4 Types Of Marketing Strategies To Use As An Entrepreneur

Four 4 Types of Marketing Strategies
There are four (4) main types (examples) of marketing strategies that businesses can apply in marketing their products or services. Each business due to its unique nature must use the type of marketing strategy that best suits them.

Market Leader Strategies

Under this strategy, there are three ways in which you could use it to establish yourself as a market leader. The first way is to expand your total market. This is done by applying strategies that will increase the numbers of consumers using your product or services.
To lead you must find new uses of existing products or targeting a new market. In identifying new markets, you might have to source consumers in locations where your product is not known.

Defending the market share you are in control of is the second strategy.  The most effective ways of defending your current market is by capitalizing on improving the quality of your products to be able to retain consumers. 

Market segmentation helps in defending your market share. You need to segment products to be able to tap and retain consumers who would go to your competitor if you engaged in a single segment business.
The third strategy is to expand your market share. To expand your market share you need to aggressively counter completion. 

A business can deal with completion by doing what your competitor does not. An example of ways of expanding market share is to advertise products using appropriate promotion mix the suits your business.
4 Types Of Marketing Strategies

Market Challenger Marketing Strategy

The market challenger marketing strategy means that you research and identify minor unmet needs that you believe your business can cater for competitively.

There is little or no competition here, and it makes it easy to establish yourself in the market. Challengers use the weaknesses of their competitors as their selling point.

Market Niche Marketing Strategy

Having a market niche means that your market is differentiated into fine tuned segments. The niches make it easier to address the need of consumers in each of the market niches. 

This is a fundamental type of marketing strategy as you are able to address the differing preferences of diverse consumers as well as moving with current trends in the market. Diversifying the market will enable you to reach out to a wider market.

Market Follower Marketing Strategy

The market follower depend waits for his competitors to identify markets and carry out research consumer preferences. 

As a follower, you need to be keen your competitor’s weaknesses and improve on them. This marketing strategy saves you on cost arising from having to carry out research because you only have to work on your competitors weaknesses to better your products.

On top of the above discussed marketing strategies, you can learn on how to use website marketing strategy, online approaches to marketing. This is because internet marketing strategies play a significant role in today's competitive business world and every entrepreneur should understand how he/she can use them to achieve the desired goals of his business.

The above mentioned examples of marketing strategies and tactics are very important for promoting small businesses and large scale businesses. Other kinds of approaches to use as entrepreneur is the digital and social marketing strategies. the main aim of business is to make profits, proper advertising is required for the objectives of the business to be realized. 

7 comments:

  1. I am happy when reading your blog with updated information! thanks a lot and hope that you will post more site that are related to this site.
    Business Market Research

    ReplyDelete
  2. I like the helpful info you provided in your article. I will bookmark your blog and check again here regularly.

    ReplyDelete
  3. @Jonathan, thanks for stopping by, I will try my best to deliver quality content related to marketing strategies

    @Agile You are welcome to subscribe to my feed, check my updated business tips and tricks related to marketing

    ReplyDelete
  4. Hi.. I just want to say that it was a nice reading material. I hope you come out with more interesting posts, because I bookmarked your website. All the best.
    Sold design lab

    ReplyDelete
    Replies
    1. Brian,

      Marketing strategies play a key role in achieving any set goals by the entrepreneur. We must evaluate the best promotional strategies that would fit our business

      Delete
  5. Marketing strategies must be designed specifically for your business and target customers. Business strategy is very helpful to increase our business development. Thanks!
    Business Marketing Plan

    ReplyDelete
    Replies
    1. Hi Emiliano,

      Thanks for stopping by my site.

      Any entrepreneur must get the right marketing strategies in order to compete favorably in a business environment

      Delete

AddThis

Related Posts Plugin for WordPress, Blogger...