Porters Five Forces

Porter's Five Forces is a framework for analysing the competitive forces shaping an industry and is a tool for businesses to identify and strategise around those forces. The Five Forces are:

1. Threat of new entrants: The ease with which new firms can enter the market and compete.

2. Bargaining power of buyers: The ability of customers to negotiate prices and terms.

3. Bargaining power of suppliers: The ability of suppliers to negotiate prices and terms.

4. Threat of substitute products: The availability of products or services that can serve as substitutes for offered products or services.

5. Rivalry among existing competitors: The intensity of competition among firms already in the market.

The Five Forces framework is a helpful tool for marketing directors to understand the competitive landscape of their industry and develop strategies to stay ahead of the competition. By understanding the forces at play, marketing directors can make informed decisions about where to focus their efforts and how to position their products or services in the market.

SWOT Analysis

A SWOT analysis is a simple yet powerful tool that can be used to help develop a marketing strategy. By taking a close look at each of these four areas, you can better understand your company's position in the marketplace and make more informed decisions about your marketing efforts.

Let's take a closer look at each element of a SWOT analysis:

Strengths: These are the features or characteristics of your company that give you a competitive advantage in the marketplace. When evaluating your strengths, be sure to consider both your internal and external assets.

Weaknesses: These are the areas of your business that need improvement. As with your strengths, your weaknesses can be either internal or external.

Opportunities: These are the external factors that present themselves as opportunities for your business. When evaluating opportunities, be sure to consider trends in your industry and the needs of your target market.

Threats: These are the external factors that could pose a threat to your business. When evaluating threats, be sure to consider your competition and any changes in the marketplace that could impact your business.

By taking the time to do a SWOT analysis, you can develop a clearer understanding of your company's strengths and weaknesses and identify opportunities and threats that you may not have considered before. This information can empower you to develop a more effective marketing strategy and make better decisions about your marketing budget and efforts.

7Ps of the marketing mix

The 7Ps of marketing is a framework for thinking about the critical elements of a marketing strategy. It is a helpful tool for marketing professionals to use when planning a marketing strategy. The 7Ps stand for product, price, place, promotion, people, process, and physical envidence.

1. Product: The first step in any marketing strategy is identifying the products or services. The product must be able to meet the needs of the target market. It should be unique and offer value that competitors do not provide.

2. Price: The product's price must be set at a level that is affordable for the target market and provides a reasonable return on investment for the company.

3. Place: The product must be available where the target market shops. This may require the use of distributors or other channels to reach the desired market.

4. Promotion: The product must be promoted in a way that will reach the target market. This may include advertising, public relations, and other marketing communications tools.

5. People: The people responsible for creating, selling, and delivering the product must be considered. They must have the skills and knowledge necessary to be successful.

6. Process: The process of creating, selling, and delivering the product must be efficient and effective.

7. Physical evidence: The physical environment in which the product will be sold and used must be considered, such as the store design, packaging, and other factors.

Segmentation-Targeting-Positioning

The Segmentation-Targeting-Positioning (STP) model is a framework for marketing strategy that breaks down the process of identifying and targeting potential customers into three distinct stages.

1. Segmentation: businesses first identify potential markets and then further divide those markets into smaller, more manageable segments.

2. Targeting: businesses select which segments they will focus on and then craft specific marketing messages that appeal to these segments.

3. Positioning: businesses position themselves in the market by differentiating their products or services to appeal to their target segments.

The STP model is a powerful tool for marketing professionals as it helps create a structured and systematic approach to identifying and targeting potential customers. It can also be used to create customer profiles, which can help tailor marketing messages and improve marketing effectiveness.

Growth Share Matrix

The Boston Consulting Group (BCG) is a world-renowned management consulting firm that provides advice to companies in various industries. The BCG Growth Share Matrix is a tool that the firm uses to help organisations formulate their business strategies. The matrix is based on the belief that a company's business portfolio can be divided into four categories:

1. Stars: These are businesses growing rapidly and generating large amounts of cash.

2. Cash Cows: These businesses generate large amounts of cash but are not growing rapidly.

3. Question Marks: These are businesses growing rapidly but are not generating large amounts of cash.

4. Dogs: These businesses are not growing and are not generating large amounts of cash.

Organisations can use the BCG Matrix to help them decide which businesses to invest in and which to divest. The matrix can also help organisations determine how to allocate their resources.