Introduction
Product marketing success is the goal of any marketing operation by marketers. Planning and implementing a marketing strategy is the prime task of marketing management team. The effective marketing operations depend on a well planned and well formulated marketing strategy.
Factors that affect marketing strategy
The different macro as well as micro environmental factors influences the planning and development of an effective marketing strategy of a company. This justifies that a careful analysis of various factors is very essential in order to identify the associated strengths and weaknesses as well as opportunities and threats. Once the analysis phase is completed, the marketing strategy is prepared based on the findings of the analysis vis-à-vis the lessons learned, if any.
Factor Grid for planning strategy
The participation of various relevant stake holders associated with the company marketing operations, in preparing the marketing strategy , will add significant value to this marketing strategy. This marketing strategy will serve as reference document for marketing operations and management.
A schematic factors grid for planning strategy is presented below:
Tool for strategic business planning
SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis is a great tool for successful strategic business planning.SWOT analysis could be done in two stages as follows
External Environmental Analysis
This stage of analysis involves demographic, economic, technological and socio-cultural factors that could affect the business profitability. This stage of analysis also take into consideration the customers, competitors, distributors, suppliers and other related factors that also affect the business goals and profitability significantly. That means the external environmental analysis concerns about the opportunity and threats of the different external factors as mentioned here.
Internal Environmental Analysis
This stage of analysis comprises the different aspects of marketing operations like market share, customer satisfaction, product brands and product quality, pricing system, marketing channels, sales promotion, market size and coverage, etc. This type of analysis also include factors like finance, manufacturing condition, organizational and staffing conditions and the like. That means the internal environmental analysis will deal with the strengths and weaknesses of the internal environment of the company based on different factors as stated here.
Strategic business planning
SWOT Analysis leads to formulating goals and objectives of any business operation through external environmental analysis and internal environmental analysis. The end result is an effective Business Plan.
General
The above descriptions indicates that any successful marketer should be knowledgeable about different factors that affect planning and management of a successful marketing strategy. The SWOT analysis is an essential tool for any successful strategic business planning. This also suggests that the SWOT analysis should be done by the competent and skilled people in order to get maximum benefit out of it.
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