The SWOT analysis framework has gained widespread acceptance because of its simplicity and power in developing strategy. Just like any planning tool, a SWOT analysis is only as good as the information that makes it up. What is happening externally and internally that will affect our company? Who are our customers?
In this part of the assignment, I am going to write about key principles of strategic marketing and its relationship with overall corporate strategy. I will also try to find out how it helps an organisation to achieve its prime competitive objective over its immediate rivals.
This will cover learning outcome of section 1 and 2 and all its respective assessment criteria.
According to Kotler et. Pg38'Strategic planning is the process of developing and maintaining a feasible fit between the organization's objectives, skills, and resources and it's changing marketing opportunities'. In fact, strategy is a long term plan of an organisation in order to meet its objectives.
The market is very dynamic. Different products and services are developed by different organisation in order to provide best service to the customer.
Strategic marketing will try to help any organisation or companies in developing product or service according to the changes that are occurring in the market.
Customers demand and choices change more often. Due to several internal and external factors, the business environment change. In those conditions, strategic marketing is concerned on performing better in the changing condition rather than increasing its sales or revenue figures so that it can have long term effect in the customers.
Quality of products or services that is provided to the customers in tough time is the factor that helps to determine the future of the company. Strategic marketing is focused on establishing a long-term relationship with its customer rather than selling the product for just once.
Customer retention and developing a loyalty with the brand will ultimately help in boosting the revenue and profit of the organisation which ultimately makes the shareholders and other stakeholders happy.
Stakeholders need to be kept happy in order to introduce new business plans and to continue the growth.
They often coincide with each other as major focus of marketing includes the strategic planning aspects of developing, pricing and distribution of product. However, corporate strategy is more concerned with profitability initiatives rather than the product or service development.
In general, corporate strategy defines the overall mission of the company. It guides a particular direction for the company in which it should be guided. Corporate strategies are generally made at the strategic level of the company. As discussed earlier, corporate strategy is focused more on profitability.
It includes creating structure for the organization, reducing the debt and gearing ratio of the organisation and improving the balance sheet of the company. Similarly, corporate strategy deals with diversifying the product line, merger or major takeovers, introducing new technology in the company, diversifying the business, reduction of overhead cost and production cost and increase in the overall profit margin of the company.
However, marketing strategies involves in making plans of making or selling a product. Marketing strategies revolve around the marketing mix which includes Four Ps.
The four Ps of marketing mix are product, price, place and promotion. Considering the marketing mix marketing strategies of the company involves in creating a product which has unique selling benefit. The product is targeted in a particular geography for a particular group of people.
Suitable pricing strategy is developed in order to maximize the profit of the company.Marketing research paper example provides an overview of how a specific process of identification of internal and external factors that influence the marketing power can be conducted along with information about the sources that are most suitable for this purpose.
It can also be used very effectively in the early stages of a program assessment, to help focus your attention on key areas.
A management team will use the SWOT analysis identifying the internal and external factors that will affect the company’s future performance. The company’s strengths and weaknesses are the internal factors. Table 2: Internal Factor analysis Summary (IFAS Table): Body Shop Strength Viral Marketing Strategy that attracts most of the people look around the introduction of the company and purchasing their products with not included on the promotion cost while it is via by the internet accommodated.
SWOT analysis is a framework based on the analysis of a firm’s Strengths (S), Weaknesses (W), Opportunities (O) and Threats (T).
Strengths and Weaknesses refer to the internal factors that contribute to firm’s growth or hinder organizational performance. COMPANY ANALYSIS & PROBLEM IDENTIFICATION MARKETING MANAGEMENT BMKT TABLE OF CONTENTS Contents 1.
EXECUTIVE SUMMARY 3 2. FAST FASHION 4 3. ENVIRONMENT ANALYSIS 4 Political Factors 4 Economical Factor 5 Social Factors 6 Technology Factors 6 4. INDUSTRY ANALYSIS 6 5.
H&M 8 6. STRATEGY 10 7. SEGMENTATION 11 8. . Oxford Brookes University Research and analysis report Project Topic 6 The identification of key factors or indicators in the motivation of employees in .