Marketing strategies may focus on the market itself rather than the product or service. Such strategies are outlined below.
Market-Penetration Strategy (existing market/existing product)
This strategy requires head to head competition with competitors offering the same products or services, as an organization deploying such a strategy must lure consumers from using products or services from competitors.
This strategy also involves efforts to turn non-users of products and services into users.
Example:
When opening a new primary care office, marketers would have to lure patients away from their current primary care providers, and would have to encourage those who currently do not have a primary care provider to choose the services of their providers.
Market-Development Strategy (new market/existing product)
This strategy involves identifying an under-served area, and promoting an existing product or service to it.
At times, smaller organizations will market services to markets that are overlooked by larger organizations.
New Product-Service Development Strategy (existing market/new product)
This strategy involves introducing a new, or modified, product or service to an existing area. Such a strategy would require marketing that educates consumers about the new product.
Example:
Pharmaceutical companies use this strategy quite often when they introduce a new drug to the market.
Diversification Strategy (new market/new product)
This strategy includes more risk than the previous three described above. Because little is known about the new market or the new product, and how the market will react to it, such a strategy requires different techniques previously unused by an organization to market the new product.
Market-Product Relationship
Full Service
The full service approach is when an organization markets all products to all markets. Hospitals usually use this approach as they offer the broadest range of products and services to the broadest market.
Product/Market Specialization
This approach is quite the opposite of the full service approach, as it supports a single product or service to a specific market.
Product Specialization
Such an approach is used by organizations that offer the same product or service to a variety of markets, while marketing the same characteristics of the product or service to each market.
Market Specialization
The market specialization approach is used by organizations that offer a variety of products and services to a specified market.
Selective Specialization
This approach refers to when each product or service that an organization offers is marketed to a specific market.
Example:
Pharmaceutical companies use this approach often, as each of their drugs target a specific diagnosis.
Other Strategies
Dominance Strategy
When the most successful and visible organization in the market for a product or service works to maintain market dominance.
Market-Follower Strategy
This strategy is used by organizations that acknowledge their competitors dominance and promote their product or service as an alternative.
Frontal-Attack Strategy
Such strategy refers to when an organization markets their products and services directly towards those of their competitors.
Niche Market Strategy
When a campaign focuses on niche markets that may be overlooked by larger organizations in which a smaller organization concedes to compete with.
Flanking Strategy
The flanking strategy involves organizations marketing to markets that have not been addressed by the competition yet.
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