Marketing Concept Analysis Definition. Situational analysis refers to the context with respect to both external and internal environment in the market with respect to a specific industry or firm. Based on these insights you can make more informed decisions about possible marketing strategies.
You can also determine the relationship between supply and demand for a specific product or service. The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs better than the competition. It includes nature of the market product analysis sales analysis time place and media of advertising personal selling pricing sales organisation packaging brand names etc.
In short it is a photograph representing the current business environment of a particular industry or organization.
The marketing concept is a process when a company plans and implements to maximize profit by increasing sales satisfying customers needs and beating competitors. Market analysis the definition A market analysis provides information about industries customers competitors and other market variables. However the definition of marketing has evolved over the years. Situational analysis refers to the context with respect to both external and internal environment in the market with respect to a specific industry or firm.
