After consulting with my team, I have taken Deborah's request for more specific data and analysis about our worldwide marketing strategy and implemented it. The members of my team, Tiffany, and Mike, agree that we need to go deeper into the study and consider various elements. These considerations include internal variables and the political, environmental, social, and technological settings of the countries we are investigating. However, Mike suggests that to supply thorough information, we ought to approach the study from various sources. I suggest employing two useful analytical tools for this issue, the SWOT and PESTEL analyses.
According to Bryson (2018), the SWOT analysis, which stands for "Strengths, Weaknesses, Opportunities, and Threats," is a tool that is widely recognized for its ability to evaluate the internal strengths and weaknesses of a business as well as the external opportunities and threats that are present within a particular market or industry. It helps evaluate the company's present assets, strengths, and opportunities, which aligns with our requirement to examine the assets with which we must work. According to Ferrell and Hartline (2019), conducting a SWOT analysis
will help us find our competitive advantages and disadvantages, which is essential in setting up a worldwide marketing strategy. Furthermore, it will supply insights into prospective possibilities and risks in the target markets, enabling us to make decisions and develop informed plans.
In contrast, Johnson et al. (2008) found that the PESTEL analysis—"Political, Economic, Sociocultural, Technological, Environmental, and Legal"—effectively evaluates the external macro environmental elements that could change our company operations in various countries. This makes evaluating more extensive elements outside the organization's immediate control possible. For example, it will shed light on each target market's unique political climate, economic climate, cultural norms, technical framework, environmental restrictions, and legal necessities (Hitt, 2020). Such information is crucial for deciding on proper market entry tactics, changing products, and positioning.
We will incorporate these two analysis tools into our strategic marketing plan as follows:
1.
SWOT Analysis: We will assess our company's fortes, weaknesses, opportunities, and risks by compiling relevant data and insights. Our resources, competencies, and market positioning will all be carefully examined in this thorough internal evaluation. In addition, we will research the target nations' markets and competitors to find out what opportunities and dangers exist there. To build our marketing plans, we will first do a SWOT analysis to help us show our strengths, areas for improvement, opportunities,
and threats. That is according to David (2019).
2.
PESTEL Analysis: We will gather information on the legal, political, economic, social, technical, and environmental aspects of each potential expansion country for the PESTEL study. An all-encompassing perspective of the external elements that have the potential to affect our company will be provided by this investigation. According to Hill and Hult (2020), we will use
