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market development strategy

Not all the products in our portfolio have the same profitability, nor the same potential. This is why we need to make strategic decisions about our product portfolio, so that we can prioritize the investment of resources depending on the importance of their achievement of the marketing objectives we have set.

To make strategic decisions about the product portfolio in a correct way and start working on our marketing strategies, we can use the McKinsey-General Electric matrix, also called the attractiveness-competitiveness matrix. Firstly, depending on the number of products we have in our portfolio, we must decide whether we will work on individual products, grouping them by product lines or if our portfolio is so large that we must work dividing it by business units.

The McKinsey matrix is made up of two axes. On the X-axis we find the “competitive position” while on the Y-axis is located the “market attractiveness”. On the “competitive position” axis, we must assess our product’s ability to compete against other options in the market and classify it in one of its three quadrants: weak, medium or strong. On the other hand, in the “market attractiveness” axis, as its name indicates, we will analyze the market attractiveness in which the product operates, and then also classify the result in one of its three quadrants: low, medium or high.

sample marketing plan

Often companies seek success by focusing on covering the market and providing customers with services or products, leaving aside strategic planning. If you plan to invest in a new segment do not fall into this mistake and establish a way to reach this unexplored sector with a market development strategy.

For this it is essential to implement a strategy, since proper research will allow you to build relationships with potential customers, boost sales through marketing and project long-term growth.

In other words, for these approaches to be successful they need a strategy. The choice of strategy will undoubtedly depend on the results and objectives set, but it will always be necessary if you want to achieve optimal results.

Planning a market development strategy involves researching, analyzing the competition, being aware of trends and knowing your customers’ needs. This way you will offer your product in the market with greater certainty and consolidate your position as a strong competitor.

examples of digital marketing

In short, a marketing strategy is a set of actions that we will carry out to achieve the business objectives of the company and thus reach the goal.

As you have seen, it is a whole strategic process that cannot be understood without knowing the context of all the elements because they are all related to each other and are affected by each other.

Unlike in the previous case, in the differentiated segmentation strategy we must select two or more segments and carry out a different marketing strategy for each of the segments.

Finally, at the strategic marketing level, we are left with corporate strategies based on deciding what the company’s competitive situation will be and what role it will want to play in the market.

The leader of the sector is the company with the highest market share, so all marketing strategies will be focused on reinforcing its competitive situation and increasing its market share.

digital marketing strategy.

“The marketing strategy establishes the target markets and the value proposition to be offered based on an analysis of the best market opportunities” by master Philip Kotler and Kevin Keller.

“The pattern of major objectives, purposes and goals and essential policies and plans to achieve those objectives, set out in such a way as to define what business the company is in or should be in” by S. Jain

Strategy formulation is based on “the correspondence between the organization’s resources and abilities and the environmental opportunities and risks it faces and the purposes it wishes to achieve” by Dan Schendel and Charles W. Hofer.

For this it is very important to know our cost structure and analyze our products or services with objective criteria and if possible that the analysis is done from the outside to avoid any kind of subjectivity.

Nowadays we work in segmentation with the help of hyper-powerful tools such as artificial intelligence or big data that substantially improve the results obtained until now.