Principles of marketing management (case study) Essay

Principles of marketing management (case study) - Essay Example s is more focused upon the internal factors i.e., strengths and weakness and the external factors i.e., opportunities and threats which is observed from the analysis of the organizational situation. It helps to satisfy what our target market wants. SWOT analysis helps the company to do better in fields where it lacks and also gives information as to where there strength lies (Ferrell and Hartline, 2005). Another analytical technique used by marketing professional is known as PEST which stands for Political, Economic, Sociological and technological factors and how these might affect the organization. This analysis helps to identify the external issues that the product and the organization might face and which might ultimately hinder the growth of the product (Williams and Green, 1997) Technology is an important key factor that helps to achieve quality products in a cost effective manner. The utilization of better technology in New product development department of company is helping to achieve new quality products. Essential market planning serves as an important base for the market planning. The analysis depends upon the statistical analysis of everything that makes up the market such as the households, business and even the number of workers in a market. The market analysis is further divided into market segmentation and focus on the target market (Berry, 2008). The STP model stands for market segmentation, market targeting and product positioning. This model is particularly helpful in prioritization of the important factors within a market and the delivery that concept to the relevant audiences (Hanlon, 2013). Market segmentation is one of the ways to specifically focus on the target market. With the help of market segmentation, the target market is divided into groups of people with similar needs and wants. This helps in the analysis of the markets to achieve an upper hand in the market (Weinstein, 2004). Market Segmentation: Two groups includes those who