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Oct 9th, 2015
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  1. Marketing Planning
  2. Good marketing relies on good plans. A business can analyze its strengths, weaknesses, opportunities, and threats in the marketplace using a process called a SWOT analysis. This procedure helps because it prepares a company for competition or a changing marketplace and provides guidance and direction for future marketing strategies
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  4. Internal Strengths and Weaknesses
  5. When evaluating itself, a company must analyze these areas: Company staff, Financial situation, Production capabilities. The company must also consider the four Ps of the marketing mix: Product, Place, Price, Promotion
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  7. Customer Analysis
  8. Companies study customer buying patterns using surveys or conducting interview with people in their target markets. These methods gather information that helps to find out: what customers are pleased or dissatisfied with and create interest specific ads and catalong
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  10. Competitive Position
  11. A company may find that it has certain strengths and weaknesses when compared to its competitors. Questions that help a business to analyze its competitve position are: what market share does the copmany have? What advantages does the company have over its competitors. What are core competencies does the company possess?
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  13. Environmental Scan
  14. Often a business will conduct an environmental scan to methodically examine four main areas of the marketplace. The acronym PEST refers to each of the four factors evaluated in the scan: Political, Economic,
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  16. Political
  17. Political issues center around government involvement in business operations such as Laws and Regulations Global companies need to know the political structure and regulations of each foreign country in which they conduct business
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  19. Economic
  20. Businesses are always interested in the economy because if it is healthy people will be more likely to invest in products and markets. If the economy is in recession, companies need to be more cautious in their decisions. Th economy is affected by factors such as Unemplyment rate Inflation Retail sales figures Productivity Consumer confidence
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  22. Socio Cultural
  23. A socio cultural analysis is based on customers and potential customers. It focuses on their Attitudes Lifestyles Opinions and also considers Age Income Occupation Education level Marital status
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  25. Technological
  26. Changing technology may be a threat for one industry but an opportunity for others. Companies develop completely new products or capitalize on new developments by making products to support them
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