Marketing Strategy
A marketing strategy is a process of study and reflection, the aim of which would be to approach as closely as possible the match between supply and demand.
This approach is part of the company's strategy or organization's marketing plans.
 |
| What is the Marketing strategy in 2024? |
For the company, it is a question of aiming to increase the turnover, the market shares, and the permanence of the customers by differentiation, motivation, or adaptation of the solvent offer thus increasing the economies of scale.
In this context, strategic marketing, a component of the marketing strategy, makes sure with the other key functions of the company ( quality management, logistics, management of the information system, management of human resources ) of the feasibility of the offer.
The marketing strategy is often confused with the business strategy, particularly in organizations calling on a limited number of trades ( DAS ) and thus directly negotiates the optimization of the synergies (or flexibility) of the organization and the profitability expected by the financial department.
In fact, it often boils down to the development of a marketing mix whose designated target is the customer.
Approach
This approach takes place in three phases, namely: Segmentation, Targeting, and Positioning which corresponds to the three SCP or STP phases for Segmenting, Targeting, and Positioning of the Framework of Dawn.
Market segmentation
Market segmentation is a marketing technique that consists of subdividing a market according to various criteria.
It is then a question of creating a representation of a group of consumers sharing certain criteria in common which can be geographical, psychological, ethnic, cultural, or demographic. The objective is then to be able to define a product to make it attractive to a group of consumers.
The subgroups must be defined and identified to be homogeneous, measurable, accessible, substantial, and relevant.
Targeting of product-market pairs
Targeting consists of choosing the segment or segments of a population likely to buy a product. This phase makes it possible to make an assessment of the relative interest of each segment for the product or service.
Finally, this allows the company to choose which segment(s) it can target according to its products, and according to the expected profitability.
Positioning
At first, it is a question of identifying the specificities of a company, a sign, a product, or a service that allows differentiation from the competition.
In a second step, positioning consists in defining the characteristics and specificities that one wishes to grant to the product, to the brand, or to the company to differentiate itself in the market.
Positioning by differentiation allows a product to be perceived as unique vis-Ã -vis a group of consumers (see segmentation).
Issues (constraints)
For marketing management, the purpose of the marketing strategy is to ensure the long-term development of profitable sales and to cover the company's fixed costs, thus making it possible to generate a cost savings scale.
Customer-oriented, this fundamental strategy for the company is also part of the general policy of the company which also takes into account the organization generating synergies or flexibility.
The marketing strategy will be applied to the marketing plan (medium-term operational marketing tactics).
Marketing strategy normally takes the form of writing a marketing plan. According to Philippe Villemus, "the marketing plan is a document composed of the analysis of the current marketing situation, market threats, opportunities, strengths, and weaknesses of the company, objectives, strategy and quantified marketing actions. , programmed, budgeted, and accountable”.
The marketing strategy aims to reconcile four tactical sub-objectives: profitability, solvency, autonomy, and growth.
Objective
The objective of a marketing strategy is to determine the structure, size, and trends of the target population.
It also allows you to choose the positioning of the company. Indeed, thanks to marketing techniques, we can specify the objectives to be achieved in terms of turnover in the long or short term.
Main Features
For marketing management, the marketing strategy is arbitrarily structured by use in 3 parts. After an analysis of the environment l
and the deduction of strategic and operational objectives, it is possible to determine priorities (fundamental strategic marketing options)
which makes it possible to select the priorities of the marketing mix of operational marketing
The strategic analysis begins with an internal analysis and an external analysis of the company. It will be necessary to use a list of objective and relevant indicators during this preliminary analysis. It will then be possible to carry out a first diagnosis which can be presented for example in the form of a SWOT matrix, thus making it possible to set major objectives (example: to become a leader, co-leader, challenger, or specialist).
This concept of objective (of options) is more or less broad depending on the authors. Some reduce the synthesis phase before the 4Ps to one phase (positioning), which has the merit of simplicity, but can ultimately reduce the field of possibilities.
In a second step, it is, therefore, necessary to determine these objectives, the fundamental strategic options, which are first of all a segmentation of the market. The aim is to identify groups of consumers on the market who have the same expectations about the product and who must therefore react in the same way to the same marketing stimulation.
As well as a positioning determined by this targeting. It is a question, among the defined segments, of choosing one or more that the company will try to satisfy by the credibility of an offering formula.
Finally, also branding target and the sources of sales volume explain what the strategy will tackle (a direct competitor, a substitute product, etc.).
These various options must form a coherent whole and make it possible to determine the choice of priorities by using a weighting table to be invented in each case (market, products, and source of volume) and strategy action levers.
These levers to be formulated clearly for operational marketing are the 4P of the marketing mix: price, product, place (distribution), and promotion (communication ).
These are major axes to be followed, defined arbitrarily, and whose investment can be uneven. Investing in communication implies not reducing prices excessively.
For example, to remain efficient. These levers must therefore be globally consistent. They must adapt to the market and the company. They must always seek to allow the company to obtain superiority (a competitive advantage ) and consistency with the positioning. The wording of this strategy must also seek to have the quality of being sure in terms of forecasting.
Strategic marketing actions can therefore be divided into three phases, presented conceptually as successive phases, but not necessarily consecutive in practice (there are often overlaps or backtracking).
