Strategic Marketing: Approaches to Internal and External Environmental Analysis

This presentation discusses the approaches to internal and external environmental analysis in strategic marketing. It covers the importance of SWOT analysis, McKinsey's model, PEST analysis, and Porter's five forces model. By integrating internal and external analysis, businesses can develop competitive strategies.

INTRODUCTION
Strategic marketing requires high level of skills, critical consciousness of the
current issues and challenges and capability to react towards fast changing
markets. Business organisation makes use of strategic marketing for
developing plans to reach and satisfy their customers by increasing
productivity, performance and profitability. Usually, organisation make
written strategic marketing plan which depicts what kind of programs are
going to be used for marketing within a time limit and how they are going to
be executed. It also helps the business enterprises to become more innovative
and penetrate the markets through a better way. Firm can consider ways such
as newsletters, podcasts, and mails in their strategic marketing planning. In
simple terms, it is means that through this the companies differentiates
themselves from their rival firms by capitalising strengths for providing
constantly better value to the customers against its rivals.

TASK 2
2.1Evaluating approaches to internal environmental analysis
For evaluating internal environment, Marks and Spencer can adopt
approaches such as SWOT analysis. This analysis will be
helpful for the firm to do a quick revision of is strategic
situations and evaluate is there is a suitable match between
internal resources, external environment and values. With this,
McKinsey's model can also be taken in use to do internal
analysis which includes independent factors that are categorised
in soft and hard components.
 Explaining internal environment
 Approach for internal environmental analysis

CONTINUED...

CONTINUED...
 Strengths and weaknesses of McKinsey 7s
Model
 Importance of McKinsey 7s Model

2.2 Evaluating approaches to external
environmental analysis
For the purpose of evaluating external environment, there
are approaches such as PEST analysis, Porter's five forces
model. Porter's five force model is a tool which analyses
competition level in an industry and developing business
strategies. The cited company has to consider the five
forces which are threat of new entry, threat of substitutes,
buying power of customers, bargaining power of
suppliers, and industry rivalry.
 Explaining external environment
 Approach for external environmental analysis

CONTINUED...

CONTINUED...
 Strengths and weaknesses of PEST analysis
 Importance of PEST analysis

2.3 Explaining how internal and
external analysis are integrated
By using combination of external and internal analysis, Mark
and Spencer will be capable to generate strategies in
pursuant of competitive benefits. Through understanding
how internal and external factors align, the cited
organisation can take them together in an idealistic manner
in which their strengths can acquire opportunities while
dealing with threats and correcting weaknesses.

REFERENCES
Smith, D.A., 2011. Strategic marketing of library resources and services. College & Undergraduate
Libraries, 18(4), pp.333-349.
Nijssen, E.J. and Frambach, R.T., 2013. Creating customer value through strategic marketing planning: A
management approach. Springer Science & Business Media.
Quinton, S. and Fennemore, P., 2013. Missing a strategic marketing trick? The use of online social networks
by UK charities. International Journal of Nonprofit and Voluntary Sector Marketing, 18(1), pp.36-51.
Line, N.D. and Runyan, R.C., 2014. Destination marketing and the service-dominant logic: A resource-
based operationalization of strategic marketing assets. Tourism Management, 43, pp.91-102.
Aspara, J., Hietanen, J. and Tikkanen, H., 2010. Business model innovation vs replication: financial
performance implications of strategic emphases. Journal of Strategic Marketing, 18(1), pp.39-56.
Weerawardena, J. and Mavondo, F.T., 2011. Capabilities, innovation and competitive advantage. Industrial
Marketing Management, 40(8), pp.1220-1223.
Musibau, A.A., Oluyinka, S. and Long, C.S., 2011. The relationship between strategic planning and the
effectiveness of marketing operations. International Journal of Innovation, Management and
Technology, 2(5), p.390.

THANK YOU