07 Feb 10 3 Marketing Matrix You Must Use for Your Small Business

There are several things that matters when you develop and execute the marketing plan for your business, but some matrix are more important than the rest. In this short blog post, I am going to talk about 3 marketing matrix that are very important. Those are:

• PESTEL matrix (Political, Economical, Social, Technological, Environmental, and Legal)
• SWOT matrix (Strength, Weakness, Opportunity, and Threat)
• PLC (Product Life Cycle)

PESTEL

PESTEL matrix helps you understand the external environment in which your business is going to operate. It scans every factor that comes together to form the external environment. It tells you about political decisions and policies, economic factors like interest rates and taxes, social factors like new trend and social condition, new technology, environmental factors like weather condition and climate, and legal framework in which your business will breathe.

SWOT

SWOT stands for Strength, Weakness, Opportunity, and Threats. This matrix help you understand what is positive about your product, and what can cause its demise. This knowledge will help you a great deal in plotting your move on the strategy canvas. Your success and failure will depend a great deal on this.

PLC

PLC or Product Life Cycle is another important matrix. PLC divides the life cycle of a product into four categories: Introduction, Growth, Maturity, or Decline. It tells you about the stage of life cycle in which your product is. This knowledge will help you device a fitting strategy and tactics to cash in on the opportunity you are offered, or the threats you need to safeguard your products from. Different PLC stages require different measures. Pricing, promotion, placement, and marketing strategy for a product in the introduction stage will be different from a product in growth stage.

You should use all three matrices if you want to make informed decision pertaining to your business.

Tags: Canvas, Demise, Economic Factors, Environmental Factors, External Environment, Growth Stage, Legal Framework, Marketing Plan, Marketing Strategy, Matrices, Maturity, New Technology, New Trend, Political Decisions, Product Life Cycle, Social Factors, Stage Of Life, Strategy And Tactics, Success And Failure, Weather Condition