Individual Marketing Analysis Paper - Essay Example

Download file to see previous pages Furthermore, marketing analysis plays a great role in providing reliable, precise, appropriate and current information to the management. Increase in competition and the hike in production costs because of poor decision-making calls for market analysis to provide sound information to evade poor returns. It helps marketing managers to connect various marketing variables with the environment and customers (Kotler, 2008). Failure to have relevant information, consumer’s responses cannot be predicted in a reliable and accurate manner. Marketing research involves various forms like advertising analysis, which entails tracing the effectiveness of advertisements for any medium. This can be assessed by examining the ability of the medium to communicate the message, create a brilliant image for the brand and induce the consumer to buy the product or service. Demand analysis is also a core part in market analysis. It involves determination of the approximate level of demand of a certain product or service. This entails research on the prospective clientele who are enthusiastic and able to purchase the given product at a particular time. Notably, distribution analysis is a key area in marketing analysis at it provides sound information on the distributors and retailers attitudes towards the product or service on offer (Kotler, 2008). ...
Product position involves changing the way target consumers view products or services offered relative to the identity of competing products in the market. Effective product positioning is depended upon identification of the product uniqueness, its distinguishing functions and fairness in its price (Kotler, 2008). Product positioning involves various processes, which include, identification of other competitors in the market offering same products, getting knowledge on how competitors position their businesses. This comparison of business positioning enables competitors to know the vital and the most viable areas for differentiation. Additionally, developing positioning statement messages to be used for effective communication is fundamental in any positioning strategy. This study establishes that, in a rapidly changing market, it is advisable to reposition the whole company instead of only repositioning the product line. This does not only involve marketing challenge, but also judging on how a market is adjusting and most critical how firm’s competitors will react. On the other hand, competitive positioning involves coming up with strengths and weaknesses of prevalent and able competitors in the market. This analysis provides room for identification of viable opportunities and threats to the business prosperity (Kotler, 2008). Principally, it is easier for a seller to generate new prospects and direct them to buy his/her products if the market clearly sees how his products are unique as compared to the ones offered by competitors in the market. The key element in positioning strategy involves value proposition. We have three vital types of value, namely Operational excellence, consumer closeness and product leadership. Consumer perception of ...Download file to see next pagesRead More