At WOBI, Philip Kotler (The Father of Marketing Strategy) discusses the best 8 ways to develop marketing growth strategy. Discussed in early 2013 by Philip Kotler, the 8 market strategy for fast growth is still continued to used by major companies in pharmaceutical, automobiles, IT security, and eCommerce/Retail industries.
The 8 strategies discussed by Philip Kotler are as follow:
Strategy 1: Grow By Building Your Market Share
Strategy 2: Grow By Developing Committed Customers and Stakeholders
Strategy 3: Grow By Building a Powerful Brand
Strategy 4: Grow By Innovating New Products, Services and Experiences
Strategy 5: Grow By International Expansion
Strategy 6: Grow By Acquisition, Mergers and Alliances
Strategy 7: Grow By Building An Outstanding Reputation for Social Responsibility
Strategy 8: Grow By Your Business Partnering with Government and NGOs.
The closest company that utilizes 7 of the 8 growth strategy is TESLA. By building an innovative profitable and functional electronic vehicle, Tesla not only built strong brand, but also created its market share and committed customers/shareholders. More importantly, TESLA expanded to China, Korea and foreign countries in their sales. Additionally, they are socially responsible reducing the CO2 emission by sharing their E.V patents to other automobile companies and leveled down the whole CO2 emission for the North America’s air pollution. By utilizing 7 of 8 growth strategies, Telsa grew from $12/per share to $230/share company within 3 years, and is continuing to expand its market share.
Watch and learn about Philip Kotler’s 8 Ways to Market Your Growth.
If you really want to study and understand his marketing strategy, you can read his book.