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The normal strategic process as a viable tactic to

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the normal strategic process as a viable tactic to achieve an awareness, sales or advocacyobjective.3. Decouple Strategy and InnovationStrategy is fundamentally different from innovation. A good strategy is one that achievesspecific objectives. Innovation, however, focuses on creating something completely new.4. Build Open Assets in the MarketplaceThe primary focus of marketing promotion used to be to create compelling advertisingcampaigns that would get the consumer’s attention and drive awareness. Once potentialcustomers are aware of the product, direct sales and retail promotions could then close the deal.Today, effective promotional campaigns are less likely to lead to a sale and more likely to resultin an Internet search, where consumers' behavior can be tracked and thenretargetedbycompetitors. Simply building awareness and walking away is more likely to enrich yourcompetition than yourself.7
Successfulbrands are becoming platformsand need to do more than just drive consumers to apurchase, they have to inspire them to participate.Types of Marketing StrategiesRelationship MarketingMany companies focus on building relationships with their customers instead of alwaysexclusive trying to sell them something (transactional marketing). Customers who love yourbrand more will also spend more money with your brand.Transactional MarketingIn order to stay with the demands of investors, retailers have to encourage consumers to buyusing coupons, discounts, liquidations, and sales events.Scarcity MarketingIn some markets it’s important to control how much product is available at one time. In manycases this is done because of the difficulty of acquiring raw materials or higher quality of theproduct. A company may choose to make their products accessible to only a few customers.Word of Mouth MarketingWord-of-mouth Marketingis the passing of information from person to person by oralcommunication. Customers are very excited to share with the world the brands they love. Manyconsumers find meaning in sharing stories of their favorite products and services.Call to Action (CTA) MarketingCTA Marketing refers to methods of converting web traffic into leads or sales on websites usingtext, graphics, or other elements of web design. Conversion strategies help improve thepercentage of online visitors who become customers or who join the mailing list.Viral MarketingCult Brand marketers are constantly creating new business ideas that keep their products in theheart and minds of the global consumer. Each time a new product is created, customers have tobe given a reason to dream about their future purchase.Diversity MarketingDevelop a customized marketing plan by analyzing different customer segments based oncultural differences including tastes, expectations, beliefs, world views, and specific needs.

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Term
Fall
Professor
N/A
Tags
Marketing, Marketing Control Marketing audit

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