Five Marketing Strategy Frameworks to Choose From for Business Success

Marketing professionals face many challenges: New competitors, evolving ways of working, and emerging technologies are just a few. To achieve business success, you must prepare to meet those changes.

For that, you'll need a robust marketing strategy framework. Here, we'll explore five marketing frameworks to help you choose the best option for you.

What Is a Marketing Strategy Framework?

A marketing framework brings a structured approach that helps you to understand your business and its place in the market.

In the same way that a TOGAF framework helps IT teams to manage critical infrastructure, a marketing framework outlines how you'll achieve your marketing goals.

Think of a journey. You might know your destination, but without a map you won't know how to get there. A framework helps you craft marketing plans and reach your goals.

However, there are many types of marketing strategy frameworks.

Five Marketing Strategy Frameworks for Success

Unsure which marketing strategy framework to choose? Let's explore some of the best options.

1. Porter's Five Forces Framework

Named after its creator, Porter's Five Forces framework helps organizations understand the impact of external forces. It considers the strength of your position in the industry.

The framework lists five key components:

1. Power of suppliers. Assess your position as a supplier of products or services. How many others have similar offers? Why would businesses choose you over your competitors?
2. Buyer power. Consider the influence of customers. What is their bargaining power? How much control do customers have over your organization's choices?
3. Threat of substitutes. Are there threats from alternatives that can supplant your product? The focus here is on questions such as "Is my service sufficiently unique?" and "Do customers consider my pricing to be reasonable?"
4. Competitive rivalry. Your marketing efforts aren't everything; external factors are important, too. What are the market trends within your industry? Who are the rising stars?
5. Threat of new entry. Can a new brand enter your market easily with low entry costs? That might mean a lot of competitors. A high cost ... continue reading below
   

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