1. Best marketers actively scan
for internal and external, micro and macro environmental changes.
2. The scanning helps in
creating a SWOT analysis – not only for your company, but also for each of your
competitors, which helps in determining the possible influence on your
marketing situation.
3. Analyzing the internal
environment – identifying strengths and weaknesses:
- Mission statement
should give clear vision and direction for market planning and
implementation
- Resources – human
(workforce), financial (funding), informational (data) or supply
(material/services) – are limited and must be balanced carefully for
success.
- Review all the
offerings/product mix to determine how effectively they relate to the
mission and resources, thereby determining strengths and weaknesses
- Review results (sales,
profits, financial results) with trends over past several years to
separate effective and ineffective activities
- Review Business
relationships to ensure true partnerships
- Pinpoint keys to
success and focus on the right priorities, Scan for major warning signs
that hinder success and make plans to avert them
- Analyzing the external environment – identifying
opportunities and threats
- Demographic Trends –
Consumer, Business, Economic, Ecological, Technological, Political-Legal,
Social-Cultural trends are analyzed
- Competitor analysis is
performed
- Based on analysis
Predict, Plan, Prepare and Respond to changes in each arena
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