BMK 201 Lecture Notes - Lecture 4: Market Analysis, Marketing Mix, Brand Equity

• School: Tunxis Community College
• Department: Business – Marketing
• Course: BMK 201
• Professor: Paulone

Document Summary

Situational analysis involves assessing the current situation in order to clearly state where the company is now. Together with organizational objectives, situational analysis is used as the platform for marketing planning. Marketers need to be able to analyse their current situation, understanding not only their own business, but also competitors" businesses and the market environment. Key factors that should be evaluated in a thorough situational analysis: Company analysis: the firm"s goals and objectives, market share, service quality, positioning, operations and resources, marketing mix strategies, hr policies and procedures, financial status. Market analysis: size, growth, customer segments, customer needs, buyer behavior. Environmental analysis: political, economic, social, technological, legal/regulatory. Competitive analysis: major competitors, their goals and objectives, marketplace behavior, market share, growth, service quality, positioning, operations and resources, marketing mix strategies. Marketing metrics: are measures that are used to assess marketing performance.