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What is Marketing? Types of Marketing Strategies.

What is Marketing? Types of Marketing Strategies.
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“Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. It includes advertising, selling, and delivering products to consumers or other businesses. Sometimes done by affiliates on behalf of a company.”

 

Marketing strategies are used by businesses to promote their products and services.  It is used by different companies to collaborate with their consumers.

It is also employed to let consumers/customers know about the features, specifications and benefits of company’s products.

It is basically focused on encouraging target population to buy those specific products and services.



These strategies might be totally innovative or they can be previously tried or tested strategies. Done well they help to get ahead in the competition.

 

Types of Marketing Strategies

There are different types of strategies available. Picking up a strategy includes analyzing the needs of your business, your target audience and specifications of your products.

There are two major types of marketing strategy:

1. Business to business (B2B)
2. Business to consumer (B2C)

The most common form of marketing is business to consumer (B2C) marketing. But that’s being too serious, breaking them down, the following are the different types of strategies available –

 

1. Paid Advertising
This includes multiple approaches. It includes traditional approaches like TVCs and print media advertising. Also, one of the most well-known marketing approach is internet marketing. It includes various methods like PPC (Pay per click) and paid advertising.



2. Cause
This links the services and products of a company to a social cause or issue. It is also well known as cause related marketing.

 

3. Relationship
This type of marketing is basically focused on customer building. Enhancing existing relationships with customers and improving customer loyalty.

 

4. Undercover
This strategy focuses on marketing the product while customers remain unaware of the strategy. It is also known as stealth marketing.



5. Word of Mouth
It totally relies on what impression you leave on people. It is traditionally the most important type of marketing strategy. Being heard is important in business world. When you give quality services to customers, it is likely that they’d promote you.

 

6. Internet
It is also known as cloud marketing. It usually happens over the internet. All the items are shared on the internet and promoted on various platforms via multiple approaches.

P.S Internet marketing for a mass product has to come when ‘you are already there or to introduce ‘ but must be done strongly alongside street marketing.



7. Transactional
Sales is particularly the most challenging work. Even for the largest retailers, selling is always tough especially when there are high volume targets. However with the new strategies, selling isn’t as difficult as it was.

In this type, the retailers encourage customers to buy with shopping coupons, discounts and huge events. It enhances the chances of sales and motivates the target audience to buy the promoted products.

 

8. Diversity
It caters diverse audience by customizing and integrating different strategies. It covers different aspects like cultural, beliefs, attitudes, views and other specific needs.



Marketing strategies have made it much easier to promote products and services. They also limit the strategy to target audience ensuring the proper advancement of the business.

 

Meanwhile, here are points to ponder before going into marketing:

1. Define the target population
Defining target population is main and necessary step in choosing your strategy. It gives the proper demographics which help in selecting the most appropriate plan for your business.

 

2. Test your Audience
Create a hypothetical process of buying to test your audience. Once you know the buying behavior of your target audience, you can select more appropriate strategy.



3. Consider marketing Strategies
Once you know the demographics; their knowledge, attitudes and behaviors. You can select more appropriate strategy.

 

4. Evaluate those Strategies
Once you have considered the strategies and found the applicable ones. Asses them, apply them and evaluate them. This process must be for testing purposes and the most suitable and productive strategy must be applied.

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