7 April 2013

07 April 2013

On the Sunday we did not have any group meetings and everybody in the group thought they might be as lucky to have some relaxation time. However this is PDEM and if you are relaxing that can only mean two things.....1) you are more than likely dreaming (having fallen asleep from pure exhaustion) or you have forgotten that you have a massive assignment for the next day. This is was one of those days in which the latter applies.

With a massive marketing assignment due for Monday, we were forced to read up and learn about the various types of macro and micro environment conditions that effect an organization. The macro environment includes the demographic, natural and socio-cultural factors; whilst the micro environment includes the internal factors such as competitors, suppliers, customers etc. We then proceeded to use a SWOT analysis to analyse the environment as a whole.

When then break up the target market via segmentation and targeting where the specific section of the potential market is chosen to focus on. The product and service then need to position themselves tactically in the potential consumers mind as well as differentiate itself from the competition to give itself a favourable competitive advantage. 

When developing a product it is very important to take into account the 4 P’s – price, product, place, promotion in order to market your product effectively and make sure you are targeting the correct target market as well as developing your weaknesses.