As marketers, we are confronted by a myriad of tactics that offer the promise of increasing sales and revenues. Creating a marketing strategy through the amalgamation of these tactics can be a daunting task. This is where the creation of an “Integrated Marketing Strategy” comes into play. It’s one that creates marketing synergies between your inbound and outbound marketing efforts. At its very foundation are six critical dimensions that affect your integrated marketing strategy. Each dimension intersects with the other to create a unique framework for your strategy formation. The bigger your business, the more you will spend on marketing. No matter how much capital you have, it is impossible to rely solely on paid marketing channels such as Pay-Per-Click (PPC), email marketing, and social media advertising. There is no doubt that these channels work, but they are limited in their ability to provide lasting results.

Discover how this framework can help you transform your business into an unstoppable money-generating machine! A framework is a structured way of doing something. It’s a series of connected parts that fit together to help you achieve your goals. Understanding frameworks and using them to come up with solutions to problems is one of the best ways to solve problems. In this article, I’ll be sharing with you a marketing strategy framework that can be used to improve your marketing strategy creation process.

Framework for Marketing Strategy Formation

External Environment

The external environment is a critical component of the marketing strategy formation process. It includes four areas: social, economic, political and technological.

The social environment includes trends in society that may affect your business, such as aging populations and growing interest in health and wellness. The economic environment includes economic indicators that affect businesses’ ability to sell their products or services. In addition, it includes factors such as inflation and unemployment rates that influence how customers spend money on products and services. Political considerations are also important to consider because policies that impact your company’s ability to sell its products or services may be instituted by the government. Finally, technology changes can affect businesses’ ability to reach customers – for example, if a new technology makes it easier for customers to find information about your products online or if a new device makes it easier for customers to pay for them with their mobile phones instead of cash at checkout counters.

Marketing strategy formation should include an analysis of all four areas: social trends; economic indicators; political considerations; technological changes


Internal Environment

Internal Environment

Before you can begin to formulate a strategy for marketing your business, it’s important to consider the internal environment of your company. What are the strengths and weaknesses of your business? What do you do well, and what do you need to work on? How would you describe the culture of your company? Is it collaborative or competitive? What kind of relationships do employees have with one another?

This information will help inform your marketing strategy in a few ways:

1) If there are any issues that need resolving within the organization, they should be addressed before going forward with any marketing plans. For example, if there are communication issues between departments or teams, those should be worked out before implementing a new system for sharing information across teams and departments.

2) If there are strengths that could be leveraged in creating a marketing plan, those should be identified as well so they can be used as part of an effective strategy.

3) The culture of your company will affect how customers perceive it—and how they respond to its products and services—so it’s important for marketers to understand what kind of culture exists within their organizations so they can build upon it when crafting their strategies.


Customer Analysis

The first step in the marketing strategy formation process is identifying your customers. This is important because it helps you determine what kinds of products or services you’ll be selling, who your competitors are, and other factors that will affect how your company conducts business.

In order to do this, you need to consider what kinds of people might use your product or service. This includes not only their demographic information (age range, gender, income bracket), but also their buying habits and lifestyle choices. Once you have a good idea of who these people are, then you can start thinking about where they may be found.

A company’s customer base is made up of individuals, groups and organizations that are likely to purchase the products or services offered by the company. Customers can be categorized into primary, secondary and tertiary customers. Primary customers are those that have the greatest impact on a business’ revenue generation. Secondary customers are those that have some financial impact on the business but less than primary customers. Tertiary customers do not contribute much to the revenue generation of a company.

Primary Customers

Primary customers are those that are most important to a business in terms of revenue generation, because they account for most of its sales volume. They may also be referred to as core or major customers, depending on their role in the company’s operations. Primary customers include distributors and retailers who sell directly to consumers as well as manufacturers who sell directly to end users or other businesses.

Secondary Customers

Secondary customers include resellers and brokers who purchase goods from primary suppliers and then sell them directly to end users or other businesses. Resellers are typically specialized firms that buy products from primary suppliers at wholesale prices and then sell them at retail prices without any markup for themselves; brokers buy goods from


Competitor Analysis

Competitor Analysis

Competitors are the companies that offer the same or similar products as your company. Competitors can be direct competitors, who offer the same product as you, or indirect competitors, who offer a different product but have a similar value proposition.

The purpose of competitor analysis is to identify your competitors’ strengths and weaknesses, as well as their market position and potential threats to your business. This can help you make decisions on how you can better compete against them.

To do this, you must first determine which companies are the most relevant to your business. You can do this by either:

-Looking at the categories in which they appear in Google searches (e.g., “best [product category]”).

-Looking at their website and seeing what other businesses they mention in their marketing copy or social media posts.

Next, you should gather information about these competitors’ products/services: price range, features/benefits offered, target audience demographics etc. You should also look for information about their marketing strategies and tactics so that you know how they’re approaching things like SEO optimization, influencer partnerships etcetera (if applicable).


Product/market Expansion Grid

The Product/Market Expansion Grid is a decision-making tool that helps companies decide whether to expand into new markets, launch new products, or both. This grid can be used by companies in any market at any stage of development. The grid is designed to help companies make strategic decisions about their product and market options, but it doesn’t provide a framework for making tactical decisions.

The grid has nine cells. The first three are:

1) current position (where the company stands now);

2) desired position (where the company wants to go); and

3) current strategy (the path the company is currently taking).

The next six cells are for possible strategies:

4) stay put;

5) product expansion;

6) market expansion;

7) product/market expansion; and finally,

8) diversification.


Strategic Use of The Internet and Other Technologies

The Strategic Use of the Internet and Other Technologies

The internet is a powerful tool for marketing. It allows companies to reach customers, promote products and services, and build brand awareness in ways that were previously not possible. The internet has evolved over time, and many businesses have found success by adapting their marketing strategies to take advantage of its most recent developments.

The internet is an important component of any company’s marketing strategy because it provides so many opportunities for reaching customers through advertising, promotions and other communications. By using the internet effectively, businesses can take advantage of these opportunities and reach more people than ever before.

Another reason why businesses should use the internet for marketing is because it allows them to quickly change their message based on market conditions or customer needs. Companies can also gather customer feedback on their products or services through social media channels such as Facebook or Twitter without having to wait weeks or even months before getting results back from traditional surveys conducted through snail mail or email surveys sent out by phone calls made during business hours when most people are working instead of sleeping at night (which means they’re less likely to answer their phones).

Online shopping websites such as Amazon offer an easy way for online shoppers to find what they’re looking for without having to go through all kinds of hoops first like having


Takeaway: Marketing strategy formation is challenging. This book helps you with that.

Conclusion

If you don’t have a marketing strategy it’s critical to have one. Simply saying “I’m going to do content creation” or “I’m going to do inbound marketing” isn’t enough. You need a roadmap and a way to measure progress that is quantifiable, because frankly you need to justify your spend. You can put together some social media posts and testimonial type content but without a structured plan your efforts will fail.

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