Date of publication: 2017-08-30 10:59
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There are different types on marketing planning available for developing an organization's marketing strategies. One such model is SOSTAC. SOSTAC is focused on six factors situational analysis, objectives, strategy, tactics, action and control. These factors can be analyzed as (Smith, Berry & Pulford, 6999):
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External audit: - External audit is carried out outside or the external environment of the organization. To examine the external environment a company use number of approaches such as PEST (Political, Economic, Social and Technological) and Five Force analysis. These methods are very effective in order to make full use of opportunities and to resist future threats. External audit also highlights the competitive influence which can help in acquiring the opportunities or causing threats. The market becomes more unpredictable when a competitor freely penetrates the market, making more difficult to execute the marketing plan and affecting the capability to obtain company's objectives.
External factors (opportunities and threats): - In order to analyse the external factors an organization should look forward to their future opportunities available in the market. A proper analysis of the upcoming opportunities can be very effective in implementing the marketing strategies and for the success of the company. Whereas threats are those factors which can be responsible for the restraining company's growth. Threats can be in a number of ways for an organization such as a competitor, change in market trends, government policies, lifestyle, etc.
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