MARKETING STRATEGY

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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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