Principles and Practices of Marketing

Principles and Practices
of Marketing

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
SOSTAC model is a planning model which can be used by the organizations so that they
are able to understand the way in which they are able to determine the strategies to be adopted
for the achievement of their marketing objectives in an effective manner (Andronie and et.al.,
2019). Asda will make its use in Mali to frame a proper strategy for the purpose of entering into
the market of the country.
MAIN BODY
According to the presentation, the elements of SOSTAC model are as follows-
Situational Analysis- In the situational analysis of Asda, PESTEL analysis has been
covered. It identifies the different types of factors which the company is required to consider in
Mali. With the help of this analysis it has been analysed that for expanding its business
operations in Mali the company must make sure that it is able to consider all of them so that it
adopts a correct approach for expansion. As Mali is an under-developed country, these factors
have a lot of influence on the level of profits which Asda can earn. The changing circumstances
arising with these factors are also required to be considered.
Objectives- In the objectives part, Asda needs to make sure that its objectives are
SMART in nature i.e. Specific, Measurable, Achievable, Realistic and Timely. Asda therefore is
required to set objectives which it can achieve in a specific time frame. In Mali it can set the
following objectives-
 In Mali, Asda will aim to expand its stores so that it is able to generate more profits. This
objective is specific in nature.
 Asda has to aim to raise its market share in Mali up-to 30%. This objective is measurable
in nature.
 In Mali Asda needs to aim at setting targets for providing good services to the customers.
This objective is achievable in nature.
 Asda has to make sure that it is able to provide its customers with the best services even
after selling them its products and providing them with the services. This objective is
realistic in nature.
 The managers of Asda need to make sure that they are able to attain their objectives in a
specific time frame of 1 year in Mali. This makes the objectives timely in nature.
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