Basic marketing strategies for startups

SWOT ANALYSIS 

  • Strengths: characteristics of the business or project that give it an advantage over others
  • Weaknesses: characteristics that place the business or project at a disadvantage relative to others
  • Opportunities: elements that the business or project could exploit to its advantage
  • Threats: elements in the environment that could cause trouble for the business or project

PESTEL ANALYSIS 

  • Political factors are basically how the government intervenes in the economy.
  • Economic factors include economic growth, interest rates, exchange rates, the inflation rate.
  • Social factors include the cultural aspects and health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety.
  • Technological factors include technological aspects like R&D activity, automation, technology incentives and the rate of technological change.
  • Environmental factors include ecological and environmental aspects such as weather, climate, and climate change, which may especially affect industries such as tourism, farming, and insurance.
  • Legal factors include discrimination law, consumer law, antitrust law, employment law, and health and safety law.

8 Ps

  • Product: A product is seen as an item that satisfies what a consumer demands. It is a tangible good or an intangible service.
  • Promotion: Promotion comprises elements such as advertising, public relations, sales organization and sales promotion.
  • Price: The amount a customer pays for the product. The price is very important as it determines the company’s profit and hence, survival.
  • Place: The place refers to providing the product at a place which is convenient for consumers to access. Such as intensive distribution, selective distribution, exclusive distribution and franchising can be used by the marketer to complement the other aspects of the marketing mix.
  • Physical evidence: The evidence which shows that a service was performed, such as the delivery packaging for the item delivered by a delivery service, or a scar left by a surgeon.
  • People: The employees that execute the service, chiefly concerning the manner and skill in which they do so.
  • Process: The processes and systems within the organization that affects the execution of its service, such as job queuing or query handling.

5Cs

  • Customers: Customer analysis can be vast and complicated. Some of the important areas that a company analysis includes demographics, advertising, market size, needs distribution channel.
  • Competitor: The main purpose of the competitor analysis is for businesses to analyze a competitor’s current and potential nature and capabilities so they can prepare for competition.
  • Corporation: The corporation does not have to excel in every function to win. If it can gain a decisive edge in one key function, it will eventually be able to improve its other functions which are now average.
  • Company: The company analysis involves evaluation of the company’s objectives, strategy, and capabilities. These indicate to an organization the strength of the business model, whether there are areas for improvement, and how well an organization fits the external environment.
  • Collaborators: Collaborators are useful for businesses as they allow for an increase in the creation of ideas, as well as an increase in the likelihood of gaining more business opportunities.
  • Climate: To fully understand the business climate and environment, many factors that can affect the business must be researched and understood.