Market strategy deals with the company’s relationship with existing and potential customers. It also deals with the company’s knowledge of recognizing available needs and opportunities in the market, mode of identifying and reaching its customers, the quality and speed of service renders, marketing, advertising and management expertise the company possesses.
Market strategy also deals with the following to make the business grow:
- Evaluate management perceptions about the market in order to determine the extent they are valid and achievable.
- Determine the company’s unique strength and incorporate the strength into the marketing efforts.
- Find out new opportunities available in the market and take advantage of them. Opportunities could be in terms of acquisition, putting new product/service into the market or collaboration with other company in related business.
- Find a way of expanding business within the market segment it serves. The expansion can extend to other market segment or geographical locations.
This refers to the ability of the company to deliver product. It includes the different type and quality of product the company markets. Product strategy matches product with the needs of the market and makes all efforts it takes to totally satisfy existing and potential customers.
Product strategy also includes the following to make the business grow:
- Ensure that product meets psychological need of the customers in order for them to derive the expected satisfaction.
- Identify and take up new and emerging technology that will bring out the product in more acceptable form to meet the need of customer. It is important to have full knowledge of the technology for direct and indirect application to business of the company. To achieve cost reduction, it is important to do proper financial evaluation of the technology which the company intends to embrace.
- Improves the technical knowledge and skill of sales and service staff about the product for them to be able to render appropriate services to clients/customers.
- Establishes very good and strong relationship with the customers.