This Is How You Analyze The Market Situation And It Can Really Help You
The market situation analysis summarizes all pertinent information obtained about three key environments: the internal , customer , and the firm’s external environment. The analysis of the firm’s internal environment considers issues like the availability and deployment of HR, the age and capacity of equipment or technology, the availability of financial resources, and the power and political struggles with in the firm’s structure.The analysis of the environment examines the situation with respect to the needs of the target market (consumer or business), probable changes in these situations and how well the firm’s products presently meet the needs. Finally the detailed examination of the external environment includes external factors- competitive, economic, socio-cultural, political sometimes legal, and technical- that can exert considerable direct and indirect on the firm’s marketing activities.
The information for a situation prediction may be obtained internally through the firm’s Market information system, or it may have to be achieved externally through secondary and primary marketing research.The analysis of the competitors can be done on four levels. The competition consists only of those companies which offer similar product or service to the target market, using the same technology along with exhibition of similar vertical integration or which operate in same products or service category. Competition also consists of all the companies manufacturing or supplying products which deliver the same service. It is between all the companies which have an urge for cornering the same spending power of the target group (visa and master card) while making electronic payment either through credit or debit card. These may be for different purposes like travel ticket, hotel bookings, utility bills and so on.