Universal Marketing Strategy Development Process:

Whether marketers are developing marketing strategies for local or foreign markets, the process remains the same. This process will follow the following steps:

            Step 1: Recognition of market opportunities

                        nvolves mainly looking out for unmet needs in the market.

            Step 2: Analysis of the firm's environment

  Here the marketer analyses both the internal and external environments of the firm. The internal analysis mainly involves an appraisal of the firm and its resources and capabilities. The external analysis covers, political, legal, cultural, economic, technological, physical and competitive factors.

            Step 3: Setting the marketing objectives

Here the objectives that the organization wants to meet are set or selected in the light of Step 2.

            Step 4: Development of market strategy

This covers the entry strategy into the market including the products/services to be offered, pricing objectives and tactics, distribution logistics and communication strategies.

            Step 5: Evaluation of market strategies

                      Involves an attempt to select the best possible strategy.

            Step 6: Implementation.

Matching strategy with the objectives developed in the initial stages and with the firm's resources.