The Strategic Planning Process
The approaches utilized by organizations in developing strategies to achieve long-term goals comprise the strategic planning process. It is vital since it facilitates creating a master plan instrumental for attaining the company’s tactical aims. It has several steps, including determining tactical position, objectives’ prioritization, developing a strategic plan, executing and managing the proposal, and reviewing and revising the latter (Kotler et al., 2017). Notably, the initial phase of the strategic planning process is essential because it sets the stage for all activities which influence firms’ success. Businesses use to market and industry data to identify issues that they have to address and outline internal and external factors capable of impacting their operations.
S.W.O.T Analysis
SWOT is an acronym for strengths, weaknesses, opportunities, and threats. SWOT analysis is a method used by businesses to evaluate their internal and external influences (Kotler et al., 2017). It helps firms evaluate their current position before they adopt new strategies. Notably, strengths encompass activities that a company does better and distinguish it from competitors. Weaknesses include areas that need improvements and practices that should be avoided to enhance competitiveness in the market. Conversely, opportunities refer to the chances for positive activities which a firm can take, whereas threats consist of outside elements which can negatively affect a business.
Market Segmenting
Market segmenting is the action of dividing target markets into smaller and more distinct classes. It classifies consumers who share common features such as location, needs, interests, and demographics (Kotler et al., 2017). Companies segment their markets to easily focus their resources and efforts on reaching the most valuable customers and attaining their goals. Additionally, they know their clients, identify their needs, and determine the best approaches to meet the latter with their services or products. Benefits associated with market segmenting include creating stronger promotional messages, designing hyper-targeted ads, identifying the most effective advertising tactics, and differentiation of brand from competitors besides the establishment of deeper consumer affinity.
Target Marketing
Target marketing refers to the process of isolating segments of targeted markets, choosing one or several of them, and developing customized products and promotional programs. The process requires a business to research the market, guided by questions who, what, why, and how (Kotler et al., 2017). Companies study demographic characteristics such as gender, age, occupation, and education level to know the people in need of their products and services. They also assess the customers’ geographical location, reasons for their choices such as lifestyle and personality, and their behavior, including how they regard products or services as well as their needs. Indeed, target marketing facilitates effective advertising and maximization of sales and profits.
Product Positioning
The marketing approaches which present the company’s goods or services’ benefits to particularly targeted customers comprise product positioning. Promotional agents research markets and focus groups to determine clients to target based on their favorable responses to given merch or services (Kotler et al., 2017). Product positioning is a helpful element of a marketing plan which defines how consumers perceive and value a product relative to others.
Offerings: Product, Price, and Service
Market offerings are a mixture of products, prices, services, and other marketplace elements to satisfy consumer needs. Product refers to the tangible good which individuals can own, buy, and sell. For example, a smartphone with sophisticated features such as a powerful camera and large storage capacity is a product. Price is the amount paid to receive the offering and its benefits (Mariadoss, 2017). Service consists of any provision which gives purchasers intangible benefits. Notably, offerings have a significant influence on consumers’ buying decisions.
Product Assessment
The assessment will be implemented using SWOT analysis and product positioning. The product’s strengths are its affordability and brand since it is inexpensive and known by many consumers. Therefore, it will be easier to market the merchandise to new customers. Additionally, new clients will be willing to buy the product because it is relatively cheap compared to others in the market. The increasing demand in the market and reduced cost of production are important opportunities related to manufactured goods.andise However, it faces increased competition from current and new contending produces. Product positioning will focus on how consumers feel that it is serving their needs relative to competing goods. These two concepts will help develop a strategic marketing plan to increase consumer awareness and sales.
Security, Privacy, Ethical, and Legal Issues Related to the Digital Information World and Marketing
Modern technology allows businesses to use digital platforms to promote and sell their products. Equally, consumers utilize similar channels to search and buy goods that maximize their satisfaction. Sellers and buyers exchange digital information, which facilitates business transactions. Companies interact more easily with their customers and offer them personalized products and services, enhancing their shopping experience. However, security, privacy, ethical, and legal issues are major concerns related to digital marketing and the information world.
Security Issues
Businesses are increasingly exchanging, collecting digital data from their customers to facilitate their strategic planning. Marketers and consumers connect through websites, raising concerns about the security of transmitted data. The websites are vulnerable to hackers who can misuse the information without users’ knowledge. Another security concern is related to the storage of customer data. Notably, online marketing organizations and businesses utilize cloud storage providers to stock customer information, which can be accessed by unauthorized individuals (Marghalani & AlQahtani, 2019). Therefore, firms need to ensure that their websites are protected from hackers and guarantee the safety of their customers’ information.
Privacy Issues
Most countries have privacy legislation that requires organizations to notify their clients before they collect personal information. However, some of these laws are not specific to digital marketing platforms, creating a loophole. Additionally, users of the company’s websites and digital marketing platforms have limited control over who can access and use their data. Consequently, most businesses collect information about current and potential customers without their knowledge. Marghalani and AlQahtani (2019) note that it is a violation of privacy when a firm collects data through online interactions with their clients, especially when they are unaware. Notably, personal information which businesses can collect includes behavioral, biometric, medical, and financial data.
Ethical Issues
Ethical concerns associated with the digital information world and marketing involve collecting and using consumers’ data. Most customers and businesses have limited knowledge regarding privacy policies, contributing to unethical practices such as gathering personal information without consent from relevant individuals (Marghalani & AlQahtani, 2019). Equally, organizations that collect data can use the information in other ways besides what has been agreed on, risking violation of the owner’s privacy. Lack of ethical framework and standards in most digital marketing increases the possibility of improper usage of collected information.
Legal Issues
The legal concerns include intellectual property, rules and regulations, privacy, and data collection issues. Online marketers can infringe on other individuals’ intellectual property, risking legal litigation. Another issue is related to the use of deceptive or unfair advertising messages which can negatively impact consumers’ decisions or behaviors. Moreover, violation of security and privacy regulation can affect online marketing. However, upholding ethical practices and abiding by rules and regulations prevent problems.
References
Kotler, P., Armstrong, G., & Opresnik, M. (2017). Principles of marketing (17th ed.). Pearson.
Marghalani, A., & AlQahtani, Y. A. (2019). Digital ethics and privacy: A study about digital ethics issues, implications, and how to solve them [PDF document].
Mariadoss, B. J. (2017). Core principles of marketing. Pressbooks.