Different Marketing Techniques
This involves a thorough study of the broad trends within the economy and society, and a comprehensive analysis of markets, suppliers, competitors and the company itself. There are a number of marketing techniques that can be used in analyzing an organization’s environment. These include the following: SOOT Analysis: HTH I an overall evaluation off A I I This is II I it f company’s strengths, weaknesses, opportunities and threats. Strengths and Weaknesses are internal and can be controlled by the organization whilst
Opportunities and Threats are external. The objective of SOOT analysis is to identify and convert threats into opportunities and weaknesses into strengths. 1 SOOT ANALYSIS Strengths refer to an organization’s capabilities or aspects of its business that it does better than its competitors. For example: Coca Cola has a strong brand name Marks and Spencer is noted for its high quality products John Lewis for its high levels of customer service Apple for its product innovation Weaknesses refer to aspects of an organization’s activities that it does not excel in.
For example, Lid is criticizes for its poor customer service. McDonald’s for its ‘Junk food’ label 2 Virgin trains for lateness or delays to train times SOOT ANALYSIS (2) Opportunities
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Threats are aspects in the business environment that pose a challenge or an hamper the organization from achieving its objectives. For example, Competitors Government legislations Natural disasters such as earthquakes or floods 3 Strengths Convene ret match Opportunities Con ever Weaknesses Threats Different Marketing Techniques Used to Analyze an Organization By Severna This is mainly used to analyses the wider macro-environment in which the business operates.
The organization will normally have no control over PESTLE factors and at best should try and accommodate and devise strategies around these factors or issues Political factors: Government stability Type of government T Ft Incidence of strikes Attitude of government officials Taxation policies Government policies Economic factors Interest rates Employment I E I t levels I Inflation rates Disposable incomes Energy availability and cost Business cycles Demand 5 PESTLE ANALYSIS (2) Socio-cultural factors Population demographics Lifestyles Levels of education Religion Aesthetics Language Attitudes and values Legal factors Monopolies isolation Foreign trade regulations Employment law Health and safety laws Technological factors Government spending on research Government and industry focus on technology Communication infrastructure Transport infrastructure Technological skills Rate of new product development Environmental factors Environmental protection laws Consumerism Green issues Social responsibility.