MARKETING WEEK 9

• Managing the marketing process require the four marketing management functions: ANALYSIS, PLANNING, IMPLEMENTATION, and CONTROL.
• Marketing Analysis - Managing the marketing function begins with complete analysis of the company's situation.
• Marketing Analysis - The company must first analyze its markets and marketing environment to find attractive opportunities and avoid environmental issues.
• Marketing Analysis - It is a thorough assessment of a market within a specific industry.
• Risk Reduction - Knowing your market can reduce risks in your business since you'll have an understanding of major market trends, the main players in the industry, and what it takes to successful that will help your decision.
• Target Products or Services - When you know who your customers are, you can you use that information to tailor your business' offering to your customers needs.
• Emerging Trends - Staying ahead in business is often about being the first to spot a new opportunity or trend, and using a marketing analysis to stay on top of industry trends is a great way to position yourself to take advantage of this information.
• Revenue Projections - A market forecast is a key component of most marketing analyses, as it projects the future numbers, characteristics and trends in your target market.
• Context for Past Mistakes - Marketing analytics can explain your business' past mistakes or industry anomalies.
• Marketing Optimization - This is where an annual marketing analysis comes in handy-regular analysis can inform your ongoing marketing efforts and show you which aspects of your marketing need work, and which are performing well in comparison to other companies in your industry.
• Benchmarking - The measurement of how a company, brand or product is performing, either compared to competitors or against the best practices in the market.
• Determine your purpose

  • To gauge your competition
  • Understand the new market
• Determine your purpose

  • Start by deciding whether your purpose is internal- like improving your cash flow or business operations- or external like seeking a business loan.
  • Your purpose will dictate the type and amount of research you will do.
• Research the state of industry

  • It's vital to include a detailed outline of the current state of your industry.
• Identify your target market

  • Decide who is most likely to want your product using a target market analysis and focus your efforts.
• Understand your competition

  • You need a good understanding of your competitors, including their market situation, what they do differently from you, and their strengths, weaknesses, ansd advantages in the market.
• Gather additional data

  • With marketing analyses, information is your friend- you can never have too much data.
  • Data must be credible and factual.
• Analyze your data

  • Identify and verify that it is accurate
  • Analyze the data to make it useful to you
  • Try to include ones for your purpose, target market, and position
• Put your analysis to work

  • Be sure to retain all of your information and research for your next analysis and consider making a reminder each year to stay in top of your market
  • Internally, look for where you can use your research and findings to improve your business