Five Ways To Evaluate/Develop Any Organization Marketing Strategy

We always try to understand things but most of the time we sort of overlook at number of aspects the same goes for marketing strategy. When we try to evaluate or contemplate a marketing strategy of an organization what we do is sort of start from things that inspire and impress us a lot like some view it from perspective of four P’s others consider the promotion mix while some might go for customer/consumer satisfaction others for market share.

Today am going to provide a list of specific aspects which one must consider when evaluating or measuring the total worth or to identify the possible gaps, issues so on and so forth in a marketing strategy. Plus it would be also sort of rich template for freshers in marketing who want to learn the marketing strategy or want to make one. So let’s get started ;)

Marketing Mix aspect:

Every organization exist to offer something that is tangible or intangible or in-between and their long term marketing strategy can be look from marketing mix angle. The organizations try to develop marketing strategy in terms of product, price, place and promotion while many would also add people, process and physical evidence.

All these categories of marketing mix constitute the overall marketing strategy of any organization. By understanding and evaluating each and every part of the mix with the right kind of tools would help the evaluator getting the big picture of marketing strategy of a particular firm. Similarly based on this appraoch one can devise a marketing strategy for his business/organization.

This is one aspect among many from which one can evaluate marketing strategy of a particular business/organization.

Market share aspect:

Here what the marketing strategy evaluator do is to analyze it from a company market position or market share and the level of competition that it is facing in particular segments and as a whole. Kotler (1) has been great advocate of this particular aspect and suggest that a company should devise its marketing strategy on basis of market share starting from identification of optimum market share and then using different tools and strategies to attain that market share to increase market share or to cut down when the company optimum level is down below the current market share.

Though the approach seems different when considered superficially but in reality it also utilizes the basic concepts and strategies of marketing mix to measure the market share or position of a particular firm. 

The only new dimension is to consider it from marketing share perspective, which is used as benchmark to evaluate the effectiveness and value addition of particular marketing strategy. So like the above marketing mix new investor or marketing students who want to devise marketing strategy or want to understand marketing strategy should also focus on this aspect too.

Plus the competitive aspect is also one that is part of this aspect, Kotler suggest number of strategies that a market strategist can utilize in particular situation that include your competitors stances or strategies and your market share.

Consumer/Customer relationship aspect:

This is perhaps the most important aspect of any marketing strategy. If you implement your marketing strategy perfectly from all other aspects and you sort of mediocre or overlook this aspect then there is great risk that your marketing strategy might end up in failure.

As a marketing strategist you need to carefully analyze the important aspects that are calculated and devised precisely to attract/interest potential customers, plus carefully consider that whether the policies and procedures involve in exchange of benefits(tangible and intangible)  are carefully crafted to satisfy customers and related all other major/minor aspects situation that increases or enhances the contact of a customer with your organization in one way or another and plus post purchase relationship enhancement strategies.

Product Life Cycle aspect:

This is another aspect to evaluate any marketing strategy. Kotler(2) and Doyle(3) advocate that marketing strategy for a product should be devised on basis of position of a product in its life cycle. It demands that your strategy should be based on the marketing mix (4p’s or 7p’s) and all your marketing mix should be tweaked according to the position of your product in its life cycle.

Like your marketing strategy dominant aspect in introduction stage should be using promotion mix more especially the advertising and keeping low price and your positioning should be selective while in growth stage the product mix should be the area to focus like adding new features, adding services etc.

And here the price is stable as product is in growth stage and plus company moves from selective distribution to adding more and more distribution channels to carter to increasing demands. And this goes on for the whole life cycle of the product. This is another aspect that the marketing strategy evaluator should consider when considering a particular strategy or making one for his own business.

Alignment with External and Internal factors:

This is the final aspect in my list of five aspects to evaluate marketing strategy of a firm. A marketing strategist should never overlook this particular aspect while devising a marketing strategy. External factors like regulations in a particular region where your target market is located, economic conditions of that region like income, resources, expenditures, demographics of that region and the factors that affects these demographics one way or another, technology that may affect your marketing strategy in general and your product in particular in one way or another.

Similarly internal factors should also be carefully audited like available budgets, finance, research and development, brand worth and company good will or image so on and so forth.

References

1. Bloom P.N. and Kotler P “Strategies for high market share companies” Harvard Business Review Vol 53 No 6 November-December 1975 pp 63-7
2. Kotler P “Competitive strategies for new product marketing over the life cycle, Management Science Vol 12 No 4 December 1965 pp 104-119.
3. Doyle P “The realities of the product life cycle” Quarterly review of marketing, 1976 pp 1-6.