Market strategies result from a market analysis that enables the target market to be defined and the business positioned in order to gain its share of sales.
Marketing strategies differ depending on the situation of the business. Sometimes more than one marketing strategy may be used simultaneously. Here are a number of ways of categorizing some generic strategies.
Strategies based on market dominance are based on market share or dominance such as Leader, Challenger, Follower or Niche Player.
Strategies based on market penetration and sustainable competitive advantage such as Pioneers, Early or Late followers and include a growth factor for sustainability.
Strategies based on warfare analogies: Offensive (secure competitive advantages), Defensive (defend competitive advantages), Flanking (operate in areas around the competition) or Guerilla (attack, retreat, hide, repeat).
As with everything in business, time changes it all. So it is important to reexamine your market strategies every so often.
How have you defined your marketing strategy lately?
Steve Koenig, SCORE Counselor
Visit us at: www.scoresouthflorida.net