MARKETING STRATEGIES Prepared by: Rizza Marie B. Lusañes

[Audio] Hi everyone. I am Rizza Marie Bautista Lusañes. Today, I will present and discuss about Marketing Strategy..

[Audio] Let us start with defining marketing strategy. According to Barone, 2022, marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services. It is a broad strategy that encompasses everything from how a company positions itself, to the creative, the strategic partners, the media relations, the marketing mix, and the channels and tactics ( Farkash, 2022)..

[Audio] Now that we already define what is marketing strategy, let us proceed to creating marketing strategy. There are 6 steps in creating marketing strategy according to barron 2022. First, Identify your goals: While sales are the ultimate goal for every company, you should have more short-term goals such as establishing authority, increasing customer engagement, or generating leads. These smaller goals offer measurable benchmarks for the progress of your marketing plan. Think of strategy as the high-level ideology and planning as how you accomplish your goals..

[Audio] Second, Know your clients: Every product or service has an ideal customer, and you should know who they are and where they hang out. If you sell power tools, you'll choose marketing channels where general contractors may see your messaging. Establish who your client is and how your product will improve their lives..

[Audio] Third, Create your message. Now that you know your goals and who you're pitching to, it's time to create your messaging. This is your opportunity to show your potential clients how your product or service will benefit them and why you're the only company that can provide it..

[Audio] Fourth, Define your budget. How you disperse your messaging may depend on how much you can afford. Will you be purchasing advertising? Hoping for a viral moment on social media organically? Sending out press releases to the media to try to gain coverage? Your budget will dictate what you can afford to do..

[Audio] Fifth, Determine your channels. Even the best message needs the appropriate venue. Some companies may find more value in creating blog posts for their website. Others may find success with paid ads on social media channels. Find the most appropriate venue for your content..

[Audio] And lastly, Measure your success: To target your marketing, you need to know whether it is reaching its audience. Determine your metrics and how you'll judge the success of your marketing efforts..

[Audio] Next, let us discuss the types of marketing strategies..

[Audio] There are a lot of marketing strategy already in todays time. But let us focus and discuss the 8 types of marketing strategies according to yodiz 2016..

[Audio] First type is Paid advertising - this includes multiple approaches for marketing. It includes traditional approaches like TVCs and print media advertising. Also, one of the most well-known marketing approach is internet marketing. It includes various methods like PPC (Pay per click) and paid advertising..

[Audio] Second, Cause Marketing - links the services and products of a company to a social cause or issue. It is also well known as cause related marketing..

[Audio] Third, Relationship Marketing - this type of marketing is basically focused on customer building. Enhancing existing relationships with customers and improving customer loyalty..

[Audio] Fourth is Undercover Marketing-this type of marketing strategy focuses on marketing the product while customers remain unaware of the marketing strategy. It is also known as stealth marketing..

[Audio] Fifth, Word of mouth-It totally relies on what impression you leave on people. It is traditionally the most important type of marketing strategy. Being heard is important in business world. When you give quality services to customers, it is likely that they'd promote you..

[Audio] Seventh, Transactional marketing - Sales is particularly the most challenging work. Even for the largest retailers, selling is always tough especially when there are high volume targets. However with the new marketing strategies, selling isn't as difficult as it was. In transactional marketing the retailers encourage customers to buy with shopping coupons, discounts and huge events. It enhances the chances of sales and motivates the target audience to buy the promoted products..

[Audio] Lastly, Diversity Marketing - It caters diverse audience by customizing and integrating different marketing strategies. It covers different aspects like cultural, beliefs, attitudes, views and other specific needs..

[Audio] Why is marketing strategy important? It is important because it helps the organization reaches it's predetermined objective..