SUCCESSFUL MARKETING STRATEGIES

 Running head: SUCCESSFUL MARKETING STRATEGIES 1
Successful Marketing Strategies
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SUCCESSFUL MARKETING STRATEGIES 2
Successful Marketing Strategies
Firms seek synergy and competitive advantage through a successfully integrated program
of marketing mix elements. Marketing strategy demonstrates how a firm allocates its resources,
connects to its environment, and realizes a corporate goal in order to create economic value and
achieve competitive advantage. Marketing strategies enhance a firm’s market share, which
translates into greater operating scale and improved profitability. A successful marketing strategy
aimed at increasing the market share embraces four marketing mix elements. Three of these
elements are a pricing strategy, product strategy, and promotion strategy.
Pricing marketing strategy is an important element of increasing a firm’s market share.
Many firms use Porter’s business strategy of decreasing manufacturing costs as a way of
realizing competitive pricing. According to a study on Chinese exporters British, and Portuguese
managers, the low-cost advantage is directly proportional to share market. Adjusting prices to
circumstances in the market has a positive relation with sales and profit level (Moghaddam,
&Foroughi, 2012). Even though reducing prices can attract many consumers, adequate
marketing, and improved product quality can change consumers’ motivation and perception and
they may be ready to pay more to own the product. Consumers may also pay more in order to
belong to a particular group or to attain a social status (Karakaya, Badur, &Aytekin, 2011).
Therefore, organizations can acquire larger market share successfully by setting appropriate
product prices depending on product quality and consumer tastes.
Product dimensions, such as brand mix (sign, name, symbol), product design, customer
service, warranty and product advantages (such as quality, luxury and prestige) are crucial
elements of product marketing strategy. These features are meant to renew, improve or extend
new product lines or to help establish target customer group. Therefore, improved firm 
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performance can be realized by adapting products that can meet specific consumer needs of
service and product quality. Failure to implement product design innovation can drive a firm out
of business due to lack of added product values. Product marketing strategy thus, enables
businesses to launch products that can competitively meet consumer needs leading to increased
sales, profitability and improved market share (Hsu, 2012).
Sound promotion marketing strategy is also essential in enhancing a firm’s market share.
Appropriate promotion techniques, such as advertising, trade fairs, sales promotion, personal
selling, promotion adaptation and individual visits can lead to increased sales and profitability.
Sales promotion such as premiums, samples and coupons are effective in low-income markets or
economies with high competition and advertising restrictions. On the other hand, personal selling
is effective in markets with low costs of managing sales force. Trade fairs enhance market share
through the sale potential of the export markets being tested or other collaboration established in
foreign markets. Personal/individual visits enhance market share by creating personalized
relationships, enhancing product experience and effective communication (Moghaddam,
&Foroughi, 2012). Firms should thus, recognize that consumer perceptions or attitudes towards a
given product can improve over time due to the psychological effects of promotion. The long
term effects are improved sales, increased profits and market share.
 Marketing strategy demonstrates how a firm allocates its resources, connects to its
environment and realizes a corporate goal in order to create economic value and achieve
competitive advantage and expansive market share. Three of the marketing strategies discussed
are pricing strategy, product strategy and promotion strategy. Pricing marketing strategy entails
establishing appropriate product prices. Adjusting prices to circumstances in the market has a
positive relation with sales and profit level. Product marketing strategy entails dimensions such 
SUCCESSFUL MARKETING STRATEGIES 4
as brand mix (sign, name, and symbol), product design, customer service, warranty, and product
advantages (such as quality, luxury and prestige). Improved firm performance can be realized by
adapting products that can meet specific consumer needs of service and product quality. Sound
promotion marketing strategies include advertising, trade fairs, sales promotion, personal selling,
promotion adaptation and individual visits. Consumer perceptions or attitudes towards a given
product can improve over time due to the psychological effects of promotion. The long term
effects are improved sales and increased profits, and market share. 
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