Marketing strategy Assignment Example | Topics and Well Written Essays - 1000 words - 1

Marketing strategy - Assignment Example This research is being carried out to evaluate and present some of the generic marketing strategies. Market dominance; this is the portion of the market served by the organization. It is healthier for a business entity to know the size of the market and the percentage it serves. This will enable them determine the quantity of production. Market dominance is grouped into four. These are; leader, challenger, follower and niche. To avoid serious impact, businesses should try to be the market leaders. This can be achieved through direct marketing, publicity and other promotional methods. Growth strategy; this is a strategy aimed at the area of operation, quality of operation and quantity of production. Businesses should spread out their branches over as large region as possible. This may take place in the following directions; horizontal (the operation is expanded geographically), vertical (improvement done on the quality of production and quantity of the produce), diversification and in tensification (changes made to include variety of other related commodities for example if previously organization was producing beverages it can incorporate refreshments). Innovation strategy; this strategy aids the invention of new products, new production methods, new markets and new branding. It enhances the sales of the products and results in average increase of sales. Businesses should always try to be the inventors of an idea; the pioneers and not the followers or the late followers. Pioneers are likely to dominate the market if their followers are not innovative enough to come up with a more advanced service or quantity. An example is the coca cola company who has remained the sole producers of refreshments in the larger East and Central Africa. They therefore dominate this market. They as the leader keep all the secrets of production to themselves. They have succeeded in operations through practices like branding of their commodities. Also the services like software servic es where companies like Microsoft were close followers but are now coming up steadily due to their innovative nature. Innovation strategy should cut across the technological changes and the business innovations and the inventions. Porter generic strategy; these are steps put forth to ensure that the organization gets deep into the market and has a proper and sustainable completion advantage. Organizations are able to achieve this through market segmentation; dividing market into portions of same need and which serviced in a similar way and cost leadership; making the prices of the commodities be fairly lower compared to that of the competitors. Product differentiation can be used make clear distinction between the vendors. Marketing warfare strategies; these deal with marketing and war, dictate what is to be done at such times. Product strategy document Product strategy is the procedure which an