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:
- Market Penetration strategy
- Market development strategy
- Product development strategy
- Diversification strategy
- Cost leadership strategy
- Differentiation strategy
- Focus strategy
