Marketing Strategies and Models

Marketing Strategies and Models

10 Marketing Strategy Models For Your Small Business - Growth Empowered  Marketing Services

The consumer enters the market to satisfy his economic wants. The firm achieves its goals by providing
consumer want-satisfaction through the implementation of marketing strategy. Marketing strategy must be
employed by a firm operating in a heterogeneous market (Thrassou & Vrontis, 2008). The firm faces various
possible courses of action. Management must make decisions concerning these possibilities so as to attain the
firm’s objectives. Marketing strategy is defined to be this process of decision-making with regard to the
marketing function of the firm, i.e., the planning and execution of activities which attract customers to the firm.
Marketing strategy consists of three elements: target market selection, marketing mix implementation, and
strategy adjustments. The target market is considered to be the group of customers whose patronage is sought
because of profit expectations (Drossos et al., 2011). The marketing mix is the particular combination of
marketing variables which is employed to solicit the patronage of the target market. Adjustments or changes in
components of the other two elements of the marketing strategy must be made to keep the strategy abreast of
changing market conditions.
There are three main objectives in marketing (Yu, 2006). 1) to create awareness and ensure an intended audience
understands the basic concept behind the idea and its relevance to them; 2) to reduce or remove barriers
surrounding the idea so that a proposed action takes minimal effort; and 3) to develop and manage relationships
with the intended audience. Marketing always focuses on the audience’s perspective. A target audience is defined
using a specific set of values and interests, including demographics, geographic segmentation, behaviors,
political values, social status and other variables determined by the required context. An ideal target audience is
made of decision makers and/or influencers, who will ultimately be in charge of fulfilling the call to action. To
do this, marketing professionals bridge, amongst others, psychology, sociology and graphic design principles in
order to create a clearly-defined message for the target audience (Pandey, 2012). The message precedes the call
to action. The message is the information intended for the audience to know, built in a tone that appeals to their
values. For example, messages of hope have in general more impact than messages of doom to inspire audiences
to take action.
Given the recent changes in the business environment, sticking with existing model is unlikely to work. All
organizations need to be more nimble and responsive, and it is vital that they are more reactive to ideas and input
from customers than they have been in the past. All must be prepared to test out new ideas in their model of
delivery, and not just for innovation’s sake, but in order to survive (Pandey, 2012). It is important for
organizations to be clear which model they are working to, rather than just assuming a model will emerge by putting disciplines of marketing, sales, and service to task. There’s no point choosing a customer management
model that does not work with the functional strategies, and disciplines in place, and not addressing the changes
required to these.

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