Marketing Strategy Situation Assessment

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Chapter 2: Situation Assessment: External environment

Situation assessment involves monitoring the environment(external forces), While also examining the company itself(internal)

Situation assessment can be divided into internal or external; and further divided into Customers, competition, context, and company

External assessment includes analysis of specific industry, and understanding of laws of marketing

Market definition – basis upon which we measure participation or market share

Competitive intelligence
Knowing competition allows to understand future of the market
Important factors of competitors: corporate objectives, current marketing strategies, strengths and weaknesses along value chain, current tactics

Political/Regulatory context – Tax codes, liability structures, operating rules, prod labeling regulations, purity requirements, gov subsidies and procurement’

Economic context – Interest rates, unemployment rates, currency exchange rates, inflation

Sociocultural Context – values, attitudes, norms, manners, tastes all affect customer needs. Demographics/lifestyle important

Technological/physical context – tech, innovation and tech progress impact strategies. Physical environment = natural environment, population density, commercial infrastructure, etc

Customer Assessment
Tasks associated w customer assessment as well as segmentation, marketing research, strategic assessment all emphasizr understandings of customers and their responses to marketing actions

Organizing Customer-Focused research
Situation assessment
Customer assessment(broad, exploratory study of customers in general to identify trends in demand, and customer insights

Strategy Formation and Implementation
Segmentation – focused research identifying meaningful difs across consumers w regard to needs and descriptive characteristics

Marketing Mix Development/Testing – Focused research to pretest and hone tactics, w price,...
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