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Essay / Business Analytics and Segmentation Explained
Explain SWOT Analysis. SWOT stands for strengths, weaknesses, opportunities and threats of an organization. The SWOT analysis determines what can support the business in all critical ways to achieve its goals and what difficulties need to be eliminated to achieve the goals. SWOT analysis is a fundamental factor of an organization that evaluates what an organization is capable of and what it is not capable of. SWOT analysis is a way of receiving all kinds of information about external and internal environmental problems of a particular organization. This shows a difference: what improvements the company could make in an analysis based on a particular basis, what it will show in the future and the difficulties it will face. It is a technique used to help the marketing department. Strengths – This factor refers to the capabilities that can be implemented in a company to increase productivity and sales. It shows what a company is capable of and what it is not also:-- Effective sales and marketing - Strong leadership - Political support - Good reputation - Qualified research and development - Economies of scale Weaknesses - This factor shows in what state and situation the companies are weak, what the company will venture into further and what will be its side effects, the absence of certain strengths can be considered as a weakness. Likewise: - Lack of trained teachers - Poor quality - Focus on mega-products - Many competitors with similar production - Low image/reputation - Low investment in infrastructure Opportunity - This factor concludes with all chances that a company has to develop its activity or expand its activities. sale ...... middle of paper ...... the similar or replicated product as changes. - Segments must be large enough to attract consumers with their production choices and make profits. - The segment must be available and easily access communication and distribution channels, have means of transportation and sales activities to reach its consumers. - Segments must have all the variables in the marketing mix to achieve their objectives and respond to consumer changes. ii) Explain targeting. Targeting in a marketing term is the advertising and marketing promotion targeted at a particular group of potential buyers and people, for example based on their age, gender and region. It mainly depends on the process which involves dividing a market product into different segments; it focuses on how they will sell their products and services to a specific buyer and new users of the product.