Sample Essay
The market dominance strategy is based on the market share or the industry dominance of the business. This can take the form of a leader strategy, a challenger strategy or a follower strategy. The generic strategies that have been put forward by Porter pertain to the strategies of product differentiation, market segmentation, while the innovation strategies pertain to the strategies of market/ industry pioneering strategy and close/ late followers. The growth strategies put forward by porter comprise of the horizontal integration strategy, the vertical integration strategy and the diversification and intensification strategy that depend on the scope of the market. The action based marketing strategies also exist that pertain to companies taking the role of the market prospector, analyzer, market/ position defender and a reactor.
The marketing strategies that are often used and modelled specifically for the retail operations and businesses pertain to the retail marketing strategy. “The retail marketing emphasizes strategic planning and the decision-making aspects of retailing.” (Samli, 1998, p3) These take into account the product offering of the organization and focus on the communication, promotions and pricing strategies based on the target market of the retail company. The additional aspect that is covered by the retail marketing is strategy is the development of a store image for the retail operations of the business. “When retail organizations make a major shift from an old-fashioned merchandise management orientation to a strategic marketing orientation, the development of a functional marketing plan for the implementation of strategic plan gains in importance” (Samli, 1998, p2)
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