Marketing Strategy and Mission Statement Planning is an important component of every business.
To do so, you'll need to determine what makes your business unique and incorporate this feature into your marketing strategy.
By making use of differentiation marketing strategies, you can make your business stand out in a crowded competitive marketplace. Pricing You can differentiate your business through your pricing strategy. By pricing your products or services below that of the competition, you can to cut into their market share by stealing some of their customers.
Higher pricing can help you cultivate an image of quality or prestige.
If employing a low-price strategy, be sure that you can still remain profitable. If you offer higher prices, you may need to also offer additional services to attract customers, such as free delivery or extended business hours.
Products Or Services Another way to stand out from the pack is to offer different products or services than your competition.
For example, be the first in your town to open a gourmet coffee shop or a Thai restaurant. The key to this type of strategy is to conduct market research to ensure that your unique products or services will be accepted by the local community. You can also expand your product mix to include items that your competitors do not carry.
Convenience Emphasize the convenience of your business to set yourself apart from the competition. As a smaller business, you may be able to reduce the time it takes for customers to get in and out. Your location may also make it easier for customers to find you. Perhaps you operate a computer repair service where you travel to homes or business in addition to allowing people to drop off their machines.
In an age where people are in a hurry, positioning your business as the convenient alternative can help you establish a niche.
Personalized marketing (also called personalization, and sometimes called one-to-one marketing) is an extreme form of product differentiation. Whereas product differentiation tries to differentiate a product from competing ones, personalization tries to make a unique product offering for each customer. A firm may want to increase its product differentiation because when your make your product different from the competitors it allows you to increase your profit margins per sale because. This is because customers see your product in a different light due to the usp you have marketing strategies. 6. The Major Marketing Strategies Most of the major marketing strategies can be classified into one of the following four categories: * Product * Place * Price * Promotion These four categories are known as the marketing mix or the four P’s of marketing. These are variables that the marketing managers have to control in order to satisfy their customers.
Expertise Your personal or business experiences or credentials may allow you to market your expertise. You may be the only florist in your area with an advanced horticultural degree, for example. You also might possess extensive experience gained from working in the corporate or business world that you're now applying to your business venture.
If your business is technical in nature, such as working with electronic equipment, your expertise can make your business a more attractive choice. Differentiation -- Smart Marketing Strategies for the Solo Entrepreneur About the Author Chris Joseph writes for websites and online publications, covering business and technology.Lenovo’s point of differentiation was the establishment of “Lenovo care.” The approach focuses the company on the product and reducing its worry on the amount of computing involved.
The services allow the company to provide high number services that are specific to the consumer demand and product type. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe.
A firm may want to increase its product differentiation because when your make your product different from the competitors it allows you to increase your profit margins per sale because. This is because customers see your product in a different light due to the usp you have marketing strategies.
6. The adoption of a differentiated or selective marketing strategy would be feasible for the new brand that is ought to be launched. It deals with targeting each segment with a product.
Here, children segment with “Phun” and adults segment with “First-fruits” where the products are designed according to the needs of each segment. Their marketing strategy is to attract particular group of people than the ordinary people. CONCLUSION. To sum of the principles of strategic marketing, strategically developed marketing strategies are the building block of overall corporate strategy.
The Product Differentiation Strategy Marketing Essay.
Print Reference this. Disclaimer: what types of strategies should be formulated for Excellent Shoes Manufacturing Pte Ltd; I claim that the company could bring the result from the step of strategy analysis and to consider in these questions, what the external and internal environments.