It is concluded that the marketing strategy is very important for the organisation. Marketing strategy is the concept that not only focuses on identifying the needs and wants of the customers but also shows the organisation about how the environment scanning must be executed. In this manner, the actual data about the internal and external environment of the company could be provided and used in the promotional campaigns. Besides, the concepts like the marketing strategies and the objectives are also included in the concepts of the marketing that gives the brief understanding to the organisation about the customers and the markets.
BCG Matrix: This is the matrix which is used for identifying the growth opportunities in the business. The long term strategies are formulated with the help of this matrix to run the business. At this, all business segments are divided in four areas. These are:
Star: includes the business that has high market share and market growth.
Cash cow: includes the business that has high market share and low market growth.
Question mark: includes the business that has low market share and high market growth.
Dog: includes the business that has low market share and market growth.
PESTEL analysis: This is used for examining the external environment of the company so that the formulated plan could be executed in right direction. The factors included in the PESTEL analysis are:
Political factors: The policies of government are reviewed.
Economical factors: The economic condition of the country is reviewed.
Social factors: The factors related to the society like culture, rituals etc are examined.
Technological factors: Technology rate, advancement are examined here.
Environment factors: The environment issues like the pollution etc are examined.
Legal factor: The legal factors such as human rights etc are examined.