Environmental scannin g is the process of identifying internal and external factors that can affect marketing success. Environmental analysi s is the evaluation, interpretation, and distribution of information about environmental factors. Outside factors, such as the influence of employees and factors inside the organization, should be considered. Marketing Research and Analysis a. Marketers use marketing research and analysis to identify potential markets and uncover ways of marketing effectively to the most attractive markets.
Rapid change can and does occur in every product area.
Segmentation, Targeting, and Positioning a. Market segmentation is grouping people or organizations within a market according to similar needs, characteristics, or behaviors. Start by determining which characteristics to use in selecting groups to serve. Product Development and Differentiation a. Product development is the creation or improvement of a product to meet the needs and wants of customers. Product differentiation means setting your value package apart from the competition in a way that is meaningful to the customers. Valuation and Pricing a. Valuation is the process that buyers and sellers use to determine whether a marketing exchange will be beneficial.