Strategic Marketing: Strategy Development and Implementation

 

After all the external and internal analyzes necessary for evaluation and decision making have been carried out, it is necessary, based on the data obtained, to start developing the marketing strategy of the company itself.

Development of any marketing strategy begins with the selection of the competitive advantages of the company, with which it will achieve its strategic goals.

Based on certain advantages you have to choose the basic marketing strategy. Michael Porter proposed the so-called basic strategies. They fall into three categories:

• leadership in cost reduction
• differentiation
• focusing

After choosing a basic strategy, you need to decide on a competitive strategy.

There are four competitive strategies:

• Leader
• Challenger
• Follower
• Functional Specialist

Each strategy has its own advantages and disadvantages, therefore, before choosing one of the existing ones, it is necessary to clearly understand which of the strategies will most likely lead to the achievement of the goals set by the company’s management.

Marketing relationship strategy is a great way to keep your customers

Currently, a lot of attention is paid to working with consumers as the main success driver of any modern comapny.

The individuality and skills of both company managers and ordinary employees come to the first place to fully satisfy all consumers’ expectations of interaction with the company. In this case, developing a marketing relationship strategy is a great way to keep your customers.

The main criteria for relationship marketing are:

• creation of advantages of the offer
• increasing customer satisfaction and loyalty
• reducing customer churn

Relationship marketing is focused on:

• Customer retention
• Constant contact with consumers
• Value creation
• Long-term relationship

Relationship marketing strategy is usually implemented in five stages:

• Customer engagement
• Achieving customer satisfaction
• Consumer retention
• Achieving customer loyalty
• Enhance customer relationship

After you choose the strategy and all actions for its implementation, it is necessary to include monitoring of performance as one of the key measures of its implementation. Monitoring is necessary to track the implementation of the planned activities, analysis and, if necessary, the implementation of corrective actions.

Monitoring is necessary

It is always worth remembering that a good marketing strategy is adaptive, that is, if you need to make changes to the strategy due to circumstances, this can always be done.

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