How
a marketer
can execute situation analysis
while designing a marketing plan?
state the impact of environment-factor while
explaining the tools for situational analysis?
Answers
Situation analysis
Explanation:
Situation analysis is a method that an executive uses to analyze an organization's internal and external environment to understand the organization's capabilities, customers, and business environment. It allows you to use market research to evaluate projected growth, define your potential customers, assess your competitors and evaluate the state of your business.
Before developing a marketing strategy, it is important to conduct a situation analysis to determine the health of your business. This analysis serves as a useful tool for determining your business's strengths and weaknesses, and any opportunities and threats that can affect its health.
The key factors that are analyzed are: Customers, competitors, suppliers, and government and legal issues. The analysis looks at what impact these factors may have on a specific organization or business.
The project should be environment friendly and in compliance with all government rules and regulations. For example: If the project is not in compliance with pollution regulations, then there is a chance that the factory can be shut down in future.
Explanation:
Situation analysis is an important tool which is used by bussiness analysts to identify the challenges that bussiness has with internal and external customers as well as identify opportunities. In situational analysis some of the important parameters to look at are the market trend, what are customers latest expectations, what competitors are doing, any changes in government policies etc
Tools for situational analysis are both qualitatative and quantitative in nature