Step 2: External analysis
Which external factors affect your performance and that of regulators, competitors, suppliers, partners and customers? Add structure and focus to your analysis by using a framework, such as PEST (Political, Economical, Social and Technological aspects) or STEEPLE (adds Environmental, Legal and Ethical considerations). Pick out:
Both may arise as a result of changes within the market, for example, to customer or competitor behaviour, technological advances, economic shift, new production or distribution methods.
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Don’t let the jargon fool you, most marketing is common sense.
Marketing guru Philip Kotler defines marketing as "satisfying needs and wants through an exchange process". The starting point of marketing strategy is a situational analysis. Identify 'real' needs and assesses your ability to meet them now and in future.
Step 1: Internal analysis
Examine yourself thoroughly, your mission, strategy, activities, culture, expertise, unique qualities and resources. Look for: