The creation of a company's marketing strategy should be divided into 3 broad stages: analytical, applied and control. Each of them, in turn, is divided into several stages:
Analytical
Analysis of the external environment. The enterprise operates in an open space, so it is important to study the dynamics of external processes:
Current economic situation – inflation, unemployment, income level in the region where the enterprise operates, prospects for lending and grant financing for production expansion, etc.
Political situation – significant student database reforms in state law, assistance to business, focus on import substitution, domestic interests.
General and local trends – environmental safety, demand for comfortable clothing, modern technological solutions, gender equality, international integration, etc.
Improving technologies – innovative materials, our own research, prospects for cooperation with qualified specialists in an online format, digitalization, etc.
Market analysis. For example, using the "5 forces" approach created by Michael Porter. This method is suitable for those companies that specialize in one direction. The approach allows you to take into account the following aspects:
Threats from substitute products. The possibility of buyers "switching" to similar products when the price increases is analyzed. The motives for such a choice and the buyer's goals are identified.
New firms in a market niche. The level of difficulty of new competitors entering the market is determined: licensing issues, distribution potential, requirements for production while reducing costs, etc.
Influence of suppliers. The level of attachment to the quality of the supplied material, logistics, and professionalism of specialists is determined. An analysis is conducted on how to promptly replace business partners, find new employees, etc.
Influence of buyers. The sizes of the target audience and its features, the possibilities of interaction with consumers using advertising and other communication channels, the level of importance of the product for buyers are determined.
Nature of competition. The list of competitors, their level and goals, intensity of market development, etc. are determined.
Each aspect is assigned its own risk indicator. The goal of the marketing strategy will be to reduce the level of threats. For example, if the quantity of the product or the circle of consumers is limited, another product/service should be developed, but for a different target audience.
Assessing the company's condition. For example, using the SWOT analysis method:
S – advantages and value of the product;
W – disadvantages or flaws of the product;
O – opportunities (potential that can be used);
T – risks.
SWOT analysis in marketing
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SWOT analysis allows you to quickly find weak points that need to be improved. The method can be used both at the start of an activity and in the process of active work to identify the advantages of products or the advantages of the organization.
Competitor analysis. For a detailed study of competitors' products, you can also use SWOT analysis. The main thing is to focus not only on products, but also on the characteristics of competing companies (financial stability, aggressiveness of strategy, potential, etc.).
Use available information resources: Internet platforms of government agencies, media, customer opinions, retailer data.
After analyzing the collected information, conclusions are drawn on how competitive the product is and what place the enterprise can take in the market. Based on the results of the analysis, a development program can be drawn up.