Marketing strategy

A marketing strategy defines objectives and describes the way you're going to satisfy customers in your chosen markets.
Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives.
Marketing strategy involves careful scanning of the internal and external environments which are summarized in a SWOT analysis. Internal environmental factors include the marketing mix, plus performance analysis and strategic constraints . External environmental factors include customer analysis, competitor analysis, target market analysis, as well as evaluation of any elements of the technological, economic, cultural or political/legal environment likely to impact success . A key component of marketing strategy is often to keep marketing in line with a company's overarching mission statement.

SWOT Analysis

SWOT is an acronym used to describe the particular Strengths, Weaknesses, Opportunities, and Threats that are strategic factors for a specific company. A SWOT analysis should not only result in the identification of a corporation’s core competencies, but also in the identification of opportunities that the firm is not currently able to take advantage of due to a lack of appropriate resources.

External factors - Macro enviorment

--PESTEL 

• Political factors. These refer to government policy such as the degree of intervention in the economy. What goods and services does a government want to provide? To what extent does it believe in subsidising firms? What are its priorities in terms of business support? Political decisions can impact on many vital areas for business such as the education of the workforce, the health of the nation and the quality of the infrastructure of the economy such as the road and rail system.
• Economic factors. These include interest rates, taxation changes, economic growth, inflation and exchange rates. As you will see throughout the "Foundations of Economics" book economic change can have a major impact on a firm's behaviour.
• Social factors. Changes in social trends can impact on the demand for a firm's products and the availability and willingness of individuals to work. In the UK, for example, the population has been ageing.
• Technological factors: new technologies create new products and new processes. Technology can reduce costs, improve quality and lead to innovation. These developments can benefit consumers as well as the organisations providing the products.
• Environmental factors: environmental factors include the weather and climate change. Changes in temperature can impact on many industries including farming, tourism and insurance.
• Legal factors: these are related to the legal environment in which firms operate.

--Competitors annalysis

Inorder to do a competitor analysis a company can construct a porters five force model.

External factors - Micro enviorment

Out here 3 main key ellements are discussed:

• Consumers
• Suppliers
• Stakeholders

Internal Factors

Under this following key eelements are discussed:

• Men
• Money
• Machinery
• Minutes

However mentioned macro, micro elements can be clarrified by the following diagram