Marketing Strategy and Analysis:
The marketing process begins with the development of a marketing strategy and analysis in which the company decides the product or service areas and particular markets where it wants to compete that consist of three steps:
1) opportunity analysis;
Market opportunities are areas where there are favorable demand trends, where the company believes customer needs and opportunities are not being satisfied, and where it can compete effectively.
A company usually identifies market opportunities by carefully examining the marketplace and noting demand trends and competition in various market segments.
2) competitive analysis;
The marketers must carefully analyze the competition to be faced in the marketplace that may range from direct brand competition to more indirect form of competition.
An important aspect of marketing strategy development is the search for a competitive advantage or something special a firm does or has that gives it an edge over competitors including:
a. having better quality products
b. providing superior customer service
c. having the lowest production cost
d. dominating channels of distribution
e. advertising that creates and maintains product differentiation
3) target marketing.
The target market becomes the focus of the firm’s marketing efforts, and goals and objectives are set according to where the company wants to be and what it hopes to accomplish in this market.
