Situation analysis and current marketing mix essay
From the phrase alone, we can pretty much deduce what a “market situation analysis” is. It involves the evaluation of the situation and trends in a specific market. If you are doing business planning to launch a new product in a specific market, you need to evaluate the situation in that market. The purpose of this is clear: to help. It is suggested that the marketing mix constitutes the four fundamental elements of marketing actions, namely price, place, product and promotion (McCarthy, 1960). Together, these elements act as tools to illustrate a product's strategic position in the marketplace. Marketing mix is a set of actions that a company takes to build and sell its product or service to its customers. It helps ensure that you can offer your customers the right product, at the right time, in the right place, and at the right price. While traditionally the marketing mix was executed through P's of marketing. Basic information about the company: UNIQLO is a clothing company, located in Yamaguchi-Japan and founded. In recent years, the brand has been working as a retailer, manufacturer and designer of Japanese casual wear and other diversified products such as hats, bags, slippers and umbrellas. Moreover, it is a global brand with stores. Situation analysis is performed to analyze situations before implementing a new marketing project, strategy or initiative. It provides valuable information about the information available. PESTLE Analysis of IKEA. Need to create consumer awareness in designated markets. Specific features of customer culture and buyer behavior patterns should be taken into account, such as the tendency to purchase luxury products in China and the emphasis on health issues in India..