2. SWOT Analysis
A SWOT analysis is a very important part of evaluating your marketing plan and
environment. SWOT stands for Strengths and Weaknesses in your internal
environment and Opportunities and Threats of your external environment. This
analysis can help assess the positive and negative attributes of the firm and locate
the uncertainties in their plan to reevaluate.
3. Impact of Social Media
Social media has become a huge part of marketing in the 21st century. It brought
companies a lot more opportunities on ways to reach consumers and advertise
their products and services. It’s enables companies to be more widespread, get
more attention, and use influencers to market their products for them. It’s easier to
educate consumers and get a view into the products and services through others
sharing their use of the product.
4. Globalization
Globalization has helped companies grow a lot more outside of their home market
and share their ideas, products and services with the world. Being able to share
products with the rest of the world helps better meet the needs of global
consumers and allows access to a wider variety of products and services for all
countries. It also allows companies to outsource to get their products made so
they can be produced more efficiently.
5. Consumers
Consumers are obviously a huge part of how companies market products, where
they market them and how their whole plan is developed. Consumers make a big
impact on how well a product or service does in the market. Consumers are what
everything is based on and are the most important factor in marketing.
6. Exchange Rate
Exchange rate is a big thing for global marketing. Not all currency is equal so it’s
important to evaluate the difference in currency when exporting products to other
countries. It can affect how companies price their products when importing and
exporting products.
7. Target Market
Based on what product you are selling you come up with a target market. A target
market is who is most likely to pay for or can afford your product or service. It’s
important to find and reach your target market to increase sales and get good
reviews and recommendations.
8. Environmental Influences
The environment you are trying to reach has a huge influence on how you make
and market your products. Many different environments and nations have different
needs to meet based on where they live, what they do and use on a day to day
bases, and the economy of that area.
9. Customer Service
Customer service can be very important to how well your company does and how
well your products or services sell. Good customer service helps build
relationships with your customers which can lead to an increase in customer
loyalty and positive reviews.
10. Franchising
Franchising is a great way to grow and spread your company. With franchising, a
franchisor sells their ideas, products, and services to a franchisee that then runs
their own store by themselves. It helps reach more possible consumers and make
their company more money.
11. Competition
Competition plays a huge part in how companies market their products.
Companies are always trying to find new ways to beat out competitors and make
their products and services better than the rest. Competition helps keep products
new and updated which can be very beneficial to consumers.
