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Analyze Market Planning SWOT Analysis A company must take a good look at itself and it’s business environment, or the market in which it operates. S=Strengths W=Weaknesses O= Opportunities T= Threats This assessment lists and analyzes the company’s strengths and weaknesses. It also includes the opportunities and the threats that surround it. As an analyst you are looking for anything that could make the business fail. Internal Strengths & Weaknesses The internal analysis centers around the 3 C’s: Company, Customers, and Competition. Company Analysis: Staff-Related Questions Financial Questions Production Capability Questions Marketing Mix (Four P’s) Questions Internal strengths and weaknesses cont.. Customer Analysis Who are the customers? How do groups of customers differ from one another? What, when, and how much do they buy? How do customers rate the company on quality, service, value? How satisfied is each customer segment? What customer segments are not having their needs met? Is your customer base increasing or decreasing? Why? Internal Strengths & Weaknesses cont… Competitive Position: What is the company’s market share? What advantages does the company have over its competitors? What core competencies does the company possess? Does it have a better reputation, own a patent, have special resources, or better distribution capabilities? Are competitors taking business away from the company? How? New Products? Better promotion? External Opportunities & Threats Competition Environmental Scan Political Economic Socio-Cultural Technological Market Segmentation Identifying & Analyzing Markets Marketers anaylze groups of customers to see if any of them can be broken down into smaller, more precise clusters. This process is know as: Market Segmentation (p. 38) Demographics Statistics that describe a population in terms of personal characteristics such as: Age- by generation Gender Income Disposable income Discretionary income Marital Status Ethnic Background Geographics Refers to segmentation of a market based on where people live. Geographics relate closely to demographics because of the similarity among people who live in a certain area. Marketing to Latinos Marketing to children Marketing to elderly Marketing to wealthy Psychograhics Grouping people with similar lifestyles, as well as shared attitudes, values, and opinions. Consumer lifestyles include how people spend their time and money. Attitudes, values, and opinions require research to learn more about a group’s personality traits and motivation. Activities- look at the variety of magazines offered at a book store, this is a good way to get a feel for market segmentation. Each magazine represents a market segment Attitudes- health conscious, parents. Personality & Values- religious, comedy, etc. Behavioral Involves looking at the benefits desired by customer, shopping patterns, and usage rate. Many people regardless of their income desire luxury and premium merchandise. The luxury market is a growing consumer trend. Credit card companies provide marketing research Companies have clubs or free memberships, you get coupons and they get research. The Rule of 80/20 This means that 80 percent of a company’s sales are generated by 20 percent of its loyal customers. Mass Marketing Vs. Segmentation Mass Marketing is used when a product has universal appeal and few features differentiate them from competitors. A single marketing strategy is used to reach all customers. The current trend is niche marketing, which means that markets are narrowed down and defined with extreme precision.