The marketing strategy of a company is critical to its success for many different reasons. Without product awareness, customer will not know about the availability of the product. A lack of branding will result in customers quickly forgetting about the product and the significance of the products on their lives. Strategic marketing is a planning process by which an organization devises the best way to develop an advantage over competitors. Businesses measure the success of their strategic planning by analyzing the increase in sales, getting positive consumer feedback and measuring a greater number of repeat customers. The strategic imperative of marketing may be revealed using a basic SWOT analysis, which focuses on strengths, weaknesses, opportunities and threats to the business.
Part of a marketing strategy is assessing the strengths of the business as it relates to the product and customers’ perception. For instance, one of the strengths could be the positive traits consumers connote with the brand. The company's brand could be a significant source of value. Some customers will purchase certain brands regardless of the price. Other marketing- related strengths may include a strong reputation amongst easily swayed consumers such as tweens, stylish packaging and memorable commercials. For instance, some customers buy Nike brand because it is a very popular brand around the world. Customers are most of the time remember Nike’s commercial and the symbol of the brand. The brand and the symbol are the strength of Nike (Phillip Kotler and Kevin Lane Keller, Marketing Management 13th edition, pg. 19).
Analyzing marketing weaknesses is just as critical for the short term and the long-term success of a business. For example, if consumer feedback reveals a desire for a touchscreen phone, a company that ignores the data and continues producing only dial up phone may not last in a quickly changing industry. Most weaknesses become apparent by assessing...
Please join StudyMode to read the full document