The global pandemic has taken the world by storm. Leaving behind a trace of unfulfilled and shattered dreams. The COVID-19 Pandemic has companies struggling to stay afloat for the business fraternity. Different strategies have been put in place to ensure operations continue. At the same time, some may have survived the pandemic; others have been unlucky and shut down completely. Marketing has played a significant role in keeping companies in operation. During the first quarter when the pandemic hit, most consumers were forced to shift their spending habits. Most shoppers were forced to rely on online services for shopping, banking, health among services deemed essential for everyday living, with many consumers stocking up items during the lockdown period.
Different factors affect the marketing strategy, as mentioned by Eduardo Sonoda.
Two broad categories include internal and external factors.
The internal factors include finance and production. The two elements are intertwined. A business with limited finances may not accomplish marketing strategies effectively when it comes to marketing.
Various external factors may limit how a company will carry out its marketing strategy. One of the factors is competition. It may seem like a challenge, but it is a factor that can help you to improve your marketing strategy and beat competitors in the same field. Another external factor is the economy. It has a significant influence on how different factors of the campaigning strategy will turn out.
Demographics have a significant role in marketing outcomes. Factors like age, gender, status, race can significantly affect a consumer spending habit. Sociocultural factors are another key external factor that affects marketing campaigns. Marketing experts need to tailor-make marketing campaigns to cater to the sociocultural divide.
Eduardo Sonoda has received the title of international marketing advisor after working for various marketing agencies. He shares his no-nonsense marketing skills with different companies through consultation and multiple publications. Despite Eduardo Sonoda’s busy schedule, he finds time to help in philanthropic activities. Connect Eduardo Sonoda’s Twitter to see more of his posts.