How would you explain what Marketing Strategy is? How will external factors have an impact on your strategy?
We have already covered this idea. But let’s recap. A marketing strategy is a plan developed by an organisation that describes how a company’s products or services will be offered to customers.
What is a Product? Products are tangible items produced by labor to satisfy a need.
And how about a Service? Services are valuable actions or deeds performed to fulfill a demand or need.
The marketing strategy is shaped by the ultimate goal of the organisation and is the foundation of the marketing plan. All businesses are exposed to influence from their environment. There are five external factors influencing any marketing strategy or SLEPT:
A sixth external element is Competition. Demographic and lifestyle information of an area should be gathered to ensure the success of any business. Would you locate a shopping centre near an area where household income is below the poverty line. Some of the key factors to bear in mind are:
You need to establish who to serve and how to serve them!
Also legal aspects influence what you sell and how you communicate and promote. The state of the economy will massively affect your marketing mix also.
Can you describe some legal aspects influencing companies who produce alcoholic beverages?
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