Learn how SMEs can use Porter’s 5 Forces to assess marketplace viability when planning
Right now, Porter's 5 Forces is the most useful tool for owners and managers to stay one step ahead of the competition in a challenging market. Earmarked as the best marketing model to help small businesses analyze the competition in the marketplace, balancing these 5 forces is a must for your 2020 marketing action plan.
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What are Porter’s 5 Forces?
Porter’s 5 Forces is an analytical model that helps marketers and business managers look at the ‘balance of power’ in a market between different organizations on a global…
The latest results from the CMO Survey, a special COVID-19 edition, give a fascinating insight into our fellow marketers' business strategy and planning to drive growth this year.
Digital Marketing Strategy during COVID-19
84% of marketers confirm they have ‘improvised to generate new marketing strategies during the pandemic’ according to the CMO Special Covid-19 report in June 2020. So what did they do? And what can we learn about managing business growth right now?
“The measure of intelligence is the ability to change”
- Albert Einstein
So, by Einstein’s prognosis, 2020 has been a very intelligent year for marketers. While for some of us, the changes have been less grand, others have witnessed a complete transformation in less than half a year. Naturally, there are fluctuations by industry, so for more detailed data about your industry, check out this special …
Our guide to creating a SWOT analysis to define digital strategy using the TOWS technique
A SWOT analysis is an essential part of any business or marketing plan. It allows you to create a plan of action based not on what you’re interested in doing or on your gut-feel, but what you need to do given the situation in the marketplace. It considers your capabilities for marketing against competitors plus looks at opportunities created as new technologies are introduced.
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What is a SWOT?
As you’ll know it’s a 2 X 2 matrix summarising the internal Strengths and Weaknesses against…
What is the 7Ps Marketing Mix and how should it be used?
The marketing mix is a familiar marketing strategy tool, which as you will probably know, was traditionally limited to the core 4Ps of Product, Price, Place and Promotion. It is one of the top 3 classic marketing models according to a poll on Smart Insights.
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Who created the 7Ps model
The 7Ps model was originally devised by E. Jerome McCarthy and published in 1960 in his book Basic Marketing. A Managerial Approach.
We've created the graphic below so you can see the key elements of the 7Ps marketing mix.
The 4Ps vs The 7Ps
The 4Ps were designed at a time where businesses were more…
Learn how you can use the Product Life Cycle (PLC) marketing model to project changes in the perception and use of your products
The Product Life Cycle describes the stages of a product from launch to being discontinued. It is a strategy tool that helps companies plan for new product development and refine existing products.
What are the stages of the Product Life Cycle?
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New Product Development
The new product development stage occurs before the product's life-cycle begins, consisting of market research leading up to product launch. Hence this stage can include:
Examples of using the BCG Matrix (Growth Market Share Matrix) to review your product portfolio
What is the BCG Matrix?
The Boston Consulting group’s product portfolio matrix (BCG matrix) is designed to help with long-term strategic planning, to help a business consider growth opportunities by reviewing its portfolio of products to decide where to invest, to discontinue or develop products. It's also known as the Growth/Share Matrix.
The Matrix is divided into 4 quadrants based on an analysis of market growth and relative market share, as shown in the diagram below.
1. Dogs: These are products with low growth or market share.
2. Question marks or Problem Child: Products in high growth markets with low market share.
3. Stars: Products in high growth markets with high market share.
4. Cash cows: Products in low growth markets with high market share
Members can use…
Chart of the Day: CMO survey of investment in alternative strategies for growth
A key part of marketing strategy development is to review the strategic options for growing a business. Here we're sharing a breakdown of actual investment by companies using this classic marketing model that has stood the test of time since it originally dates from the 1960s...
You may recognize Ansoff’s growth model, which is a matrix that can be used to identify alternative growth strategies by looking at present and potential products in current and future markets. The four growth strategies are market penetration, market development, product development, and diversification.
It's no surprise that investment in existing markets is the main focus, followed by new product development. But it's surprising to me that market development and diversification are as high as they are. This breakdown showing the balance between…
Two different models with the same acronym
I see the 4C models referenced a fair bit when reviewing student assignments, so we thought it would be interesting both to students and marketing professionals to take a look in a little more detail at how they can be applied in practice.
Background and clarification
Two groups of marketers have created the 4Cs. This often leads to confusion about what’s being discussed and where!
Let’s clarify the two models:
The 4Cs to replace the 4Ps of the marketing mix: Consumer wants and needs; Cost to satisfy; Convenience to buy and Communication (Lauterborn, 1990).
The 4Cs for marketing communications: Clarity; Credibility; Consistency and Competitiveness (Jobber and Fahy, 2009).
Lauterborn’s 4Cs: Consumer wants and needs; Cost to satisfy; Convenience to buy and Communication
What is it?
In 1990 Bob Lauterborn wrote an article in Advertising Age saying how the 4Ps (he didn’t address the…