Marketing: Situational Analysis
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What you'll learn
Skills covered in this course
Description
Description: This course teaches key marketing concepts and principles of marketing to critically analyse and plan for: External Environment – Analysis; Macro-environmental Analysis: PESTLE; Demographic Change and Consumer Behaviour; The Demographic Transition and Ageing; The Technology Evolution and Consumer Behaviour; and Stakeholder Analysis
Background: Preparing a marketing environmental analysis is an essential step in understanding the external local, national or international forces that might affect your small business. These factors are largely outside your direct control; however, you can adapt your business and marketing strategy to take advantage of the opportunities they present (while at the same time minimizing the potential threats).
When conducting an external situational analysis, the firm undertakes the following:
- Macro-environmental analysis: PESTLE
- Consumer analysis including observing demographic trends and behaviors
- Stakeholder analysis. This includes observing all parties that have an interest and influence on the firm and may provide an opportunity of threat to the firm.
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