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Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior. This involves specifying the data required to address these issues, then ...
Marketing management. Marketing management is the strategic organizational discipline that focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of marketing resources and activities. [citation needed][ 1 ][ 2 ][ 3 ] Compare marketology, [ 4 ] which ...
Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. [ 1 ] It is an important component of business strategy [ 2 ] and a major factor in maintaining competitiveness. Market research helps to identify and analyze the needs of the market, the ...
Competitor analysis. Competitive analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. [ 1 ] This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling combines all of the relevant sources of competitor ...
The market analysis is also known as a documented investigation of a market that is used to inform a firm's planning activities, particularly around decisions of inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company.
e. In strategic planning and strategic management, SWOT analysis (also known as the SWOT matrix, TOWS, WOTS, WOTS-UP, and situational analysis) [ 1 ] is a decision-making technique that identifies the strengths, weaknesses, opportunities, and threats of an organization or project. SWOT analysis evaluates the strategic position of organizations ...
Marketing communications include advertising, promotions, sales, branding, campaigns, events, and online promotions. [ 3 ] The process allows the public to know or understand a brand and get a clear idea of what the brand has to offer. Brand awareness is the first stage, then brand preference over its competitors is the desired outcome.
In marketing, a marketing plan is created to guide businesses on how to communicate the benefits of their products to the needs of potential customer. The situation analysis is the second step in the marketing plan and is a critical step in establishing a long term relationship with customers. [3] The parts of a marketing plan are: Introduction