Final Marketing Strategy

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Task 8: Final Marketing Strategy                        Harinder Singh

Throughout my coursework I have used many analytical models these have enabled me to analyse the best possible strategy to market my product.

I have used analytical models such as PEST and SWOT.

PEST is the model which incorporates: political, economic, social and technological features these are all external factors and will help to determine how my business will be affected by changes externally. I have the ability to analyse how the four key factors that PEST stands for will affect my business in the coming months and years. It gave me important insights in regards to political factors such as:

  • Changes in the tax structure
  • Privatisation
  • Trade unions
  • Changes in the availability of raw materials
  • Regulatory constraints such as labelling, quality and safety.

In regards to Economic factors I grasped a stronger understanding of:

  • Inflation
  • Unemployment
  • Energy prices
  • Price volatility

In regards to Social factors I learnt about:

  • Consumer lifestyles
  • Environmental issues
  • Demographic issues
  • Education
  • Immigration
  • Religion

One of the more important factors that I had to take into account was that of the technology and how it is changing here are some of the factors that I considered:

  • New technological processes
  • Energy saving techniques
  • New materials and substitutes for existing materials
  • Better equipment
  • New product developments

These are all important factors that I may have otherwise forgot about taking into account when drawing up my business strategy but thanks to the PEST analysis I was able to take them into account and measure how they would affect my business. A good PEST analysis is useful to stop any organisation from plunging into failure by helping you take actions that are doomed to failure. PEST is useful when you start operating in a new country or region. Use of PEST will help to break free of unconscious assumptions, and helps you to quickly adapt to the realities of the new environment

The second analytical model I used was the SWOT analysis. This is a model which looks at four aspects these are: Strengths, Weaknesses, Opportunities and Threats. This was particularly useful as it helped me to examine the relationship between my organisation and the surrounding environment. It enables me to look at both the perspectives of the internal and external environment the internal environment helped me to consider what sort of factors would alter the strengths and weaknesses of the organisation, the external element required me to look at the opportunities and threats present in my organisation. It gave me the correct information in order to:

Gain insight into my organisation's assets and liabilities.

Identify the external forces that will influence my success in my given area.

I began to look at perspectives such as whether I should’ go down a certain path’

SWOT also helped me to

Efficiently isolate my strengths relative to the weaknesses that my business and the environment around it possess.

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The SWOT in conjunction with the other tools allowed me to make some decisions that I found difficult earlier such as whether it was feasible to locate my leisure centre within a certain area.

I learnt that SWOT works best when I had a good knowledge of the link between individuals and the interests that they follow. As a result of carrying out the SWOT analysis I will have the ability to develop policies and practices that will help me build to my strengths and opportunities.

Both these analytical models were very useful as they were effective in allowing me ...

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