Scope of marketing functions, therefore, can be grouped under following categories: 1. Analysis of the Market Situation: It is done through observation and survey. Collected data are analysed and appropriate marketing strategies are adopted to make right goods and services available to customers to derive their satisfaction. Image Source: 185.26.182.219 2. Deciding on Market Goals: Appropriate marketing goals [...]
Market segmentation identifies market portions that are different from the other. For a given products and services, market can be segmented into different parts, and accordingly, the company can develop their strategies to meet the needs of the potential customers. Need for Market Segmentation: To address the needs for competition better, understanding customers’ needs is very important. […]
Market analysis helps us to determine the market situation in terms of its attractiveness or otherwise. Organizations weigh their strengths and weaknesses relating it to the opportunities and threats, to understand their capability to respond to the market changes, based on such analysis. […]