Sustainable Strategy (M002).
During week seventh and eighth I have learned about strategic choices 2 and 3, where it is about how to use or apply the best marketing strategies in order to achieve business goals.
In determining marketing strategies, Ansoff’s Matrix is one of the options, which can be implemented in order to identify what marketing strategies that the company has been doing as well as making suggestion for the future directions for the organizations. The figure below will illustrates more for Ansoff’s Matrix.
Another marketing strategic choices are BCG Matrix and GE-McKinsey Matrix.
BCG Matrix is suitable for identifying the market share growth of organization, which allows the marketers to determine the attractiveness and balance of a business portfolio.
Strategic business unit (SBU) has a high market share in the market
- Question marks
SBU within an expanding market but not with a high market share, and known as “problem child”
- Cash cow
SBU with high market share operating within a mature market.
SBU with low market share within static or declining markets.
Meanwhile, GE-McKinsey Matrix is appropriate in specifying directional policy matrix, where this matrix offers strategy guidelines given the positioning of the business unit.
In addition, the table below will demonstrate market attractiveness factors. All in all, all those marketing strategic matrix are very useful in evaluating relevant factors in developing the marketing and business strategies.
Marketing in a global age (M003)
During week seven and eight the lecturer has been explaining about SOSTAC model in detail, where that model is applicable for the marketing plan report of course work2.
In discussing the SOSTAC Models, it covers:
- Situational Analysis (S)
- External analysis
- Macro analysis (PESTEL Framework)
- Industry analysis (Porter’s five forces)
- Internal analysis
- Resources Strategic Analysis (RSA)
- SWOT/TOWS matrix
- Value Chain
- External analysis
- Objective (O)
- Marketing and financial objective
- Strategic (S)
- Tactic (T)
- Action (A)
- Control (C)