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Briefly explain four types of marketing strategies and their uses? And it's references with years?
Anonymous
Nov 15, 2023
Briefly explain four types of marketing strategies and their uses? And it's references with years?
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ChatGPT
Nov 15, 2023
1. Product Differentiation Strategy (1950s): This strategy focuses on highlighting the unique features and benefits of a product or service to differentiate it from competitors. It involves creating a distinct brand image and positioning in the market. Companies using this strategy often invest in research and development to continuously innovate and offer superior products. Examples include Apple's focus on design and user experience or Coca-Cola's emphasis on its secret formula.
2. Market Penetration Strategy (1960s): This strategy aims to increase market share by selling more of the existing products or services to the current target market. It involves aggressive pricing, promotional campaigns, and distribution expansion. Companies using this strategy often offer discounts, loyalty programs, or bundle deals to attract customers. An example is McDonald's constant introduction of new menu items and promotions to encourage repeat purchases.
3. Market Development Strategy (1970s): This strategy involves entering new markets with existing products or services. It focuses on identifying and targeting new customer segments or geographical areas. Companies using this strategy may adapt their products or marketing messages to suit the needs and preferences of the new market. An example is Starbucks' global expansion, entering new countries and adapting its menu to local tastes.
4. Diversification Strategy (1980s): This strategy involves entering new markets with new products or services. It aims to reduce risk by diversifying a company's portfolio and revenue streams. Companies using this strategy often acquire or partner with other businesses to enter new industries. An example is Amazon's diversification from an online bookstore to a global e-commerce giant, offering various products and services like cloud computing and streaming.
References:
- Kotler, P., & Armstrong, G. (2016). Principles of Marketing. Pearson.
- McDonald, M., & Wilson, H. (2016). Marketing Plans: How to Prepare Them, How to Use Them. John Wiley & Sons.
2. Market Penetration Strategy (1960s): This strategy aims to increase market share by selling more of the existing products or services to the current target market. It involves aggressive pricing, promotional campaigns, and distribution expansion. Companies using this strategy often offer discounts, loyalty programs, or bundle deals to attract customers. An example is McDonald's constant introduction of new menu items and promotions to encourage repeat purchases.
3. Market Development Strategy (1970s): This strategy involves entering new markets with existing products or services. It focuses on identifying and targeting new customer segments or geographical areas. Companies using this strategy may adapt their products or marketing messages to suit the needs and preferences of the new market. An example is Starbucks' global expansion, entering new countries and adapting its menu to local tastes.
4. Diversification Strategy (1980s): This strategy involves entering new markets with new products or services. It aims to reduce risk by diversifying a company's portfolio and revenue streams. Companies using this strategy often acquire or partner with other businesses to enter new industries. An example is Amazon's diversification from an online bookstore to a global e-commerce giant, offering various products and services like cloud computing and streaming.
References:
- Kotler, P., & Armstrong, G. (2016). Principles of Marketing. Pearson.
- McDonald, M., & Wilson, H. (2016). Marketing Plans: How to Prepare Them, How to Use Them. John Wiley & Sons.
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