Approaches to forming a marketing strategy

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Another factor that influences the choice and formation of a marketing strategy is the company's ability to change and adapt its products to the requirements and needs of industrial buyers. If a company is focused on the production of basic goods, then its level of adaptation is quite low, that is, it needs gross production, and its competitiveness is directly dependent on the volume of production and the cost of manufacturing and selling the goods.

In the case where an organization uses flexible manufacturing technology, that is, when necessary, it can reconfigure the production process, as well as its own employees to create a wide range of unusual goods, the level of adaptation of the company is considered high.

From all of the above, it can be concluded that the choice of a company's marketing model is influenced by such factors as the level of quality, as well as its ability to adapt the manufactured product to the demand of certain industrial buyers.

Marketing analysis tools also luxembourg email list influence the choice of marketing tactics. The most widely used are SWOT analysis (by monitoring the company's pros and cons, as well as the opportunities and threats from the environment) and strategic analysis through the BCG matrix (Boston Consulting Group).

The results obtained after conducting the above studies allow the organization to select and begin to form a marketing model that would not only correspond to the capabilities and needs of the company, but also take into account the dynamism of the market and competition in it.

Approaches to forming a marketing strategy
There are 4 main methods of forming a marketing strategy:

Product/Market Opportunity Table (Ansoff Matrix).

Boston Consulting Group (BCG) Matrix .

Profit Market Strategy (PIMS) Program .

General strategic model of M. Porter.

Any of the approaches involves assessing the company's capabilities, potential, product, and area of ​​operation. Based on the assessment data obtained, it is possible to determine the actual efforts and resources of the organization, and then begin to form an individual marketing strategy.

The PIMS program is almost never used in planning. Most often, preference is given to the Ansoff matrix, BCG and Porter's model. Below we will discuss each of these common marketing planning methods in more detail.

Matrix of possibilities
Matrix of possibilities

The opportunity matrix involves the use of four distinct marketing strategies aimed at maintaining and/or increasing product sales: market penetration, marketplace development, product introduction into an existing market, and diversification.

The choice of one or another marketing scheme is determined by the indicators of market saturation, the stage of the life cycle of the offered product, as well as the possibility (or lack thereof) of the company to modernize its own production if necessary. The possibility of simultaneous use of several methods is not excluded.

Market Penetration Strategy

This strategy (an existing product is presented on an existing market) is effective when applied on a young/not saturated market, at the "growth" stage of the life cycle of the product being sold. The organization can increase the volume of products sold by increasing product distribution, actively promoting its own product and changing the pricing policy (introducing the most competitive prices).

All the above mentioned measures will help to stimulate sales, lure customers away from competing companies, and also increase interest in the products among your own target audience.

Market development strategy

Formation of this marketing strategy (an existing product is presented on a new market) makes sense when a company, wishing to stimulate sales of the product, introduces it to new regional markets, offers it to different categories of buyers, searches for and uses new methods of distribution and sale of the product, and also increases efforts to promote it on the market. It is optimal if the product life cycle is at the "implementation" stage.

Product Development Strategy

The tactic (new product introduced to the old market) is used by companies that already have several successful and popular brands and enjoy consumer trust. The organization launches production of modified products and releases them to existing markets.

The main focus in this case will be on the creation of completely new models or the modernization and improvement of the quality of existing ones and the subsequent sale of manufactured goods to consumers who have a positive attitude towards all brands of this manufacturer. Classic methods of product implementation are used.