Types of Marketing Strategies and Elements of a Successful Marketing Term Paper

Types of Marketing Strategies and Elements of a Successful Marketing Strategy - Term Paper Example One should remember that marketing is not like mathematics, in which there are set formulae to derive results. However, goals are met on the basis of past experiences, and some trial and error. Marketing strategies are based on the principles of psychology and sociology and believes in one core value that customers come first; therefore, one needs to satisfy their needs. TYPES OF MARKETING STRATEGIES Marketing strategies are divided on the basis of the status of the organization in the market, its stage in the life cycle and also on the basis of different levels in the company. Strategies based on Market Dominance Market Leader Strategies Market leader focuses on expanding total market, defending market share or expanding market share. Total market can be expanded either by attracting new users, creating more usage or new usage. Market share can be defended through â€Å"position defense, flanking defense, pre-emptive defense, counter-offensive defence, mobile defence, market broade ning, and market diversification and contraction defense† (Smith, n.d). Market Challenger Strategies A challenger can attack the leader by making â€Å"a frontal, flank, encirclement, and bypass or guerrilla attack† (Smith, n.d). Other strategies available to a market challenges include â€Å"offering price discounts, offering goods at low cost, introducing prestige goods, doing product proliferation, bringing innovation in the product, improving services, bringing innovation in the distribution, reducing manufacturing cost or doing intensive advertising† (Ranchhod, Tinson, & Gauzente, Marketing Strategies, 2004, p. 182). Market Follower Strategies Market follower can either become a counterfeiter, cloner, Imitator, or adapter. Market Niche Strategies Market niche follows â€Å"market differentiation strategy† (McDonald, 1995, p. 50). Porter’s Generic Strategies Porter generalised marketing strategies in three broad types that companies can choose f rom in order to get a competitive advantage. These are â€Å"market segmentation, market differentiation and cost leadership† (Bradley, 2005, p. 152).