
Using Pricing strategy, a company or business unit can choose,
- Skim pricing means high price, when the product is novel and competitors are few or
- Penetration pricing is aimed at gaining high market share with a low price.
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