Management strategy refers to all the ways that are used by a marketing firm in order to build competitive strengths and develop profitability of their services (Gronroos, 2007). It involves considering various terms and factors that are affecting or tend to affect in the service implementation. While dealing with the management of a new product, theme or service, the team has to develop an adequate knowledge about the elements that contribute in the process of achieving the desired objectives of the organization (Madhavan & Grover, 1998).
There are twelve strategies which we are going to discuss in the development of management process:
Market research strategy
When there is a new product, service or a concept to be launched, sincere efforts are to be made in identifying, understanding and analysing the market that is going to absorb the new product. Primarily, it involves analysis of the internal structure of the organization involved in the implication of the plan. It also involves developing the internal structure and atmosphere to such an extent that it can effectively execute the developed plan and obtain desired results (Moorman, Zaltman, & Deshpande, 1992). It includes managing and organizing the strategic objectives and evaluating its effect on the desired goal. Manager also needs to take into consideration the various changes that the product may witness in the potential market as well as the various norms, policies and legal modifications in the rules that are related with the product.
Manager has to understand and take into consideration the strategies of the competitors while launching a new product or entering a new market. Effective management will analyse the internal structure of the competitors that are ruling the market with a huge share. The way in which the other organization develops the strategy, design its objectives and evaluates them from the execution point of view also needs to be taken care by the management. The action forces and the plans adopted by the competitors, with respect to the changes that may be incorporated in the strategy also provides the managers with a base for developing their plans to compete with the other organizations in the market.
Product strategy refers to the way and methodology leading to the development and introduction of the product that is going ensure the success of the product in the market. A large amount of research about the use, design of the product from the manager’s side is required before launching a product into the market. They also have to undertake various strategies that help to fulfil the expected objectives and evaluate any form of modification required. The changes that the product may witness from the market point of view is studied which will contribute in the development of product strategy.
Sales constitutes to be one of the most important factor driving the success of an organization. Management should take care about the overall sales as well as the individual sales that will lead to the overall development of the company as well as its employees. A proper research of the potential market is required before executing its sales strategy. Various objectives of the firms are merged with the sales strategy and after evaluating it, they are executed with an appropriate action plan. At proper intervals of time, there are various changes in the sales strategies that are to be made incorporating the changes in the market as well as the rules governing it.
Image of the product plays a vital role in its potential market and the management has to consider strategies to develop and nurture a positive image. A proper and employee friendly culture internally, will ensure that they portray a positive image of the company. The strategies as well as the coordinating action plan is developed considering the image of the product that is required to be maintained. Various changes in the technology, market and the demand of the customers are also to be analysed when developing an image strategy of the product.
Brand strategy is the one that determines the value and position of the organization in the market. Developing a brand begins by creating high and safe production standards internally and develop expertise in the product that will ensure good brand value. Strategy management is done and accordingly branding policies and strategies are developed. The key result areas are analysed and changes that involve the deviation of the market and related branding policies are evolved.
Channel strategy includes the medium of distributing the product among the customers. The action plan is developed by the managers accordingly and they are keen to consider the key result areas. They also take into consideration the various environmental and distribution changes that will affect the profitability of the product.
The contact strategy refers to the strata of the society and the network of the company that come in touch with the product. It involves analysing and listing the contacts within the firm that can develop a potential market. Research of the network is carried out keeping into mind the company’s objectives and evaluating the research to develop a strategy and action plan for the utilization of the contacts.
CRM refers to the Customer Relationship management that helps to manage the interaction of the firm with its customers. It involves the analysis of the customer’s needs and carrying a specific research to ensure that a healthy relationship is mentioned with them. Objectives of the firm are studied and evaluated while developing a strategy for the customers. This largely affects the image as well as branding of the product and is provided special care by the management.
Promotion strategy in terms of marketing refers to the publicity as well as awareness about the product in accordance with the customers and its market. A proper analysis of the needs of customers and the advantage that the product has is carried out.
Alliance refers to the contracting or forming of allies for the increase in the market share and attainment of the objectives with the support of other firms. There are various research elements that are considered when establishing a merger or partnership with other firms.
New market strategy
When a completely new product is being launched in a market, new product strategy comes into the scene. It involves proper study, research and evaluation of the available opportunities to the company from a specific market where the product is going to be launched.
Review strategy involves the evaluation and analysis of the service and structure provided by the management as discussed in the above factors. Reviewing of the plan, development, implementation and the role of the management is carried out. It helps in analysing the available options and evaluating the best possible strategy to be adopted while developing marketing strategy for a product or a service.
There are 12 strategies similar to the ones used in management that are going to be utilized in developing a review strategy and they are:
Market research strategy
It refers to the analysis of the potential markets and reviewing the opportunities available in each one of them. A proper review of the market will ensure success of the product in the market
Reviewing the strategies adopted by the competitors will also help to have a better understanding of the market and assist in the development of marketing strategy.
It refers to reviewing the various methodologies available while developing a product or a service and evaluating it provides the best possible result.
It refers to reviewing and analysis of the strategies that will help to maximize the sales and increase the productivity.
Image strategy review refers to the evaluation and development of various elements that will ensure a positive image of the marketing strategy.
The objectives of the organization are taken into consideration and reviewed while developing the branding strategy.
It is important from the manager’s point of view to design, develop and review a strategy that will ensure utilization of the correct channel that maximizes the profit.
The changing market and the nature of the customers are to be involved in the analysis of the contact and development of its strategy.
An action plan is reviewed considering product’s key affected areas and section of customers that are likely to develop a change in attitude and preference of the product and ensure good customer relationship.
The fulfilment of the objectives is ensured while developing a promotional plan and at the same time an action plan is developed.
It refers to the various research elements that are reviewed when establishing a merger or partnership with other firms.
New market strategy
It involves proper study, research and evaluation of the available opportunities to the company from a specific market where the product is going to be launched.
Mapping is the last stage of Marketing strategy which involves synchronization of planning, development, implementation, management and review. It includes analysis of all the above mentioned factors and deriving a strategy that will ensure profitability of the product in the company. Mapping is done such that the execution is fruitful and the concept of developing a product, service or a theme becomes successful. It involves consideration of four important elements in it and they are as follows:
Mission of an organization refers to the long term goal in terms of finance, value and customer relationship that a firm designs while preparing the strategies for developing a product and its introduction in the market. Mission of the organization is based on the vision of the top most management including the founder or the owner. Mission development is a very critical subject as it is directly connected to the company’s goals and its image in the eyes of the customers. Mission of the organization also gives an overview to the managers about the strategies and the methodology that is to be adopted while developing a product or a service.
Objectives of the marketing refers to the goals and policies that are pertaining to the company while launching a service or a product. Objectives of the company are the set of rules and the policies that an organization develops for its employees while introducing a product or a service. Special amendments and supervision is done to ensure that the performance of the employees is in accordance with the fulfilment of the objectives.
Strategies in terms of marketing, refers to the various planning, evaluation and the development of a plan with respect to the development of the product and achieving the company’s objectives.
Task refers to the selection of the appropriate way of performance with respect to the strategies developed. It involves allotment of the tasks to the team as well as getting the tasks done from them in accordance with the mission and objectives of the organization. It must ensure that the relation of company with the customers is maintained healthy. Tasks performed by a company and its individual employees are also included in developing the strategy for the performance and other factors. Tasks are evaluated and reviewed at regular intervals of time to ensure optimization of the resources.
It refers to the completion in the planning, development, implementation, management, review and mapping of the operations ensuring success of the marketing department in developing a strategy that would result in increase in the market share.
Report on Marketing Strategies and its Different StagesMarketing