Marketing frameworks and models plays an importnt role in the sucess of any organisation. This is the sole reason you must have heard several times about them from your professors. Now the question arises, how to apply these frameworks in real-life scenarios.
Let’s start by understanding why marketing frameworks and models are considered the most fundamental tools for approaching any business problem or idea. Marketing frameworks and models establish a company's marketing strategy by providing a structured approach for marketing activities.
As a result, the importance of marketing models is getting even more realised during the digital era due to the increasing competition among the businesses. Several digital marketing frameworks has also come into the scenario to handle these contemporary challenges.
Being the budding marketing professionals, you must understand the marketing frameworks and models in-depth. In this chapter, I thus would help you to develop a basic understanding of marketing frameworks and models.
What are Marketing Frameworks?
A marketing framework, in simple words, can be explained as a visual representation of different components of marketing plans and strategies. It will help you understand how customers perceive any particular brand, interact and engage with the brand, and buy from that specific brand.
Marketing frameworks and models lay out the platforms/channels, goals, and basic structure that will govern any brand's marketing activities. These frameworks will help you develop a strong and comprehensive marketing strategy for any product, including sales, promotions, communication, and brand management.
Why are frameworks important in marketing?
Marketing frameworks and models are typically used for strategising marketing activities or analysing a market problem or challenge.
Knowing these frameworks will enable you to evaluate how any company is doing compared to its competitors. These frameworks and models will also help you plan the future activities accordingly.
To have more clarity about the importance of marketing models, let’s go through the points below:
- Firstly, marketing frameworks and models provide a frame of reference for addressing marketing issues. They recommend a practical path of inquiry and current data gaps.
- Secondly, marketing frameworks and models can explain the relationships and interdependencies of different parameters.
- Thirdly, marketing frameworks and models can predict the current trends and behaviour in the market.
Different Types of Marketing Models
By now, as you have realised the importance of marketing frameworks and models, it is crucial to understand which frameworks you should read upon further. You need to learn different marketing frameworks and models for each marketing aspects.
Here, I have given you a glimpse of how these models can be implemented in different aspects of marketing.
Understanding Marketing Environment
Porter’s 5 Forces, SWOT analysis, and BCG’s growth-share matrix analyse the marketing environment.
- 5 C’s Analysis analyse the situation of any brand in terms of both the external and internal factors.
- PESTEL analysis will help you determine several external factors that might affect the business operations of any organisation.
- SWOT analysis gives a comprehensive understanding of both the internal and external factors of a brand/organisation.
- BCG’s growth-share matrix focuses on how a company has the potential to grow in comparison to the growth in the industry.
Segmentation, Targeting and Positioning (STP)
It is the most important aspect of a marketing strategy. For a better understanding of STP, you can watch this video.
Let me also give one framework for each of the three steps to further solidify your understanding of STP. These frameworks willl help you to effectively execute STP for any product.
- US Val’s Framework for segmenting the addressable audience.
- Bull’s Eye Framework for targeting the consumers.
- Perceptual Mapping for positioning a product/brand, i.e., to create an unique perspective of any product to the target consumers.
Developing Marketing Plans and Strategies
To prepare a marketing plan, you must understand its components. Here are the two models that would be helpful for this.
- 7 P’s of Marketing Mix focuses on the components that any brand needs to strategise to develop a particular product's marketing plan.
- SOSTAC Model elaborates on a brand's actions to develop any product's marketing plan.