What is Marketing Analysis?
The task of managing the marketing function starts with a detailed analysis of the company’s situation.
For this purpose, the company must make an analysis of its markets and marketing environment to locate opportunities and to avert environmental threats.
It must review company strengths and weaknesses, as well as current and possible marketing action, which will enable it to locate the opportunities it can best exploit.
Marketing analysis is also important as it provides information flow and other inputs to each of the other marketing management functions.
For designing and putting into action the most appropriate marketing mix, the company must perform four marketing management functions. These are; analysis, planning, implementation, and control.
The figure exhibits the relationship between these marketing activities.
The company first develops overall strategic plans. These company-wide strategic plans are then translated into marketing and other plans for each division, product, and brand.
Through implementation, the company turns the strategic and marketing plans into actions that will achieve the company’s strategic objectives. Marketing plans are implemented by people in the marketing organization who work with others both inside and outside the company.
Control consists of measuring and evaluating the results of marketing plans and activities and taking corrective action to make sure objectives are being reached. Marketing analysis provides information and evaluations needed for all of the other marketing activities.