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Managing theMarketing Effort(The Marketing Process)
Today'sDiscussionThe Marketing Process-Market Analysis(SWOT Analysis)-Marketing Planning-Marketing Implementation-Marketing Control
The marketing process entails identifying and fillingunmet client demands. It involves findingopportunities, determining the target market,developing and planning market strategies andprograms, as well as coordinating, implementing,monitoring, and managing the outcome.
MARKET ANALYSISA market analysis provides informationabout industries, customers,competitors, and other marketvariables. You can also determine therelationship between supply anddemand for a specific product orservice. Based on these insights, youcan make more informed decisionsabout possible marketing strategies.
MARKET ANALYSISEvery market participant – whethercompanies, founders, or privatecustomers – can carry out a marketanalysis. In any case, it serves as a basisfor decision-making. Information iscollected and evaluated from suppliersand buyers in order to make purchaseor sales decisions. Furthermore, youcan evaluate your current market orview new markets.
WHAT IS A MARKETANALYSIS FOR?If you want your business plan to be successful, you willneed to carry out a market analysis. A comprehensivemarket analysis forms the basis of the development of amarketing strategy and concrete marketing measures.
WHAT IS A MARKETANALYSIS FOR?-With market analysis, you can back up your business idea with figures, data, andfacts, and therefore provide a convincing business plan.-You can recognize market potential at an early stage and avoid making the wrongdecisions.-You can identify any existing knowledge gaps and fill them in on time.-Market analysis shows you which competing products are already on the market.-With market analysis, you can identify the market entry barrier and estimate themarket attractiveness.-An effective market analysis will include an accurate description of the target marketand thorough market research. It conveys a holistic picture of a specific market.
SWOT ANALYSISSWOT stands for; Strengths, Weaknesses, Opportunities, andThreats. It is a very effective tool used in the business industryto form strategies. You synthesize the data from internalfactors to find out your strengths and weaknesses. You use theexternal factors to identify the threats and opportunities.SWOT analysis in marketing is almost the same thing as anormal SWOT analysis. In this case, you do the analysis toform marketing strategies. SWOT analysis in marketing willhelp you decide which marketing strategy you should use toget the best result for your business. The strategy will help youto capitalize on the opportunities using all the strengths. It willalso help to avoid the threats and minimize the weaknesses.

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Term
Spring
Professor
N/A
Tags
Marketing, American Marketing Association, marketing effort

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