Marketing Strategy Situation Assessment
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
Context PEST
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,
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
Context PEST
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,