Management

There are six questions need to be answered in the processes involved in strategic marketing. What are these questions?

Where are we now?

The question of ‘What business are we in?’ is a problem of marketers to the point that they fail to consider this most primary principle of all strategic questions. Describing exactly the group of company and market in which your organization is going to function or perform is absolutely necessary to any practical strategy. Until it is properly answered, none of the tools and techniques of marketing work.

One of the outstanding models in marketing is the SWOT analysis. The word SWOT comes from the initial letters of the words strengths, weaknesses, opportunities and threats.

Strengths pertain to either your company’s or your competitor’s way of building up value to a customer. For instance, the Plantation Bay Resort and Spa can offer excellent complimentaries for a complaining guest or the resort have a friendly and accommodating employee. So the guests like to come back more often.

Weaknesses could include low budget for marketing or an incompetent customer service department.

Opportunities could possibly be watchful for the changes in consumer’s habits. Or competitors who have become uninvented or not marketable in their approach or offer.

Threats may come from a competitor moving toward your territory. For example, Plantation Bay Resort and Spa’s extravagant complimentaries will be used or copied by other resorts or hotels nearby which may be dangerous for Plantation Bay Resort and Spa’s loyal guests.

What do our customers want?