Running Head: MARKET ANALYSIS
Introducing a new product on the market or advertising a product that already exists can take a village to complete the task. Marketing analysis is what makes the framework to build your marketing campaign. Understanding where the strengths, weaknesses, threats and trends exist to polish your plan of action. The research that is gained would define and direct the company or team in the direction they should move towards and how to adapt to new trends and changes on the market.
Companies use promotional opportunities to identify their target audiences by using several tactics in the market. “A promotions opportunity analysis is the process marketer’s use to identify target audiences for a company’s goods and services and the communication strategies needed to reach these audiences” (Clow & Baack, 2007, p. 96). The tactics and the channels that the companies use to distribute the information to the market give companies their identity with their product position and can open the perceptions of the customer. Marketing groups love to appear at events that bring in a multitude of people; this is where the marketers pass out free items to the public with their company logo, product information and coupons. The freebies that are passed out by this marketing plan are used to try and create a quality contact for a future sale. This tactic is like planting seeds in a garden and waiting for growth. Sometimes this tactic is used at events to determine what the mood, feel of the market and to determine what the target is. In order to determine what the target is and how to approach it the marketer has to know the audience and determine what they want. Many times these items are put in a drawer and forgotten about or tossed in the refuse bin especially if the customer has no idea what the promotion is about.
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