Honeybees’ basic strategy is to maximise return over a broad geographic area and extended time horizon. Bees have to assess their environment at all times and be prepared to adapt depending on the weather conditions, the time of the year, the type of flowers and the competition for nectar with birds and other insects. Bees are heavily invested in research and development, constantly on the lookout for the next best thing while taking in revenues from the current sources. Scout bees monitor the number of sites at any given time to ensure they will be the most profitable. Companies need, just like bees, to invest in developing and nurturing their employees, understanding their customers’ needs to create loyalty, and continually innovate to keep up with today’s market demand.
Because the business environment is constantly changing, businesses need to develop a marketing audit and this should be used as a reference tool, with constant updates reflecting changes in the external environment and your own internal business experiences. It would enable you to assess past and present performance as well as to provide the basis for evaluating possible future courses of action.
The market environment is a marketing term and refers to factors and forces that affect a company’s ability to build and maintain successful relationships with customers.
While you can measure strategy performance against targets, an assessment of your company’s marketing strategy goes further. In addition to evaluating performance, it is important to look at exactly how key internal and external influences had an impact on the performance variables. It examines how you measure company performance and how sustainable any performance increases are likely to be over the longer term. An effective marketing strategy assessment can have a significant impact on the bottom line.