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Learning Objectives Chapter 5: Analyzing Marketing Opportunities

Learning Objectives Chapter 5: Analyzing Marketing Opportunities. Define the terms situation, market, and feasibility analysis. Explain the relationship and differences between situation, market, and feasibility analysis. Explain the five benefits of doing a situation analysis.

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Learning Objectives Chapter 5: Analyzing Marketing Opportunities

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  1. Learning Objectives Chapter 5: Analyzing Marketing Opportunities • Define the terms situation, market, and feasibility analysis. • Explain the relationship and differences between situation, market, and feasibility analysis. • Explain the five benefits of doing a situation analysis. • List in order and describe the steps in a situation analysis.

  2. Learning Objectives Chapter 5: Analyzing Marketing Opportunities • List in order and describe the six major steps in a market analysis. • List and describe the four additional steps in a feasibility analysis.

  3. Situation Analysis A study of the marketing strengths, weaknesses, and opportunities of an existing business or other type of organization.

  4. Market Analysis and Feasibility Analysis • Market Analysis A study of the potential demand for a new hospitality or travel business. It determines if market demand is large enough. • Feasibility Analysis A study of the potential demand and economic feasibility of a business; it includes a market analysis and a few additional steps.

  5. Relationship of Situation, Market and Feasibility Analyses • The relationship among these three techniques is chronological (time). • The situation analysis should build upon the findings of the market or feasibility analysis. • Each situation analysis should build upon the previous year’s situation analysis.

  6. Three Analysis Techniques are Related over Time Situation Analysis #3 Situation Analysis #2 Situation Analysis #1 Market or Feasibility Analysis Time

  7. Difference between a Situation, and a Market or Feasibility Analysis • A situation analysis determines the strengths and weaknesses of an existing organization or business. • A market or feasibility analysis investigates a proposed new business and its market potential and economic feasibility.

  8. Difference between a Situation, and a Market or Feasibility Analysis • Situation and market analysis have same steps, but in a different order. • Market and feasibility analysis have the same first six steps, but the feasibility analysis involves four additional steps.

  9. Benefits of Doing a Situation Analysis • Focuses attention on strengths and weaknesses. • Assists with long-term planning. • Helps in the development of marketing plans. • Puts a priority on marketing research. • Has spin-off benefits.

  10. Steps in a Situation Analysis • Marketing environment analysis • Location and community analysis • Primary competitor analysis • Market potential analysis • Services analysis • Marketing position and plan analysis

  11. Steps in a Market Analysis • Marketing environment analysis • Market potential analysis • Primary competitor analysis • Location and community analysis • Services analysis • Marketing position and plan analysis

  12. SITUATION ANALYSIS Marketing environment Location and community Primary competitor Market potential Services Marketing position/plan MARKET ANALYSIS Marketing environment Market potential Primary competitor Location and community Services Marketing position/plan Difference between Situation and Market Analysis

  13. Four Additional Steps in a Feasibility Analysis The six steps in a market analysis plus: • Pricing analysis • Income and expense analysis • Development cost analysis • Analysis of return on investment and economic feasibility

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