Marketing Strategy

Definition

Implementation is the stage in the strategic marketing planning process in which an action program is designed to meet the strategic objective(s) using the available resources and given the existing constraints. The action program is intended to be both a translation of a strategic plan into operational terms as well as a means by which the strategic performance may be monitored and controlled. The action plan has three major components: [1]

1. Specific tasks — What will be done including the specification of the marketing mix to be employed.
2. Time horizon — When it will be done.
3. Resource allocation and budgeting — Attaching dollar figures to each income- and expense-related activity and allocating capital funds

Tactics are short-term actions undertaken to achieve implementation of a broader strategy. [1]

Marketing Strategies

Acquisition strategy is the process of finding those potential customers who are in the market and ready to buy. In internet terms, it is the attempt to lead customers to a website and to welcome them, answer their questions, and close the sale. [2]

Cause marketing is a promotional strategy that links a company’s sales campaign directly to a nonprofit organization. Generally includes an offer by the sponsor to make a donation to the cause with purchase of its goods or services. Unlike philanthropy, money spent on cause marketing is a business expense, not a donation, and is expected to show a return on investment.

Demarketing is a term used to describe a marketing strategy when the objective is to decrease the consumption of a product. [1]

In social media marketing, demarketing is the process of reducing the demand for goods or services believed to be harmful to society. [1]

An imitative strategy relies on the designs of other companies to create one’s own design. The imitative company also may base its accompanying product marketing strategy on the strategy of the market leader or pioneer. Imitative strategies are used frequently in the fashion goods, furniture, entertainment and food products industries. [1]

The art of imitation in advertising is a game of subtlety and strategy. It’s not about creating a carbon copy of a competitor’s ad campaign; it’s about deconstructing their success to understand the underlying strategies that could be applied to your own efforts. At the heart of this is a keen understanding of the audience. [3]

Majority fallacy is a marketing strategy that directs a new product to an entire market, or to the largest segment in it, solely because of its size. Today, this “shotgun” approach is felt to be almost always inferior to the alternative strategy of targeting to smaller segments. [1]

See Also

Advertising Strategy
Green marketing
Guerilla marketing
Health care marketing
Integrated marketing communication

References

1. American Marketing Association, AMA Dictionary.
2. SEMPO,  SEM Glossary.
3. Maria Sparagis, Direct Paynet, The Risk (and Reward) of Imitation: Copying Competitor Ads.