STRATEGIC MARKETING PLANNING (PART-I)MARKETING STRATEGIESStrategy is the crafting of plans to reach goals. Marketing strategies are those plans designed to reach marketing goals. A good marketing strategy should integrate an organization’s marketing goals, policies, and action sequences (tactics) into a cohesive whole. The objective of a marketing strategy is to put the organization into a position to carry out its mission effectively and efficiently.Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned. TYPES OF MARKETING STRATEGIESEvery marketing strategy is unique, but if we abstract from the individualizing details, each can be reduced into a generic marketing strategy.• Strategies based on market Dominance - Typically there are four types of market dominance strategies:o leadero challengero followero nicher• Innovation Strategies- This deals with the firm rate of new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types:o pioneerso close followerso late followers• Horizontal Integrationo vertical integrationo diversification (or conglomeration) o intensification• Aggressiveness Strategies - This asks whether a firm should grow or not, and if so, how fast. One scheme divides strategies into:o buildingo holdingo harvesting Horizontal IntegrationIn microeconomics and strategic management, horizontal integration is a theory of ownership and control. It is a strategy used by a business or corporation that seeks to sell one type of product in numerous markets. To get this market coverage, several small subsidiary companies are created. Each markets the product to a different market segment or to a different geographical area. This is sometimes referred to as the horizontal integration of marketing. The horizontal integration of production is where a firm has plants in several locations producing similar products. Horizontal integration in marketing is much more common than horizontal integration in productionVertical integrationIn microeconomics and strategic management, vertical integration is a theory describing a style of ownership and control. Vertically integrated companies are united through a hierarchy and share a common owner. Usually each member of the hierarchy produces a different product, and the products combine to satisfy a common need.Three types of Vertical IntegrationThere are three varieties of this: backward vertical integration, forward vertical integration, and balanced vertical integration