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STRATEGIC MARKETING PROCESS 1 - Coggle Diagram
STRATEGIC MARKETING PROCESS 1
STEP 1 → SITUATION ANALYSIS
Company studies:
market
competitors
customers
strengths & weaknesses
opportunities & threats
MARKET RESEARCH
\= collecting information about market/customers
PRIMARY RESEARCH
Direct information
surveys
interviews
questionnaires
focus groups
SECONDARY RESEARCH
Existing information
websites
reports
statistics
books/articles
STEP 2 → MARKETING STRATEGY
MARKET SEGMENTATION
\= dividing customers into groups
Groups by:
age
gender
income
lifestyle
interests
MARKET POSITIONING
\= image of product in customer’s mind
Company tries to show:
quality
low price
luxury
innovation
uniqueness
STEP 3 → MARKETING MIX
PRODUCT
what company sells
PRICE
product cost
PLACE
where product is sold
PROMOTION
communication with customers