Zamim/develping a marketing plan/strategy development

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Strategy development

A strategy is a method used to achieve an objective. A number of strategies need to be generated before choosing the best one. Many factors need to be taken into consideration before choosing a particular strategy including the following:

  • availability of resources i.e financial, human resources, technology etc.
  • the likely reaction of competitors
  • acceptability of strategy to customers
  • acceptability of strategy to shareholders and other stakeholders

some of the strategies that are commonly used are:

  1. Market Penetration strategy
  2. Market development strategy
  3. Product development strategy
  4. Diversification strategy
  5. Cost leadership strategy
  6. Differentiation strategy
  7. Focus strategy