What factors can influence the marketing strategy success?

As a start-up business, Tenika is still composing their full marketing strategy. Many start-ups realize that there are factors that influence their marketing strategy. Some industries differ from others, but most of the factors (that influence marketing) are the same, across the board.

Factors, that influence your marketing strategy, are (either) internal and/or external. Internal ones are those that your organization can control. External ones are those that your can’t control. Both play a big role in the success of your marketing plan, as well as that of your organization.

When it comes to internal factors, an organization is able to take control of them in ways they can improve the marketing strategy. The internal environment is also known as the micro-environment. Examples of internal factors:

• Knowing your audience — Specifically identifying and thoroughly understanding the target audience is the most important first step in any strategic marketing initiative
• Having clear and measurable goals and objectives — As marketers, we always have to identify, in a clear and concise manner, what we want to achieve as a department and as an organization. While goals can be broad and general, objectives must be directly tied to goals, and be specific and measurable. Think SMART when it comes to setting your objectives.
• Selecting the right communications tactics — A clear understanding of the target audience and an idea of the desired goal will help to drive the selection of appropriate media choices. Your organization’s goals and objectives can also assist in providing communication tactics.

Other examples of internal factors:

• human resources
• finances
• operational issues
• corporate objectives
• business culture

External factors are more difficult to handle as they’re not in the control of your organization. External factors can play a large role on your organization. Because they’re not in your control, it makes them more difficult to predict. The external environment is also known as the macro-environment. These are some of the external factors:

• Political — Changes to legislation may create or prevent marketing opportunities.
• Economical — Some organizations have had to make changes to their marketing objectives due to the result of the recession
• Social — Change in the structure and attitudes of society can have major implications for markets.
• Technological — Markets are affected by rapid change, shortening product life cycles and creating great opportunities for innovation. If a business doesn’t keep up-to-date with technology, they will find that their products might become obsolete.
• Legal — Like political, legal factors can also result from legislation. Regulations on a specific industry will influence how your organization performs.
• Environmental — In the last few years, most organizations have been looking for ways in ‘Going Green’. The environment comprises of the availability of natural resources that can facilitate or hinder your production output. A business should be fully aware of the effects its their decisions will have on the natural environment, in which it operates.