Legacy 4 Life: Introduction to Marketing Strategy by Legacy 4 Life

Legacy 4 Life: Introduction to Marketing Strategy by Legacy 4 Life

As described by Legacy 4 Life, marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.  Legacy 4 Life recalls that a marketing strategy should be centered around the key concept that customer satisfaction is the main goal.

Marketing strategies may actually differ depending on the unique situation of the individual business. However, Legacy 4 Life explains, there are a number of ways of categorizing some generic strategies. Presented below are brief descriptions, provided by Legacy 4 Life, of the most common categorizing schemes:

Strategies based on market dominance: Firms in this scheme are Classified based on their market share or 

dominance of an industry. There are typically four types of market dominance strategies:

• Leader
• Challenger
• Follower
• Richer

Porter generic strategies: A strategy on the dimensions of strategic scope and strategic strength. Legacy 4 Life points out that strategic scope refer to the market penetration while strategic strength refers to the firm's sustainable competitive advantage. The generic strategy framework (porter 1984) comprises two alternatives, each with two alternative scopes. These are Differentiation and low-cost leadership each with a dimension of Focus-broad or narrow.

• Product differentiation (broad)
• Cost leadership (broad)
• Market segmentation (narrow)

Innovation strategies: This deals generally with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. Legacy 4 Life notes that there are three types:

• Pioneers
• Close followers
• Late followers

Growth strategies: In this scheme we ask the question, "How should the firm grow?" There are a number of different ways of answering that question, but Legacy 4 Life finds that the most common gives four answers:

• Horizontal integration
• Vertical integration
• Diversification
• Intensification

A more detailed scheme uses the categories:

• Prospector
• Analyzer
• Defender
• Reactor
• Marketing warfare strategies - This scheme draws parallels between marketing strategies and military strategies