Formulation of Marketing Strategy
Marketing analysis: It involves a complete analysis of the company’s situation. A company performs analysis by identifying environmental opportunities and threats. It also analyzes its strengths and weaknesses to determine which opportunities the company can best pursue. Marketing has three components as planning, implementation and control. Through analyses organization feed information and other inputs to each of the other marketing management functions.
A company must carefully analyze its environment in order to avoid the threats and take advantage of the opportunities. Areas to be analyzed in the environment normally include:
1. Forces close to the company such as its ability to serve customers, other company departments, channel members, suppliers, competitors, and publics.
2. Broader forces such as demographic and economic forces, political and legal forces, technological and ecological forces, and social and cultural forces.
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