This unit contains employability skills.
Situation Analysis A thorough analysis of the situation in which the firm finds itself serves as the basis for identifying opportunities to satisfy unfulfilled customer needs. In addition to identifying the customer needs, the firm must understand its own capabilities and the environment in which it is operating.
The situation analysis thus can be viewed in terms an analysis of the external environment and an internal analysis of the firm itself.
The external environment can be described in terms of macro-environmental factors that broadly affect many firms, and micro-environmental factors closely related to the specific situation of the firm.
The situation analysis should include past, present, and future aspects. It should include a history outlining how the situation evolved to its present state, and an analysis of trends in order to forecast where it is going.
Good forecasting can reduce the chance of spending a year bringing a product to market only to find that the need no longer exists.
If the situation analysis reveals gaps between what consumers want and what currently is offered to them, then there may be opportunities to introduce products to better satisfy those consumers.
Hence, the situation analysis should yield a summary of problems and opportunities. From this summary, the firm can match its own capabilities with the opportunities in order to satisfy customer needs better than the competition. There are several frameworks that can be used to add structure to the situation analysis: Company represents the internal situation; the other four cover aspects of the external situation PEST analysis - for macro-environmental political, economic, societal, and technological factors.
SWOT analysis - strengths, weaknesses, opportunities, and threats - for the internal and external situation. A SWOT analysis can be used to condense the situation analysis into a listing of the most relevant problems and opportunities and to assess how well the firm is equipped to deal with them.
Marketing Strategy Once the best opportunity to satisfy unfulfilled customer needs is identified, a strategic plan for pursuing the opportunity can be developed. Market research will provide specific market information that will permit the firm to select the target market segment and optimally position the offering within that segment.
The result is a value proposition to the target market. The marketing strategy then involves:BSBMKGB Manage the marketing process ASSESSMENT 1 1. Marketing activities: Any activities that a business or organization undertakes to build brand awareness are known as marketing activities.
Here are some of our favorite posts on how to manage the content marketing process.
|Classifications||By establishing a clear direction and establishing a unified purpose for growth, a five-step strategic marketing plan helps businesses small and large create impact, brand attachment and customer loyalty.|
Here are some of our favorite posts on how to manage the content marketing process. Articles; Resources. If you need advice on how to manage content marketing in your organization, here is some info to help. Who do I need on my team? Learn about the steps involved in developing a cohesive marketing strategy.
Understand the importance of developing a vision and mission statement before you establish marketing objectives and finally dive into the creation of your marketing strategy. Learn about the steps involved in developing a cohesive marketing strategy. Understand the importance of developing a vision and mission statement before you establish marketing objectives and finally dive into the creation of your marketing strategy.
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Marketing management is the process of developing strategies and planning for product or services, advertising, promotions, sales to reach desired customer segment. Structure. Marketing management employs tools from economics and competitive strategy to analyze the industry context in which.