The Importance Of Strategic Marketing Analysis
Strategic analysis is a process which will provide directors and managers with relevant and timely information to support strategic marketing decision making in a dynamically changing world.In the article below we consider the elements for consideration and the approaches to formulating a marketing strategy.
Strategic Marketing Elements For consideration
- What are the appropriate approaches required to identify and evaluate the likely and possible causes of change.
- What can you do identify the opportunities and threats in the broad-scale environment.
- Analysis of market trends and segments, critical success factors the basis of competition
- Identifying customer needs and problem identification lading to a detailed understanding of their purchasing behaviour
- Competitor identification and analysis, in order to establish your competitive position
- Identifying the value networks, supply chains, possible collaborations that provide competitive advantage
- Establishing your sources of competitive advantage to allow customer value creation.
- Ensuring your brands & brand equity are developed as a key strategic asset
- Ensuring that rigorous, inclusive evaluation conducted
- Are you internal capabilities, resources, systems, processes, structure, culture, and agility capable of developing strategic market requirements
- The relationship between your company and its external environment at all levels,
Approaches To Formulating Marketing Strategy
- What will allow you to achieve of competitive advantage.
- The need to balance short & long term aims / performance requirements
- From what position do you need to develop the strategy, emergent, turnaround, growth, consolidation. rapid growth etc
- Market entry and development, market exit, motivation, methods.
- What is it that provide your differentiation,
- Where are you aiming to set your market positioning
- How important is branding.
- Identifying risks and opportunities
- What are sources of uncertainty and how can these be reduced,
- How can we mitigate the risks or enhance the opportunities.
- Preventive & contingent action.
- Establishing Critical Success Factors (CSFs) & Key Performance Indicators (KPIs)
Marketing Strategy For SME’s
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