Strategic Marketing : Colgate
The concern given to develop a marketing strategy which acts as a vital and integral part of business where a fastest growing company like Colgate being taken under consideration focusing to the basic understanding and developing opportunities in sales increment, brand management as well as to evaluate and understand the current opportunities to derive the best from it as an advantage. The development of marketing strategies acts as value added in business and also helps the firm to grow faster as compare to the competitors as well as to develop competencies in customer’s satisfaction should be a main goal for one’s (Sherlekar 2008).
The concern given to the importance of strategic marketing approach which ensures the …show more content…
7. PEST ANALYSIS:
Focusing to Colgate after evaluating and analyzing the external environment and its impact business, the external factors are categorised into 4 major types by using the PEST or PESTLE Analysis.
7.1. Political Factors
The political factors affect the way in which the business was performed. The political issues may in form of trading policies of the government, political stability of the country, taxes and labour laws (David, 2011). All these are imposed by the government. There may be many regulations that are put by the government which will affect Colgate’s production, marketing or selling activities (Colgate 2013).
7.2. Economical Factors
These factors affect the economic growth of the country and operation of business (CIPD, 2014). It is the duty of the senior management of Colgate to assess the economy of his home country and should follow the trend of changing taxation of product and services. Moreover if the company is involved in foreign trade then the tariffs, exchange rates, import-export ratio should also be considered (Colgate 2013). This changing exchange rate might be a threat to Colgate earnings.
7.3. Socio-Cultural Factor
The Socio-Cultural factors implies to the point of view of the general