Get a clear understanding of the different types of marketing strategies used by businesses to sell their products and services.
The Different Types of Marketing Strategies
These can be defined as a combination of all the marketing goals of an organization into one comprehensive plan. An effective marketing strategy is one that is derived from proper market research focusing on the right mix of products. The strategies are employed by the business to make maximize its potential for making profit and also help the business to sustain in the highly competitive market. The foundation of any marketing plan is a set of strategies that will help the business prosper.
These strategies and plans can be broadly divided into three types that can be used by business of any size. They are as follows:
Word of Mouth Marketing
The most basic form of marketing, which is as old as human race, is word of mouth marketing. It is an effective marketing form as despite being the oldest marketing method it still exists. When a person likes any product then he will share about his positive experience with his friends, relatives, acquaintances and anyone who meets him. Generally, people tend to buy products that are recommended by someone they trust.
The second marketing type is offline marketing and it involves the use of newspapers, magazines, television, radio, billboards and bulk mails. It is a costly form of marketing, so is not liked by many businessmen. However, it is an effective marketing method too.
The most modern marketing method is advertising over the World Wide Web. The trend of online marketing is rising as more and more people are using internet all over the globe. The popularity of social media has also made it possible to bridge the gap between producers and consumers. Websites, blogs and forums are dynamic media for advertising the products and services of a business.