As you begin to put together your new strategic marketing plan, you should take into account the internal and external factors in your marketing environment that will be affecting you in the upcoming year. In my previous post, How Effective is Your Marketing Plan? I asked you the following you the following question:
“Did your plan discuss opportunities, threats, weaknesses and strengths for your company to exploit/solve? (This is often seen as part of a SWOT analysis but could be an 8-factor or 5-factor analysis as well.)”
Porter’s Five Forces
Eight Forces Framework
Understanding how the external world may act upon your business will help you better understand how and why to take advantage of it or sidestep it as appropriate. When planning your marketing efforts for the next year, this will be vital information that will give you a leg up in your planning. Perhaps the most essential part of any of these analyses, however, is the paragraph (or five) you write explaining your findings for the marketing environment and what that will mean to your business, strategic marketing plan, products, and community reputation. This work is perhaps your marketing plan’s most essential and foundational component. Everything else in your plan should build upon this framework. So take your time and do it thoroughly and comprehensively, then include it in your marketing plan so that you will remember the assumptions you built your plan on throughout the year and in future years.
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Thank you Tisha for a very insightful editorial; I can’t believe no one has commented on this yet.
While I was aware of SWOT and Porter’s 5 point analysis, you brought something new to the table with the introduction of the Eight Forces Framework, that includes external factors affecting a business in a more dynamic scenario.
Regardless of whose concept this may have been, it is cause to pause and consider stepping back objectively when you approach your marketing plans, rather than remain subjective and assumptive.
Cheers!
Dan, thank you for your comment! I always find that 8-Forces helps me to take a holistic view of the environment – and as a result, make better plans.
This is a good blog message, I will keep the post in my mind. If you can add more video and pictures can be much better. Because they help much clear understanding. 🙂 thanks Borgman.
I like browsing your blog because you can constantly bring us new and cool things, I feel that I must at least say a thank you for your hard work.
– Henry
Thank you for visiting! I’m very glad you find the blog useful. If there are any topics you’d like to see covered in the future, just let me know.
I’d be happy to help Prasad. You can contact me directly at: https://paraduxmedia.com/author/tisha/
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