It should be remembered that the economic conditions and key business goals have changed substantially since the BCG matrix was initially developed in the late 1960s. As a result, a slight redesign of the matrix is probably required to make it more usable and logical to today’s business world.Design of the X axis/relative market shareThe […]
Modern Day Design of the BCG Matrix Find Out More...
What are the steps in the basic marketing process? As you probably know, the purpose of marketing activities is to create value for consumers and to deliver ongoing profitability (or other success metric) for the firm as a result. Marketing should be a win-win situation for both the firm (or organization) and its customers.Steps in
The Marketing Process Find Out More...
There should be clear steps to follow when developing a marketing strategy.Guidance from the strategic planIf the strategy is being developed for large organization, then they should be a corporate strategy document – known as a strategic plan – that should be the starting point for the development of marketing strategy and subsequent documentation in
Steps in marketing strategy development Find Out More...
There is generally a clear sequence of steps to follow when developing marketing strategy. Marketing strategy should be highly interrelated to the firm’s overall corporate strategy.Start with vision and missionAt the starting point of a corporate strategy is the firm’s vision and mission. The mission statement is the firm’s reason for being. It is what
From corporate strategy to marketing strategy Find Out More...
There is a direct relationship between the firm/brand’s marketing strategy and its marketing mix design. A marketing mix should be the execution of the firm’s marketing strategy.In other words, marketing strategy is implemented through the combination and design of the marketing mix elements to meet the identified needs of a selected target market.Please note that
Marketing strategy and the marketing mix Find Out More...
Marketing strategy and core competenciesOne of the very common analytical approaches in strategic planning is SWOT analysis. The first letter stands for “strengths” and the first letter stands for “opportunities”. These two letters, or parts of the SWOT analysis, are designed to work together.In other words, we identify the corporate strengths and then try to
Understanding core competencies in marketing Find Out More...
What are core competencies?Core competencies are special skills and capabilities of the firm that provides some competitive advantage in the marketplace. We are primarily interested in those skills and capabilities that allow the firm/brand to deliver superior customer value.You should note that core competencies are skill sets that reside in the people and processes within
Examples of core competencies Find Out More...
Any organization/brand is faced with an almost unlimited selection of choices and opportunities in the marketplace. For example, there are literally thousands of different ways that firms can choose to promote their activities. There are millions of different products available in the marketplace that firms can choose to produce and market.So how does a firm/brand
How marketing strategy guides marketing decisions Find Out More...
When it comes to brand development, there are four main brand approaches, as shown in the following diagram.As you can see, this diagram is a matrix built around the two attributes of existing/new product category and existing/new brand name. This then determines one of the four boxes, namely:Product line extensionMulti-brandBrand extensionNew brandPlease note that the
Four brand strategies Find Out More...
Here are two videos where you will learn how to make a BCG matrix on Excel from start to finish. The first video covers Excel 365, and the other video is for older versions of Excel.Alternatively, if you are new to Excel, please note that there is a free Excel template available for download on
How to create a BCG Matrix in Excel (video) Find Out More...
