Basics Of Marketing
Phase 1
Situation Analysis:
It is the first step of any business or enterprise which defines the market dynamics and identifies person’s position in the market as it currently exists and will summarize the current situation from an internal and external perspective.
Industry Overview:
In the second step we should target the existing industrial overview which defines the current market situation and explores market trends and Product consumption.
S.W.O.T. (Strengths, Weaknesses, Opportunities and Threats):
It is the time to know the exact potential of the business. SWOT analysis should provide an in-depth view of the strengths and weaknesses of his or her organization, both from an internal and external perspective. It also defines potential opportunities and threats. This section is critical because it provides an objective summary of both perceptions and issues that will affect the success of future marketing efforts.
Competitive Profile:
One should always be aware of the competitor’s tactics and market share. Here it identifies key players in the market and defines their positions, strategies and initiatives. This stage should be designed to give the person a clear understanding of the competitive dynamics of the marketplace and will provide you with valuable information for developing your future strategies and target markets.
Customer Profile:
In this stage, one should know exactly about consumer’s needs and the products features which can fulfill perceived value to the consumer. This stage should provide an analysis of each of the potential target markets, regarding their use of the product and the factors affecting their buying process. This information can be gathered by using basic marketing strategy of consumer feedback forms, rate cards, surveys etc.
Target markets:
After identifying the consumer needs one...
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