The Marketing Strategies Used by Different Industries: A Comprehensive Literature Review

Abstract

Managers recognize the importance for organizations to develop marketing strategies to compete effectively in business markets. Marketing strategy represents a critical element of success for organizations. Therefore, this research study was undertaken to investigate previous scholars explanations regarding the 03 valuable marketing strategies concepts. Among different marketing strategies concepts, here mainly focused on Visual merchandising, premium pricing, and ethnocentrism. This research study mainly focuses on systematically examining and reviewing those three concepts in different industries related to the Sri Lankan context. According to research findings, Visual merchandising elements are considered for consumers purchase and store choice decisions even in different industries. Price Premium strategy identified consumers are prepared to pay for high beneficial and value-added products. In the Sri Lankan context, consumers do not tend to the ethnocentrism concept on purchasing the products. This research provides a direction for the Sri Lankan retailers and industries to enhance their existing marketing strategies.