Agriculture Reference
In-Depth Information
the move, good marketing always involves an evaluation and refi nement stage. Here actual
results are checked against forecast results and appropriate adjustments made. The fi rst three
steps will be the focus of the remainder of the chapter. The marketing mix and evaluation of
the marketing strategy will be explored in
Chapter 7
.
Conducting a SWOT analysis
Assessing the competitive environment requires careful study of (1) general trends in the
market, (2) strengths and weaknesses of key competitors, (3) current and anticipated cus-
tomer needs, and (4) the fi rm's strengths and weaknesses. The results of such study are sum-
marized as a SWOT analysis. Strengths and weaknesses represent a look at what is going on
inside the fi rm while the opportunities and threats capture what is happening outside the fi rm
in the market (
Figure 6.2)
. This analysis phase of the market planning process is done with
a single purpose in mind—to identify the business opportunities the competitive environ-
ment presents.
General trends in the market
A manager should be informed about the industry and market segment. General trends in the
market that may be of interest include key technological trends, the general economic situa-
tion, important political developments, and weather patterns. Marketers may rely on govern-
ment or independent statistics, infl uential bloggers, the trade press, industry experts, company
research staff, and outside consultants to help them frame the general trends in the market.
Knowing the industry situation and trends allows marketers to approach the market prepared
to address their products' strengths, weaknesses, opportunities, and threats.
Here's an example. Results of a market assessment might tell the livestock feeding equip-
ment manufacturer that:
•
Large livestock farmers have aggressively invested in production technology.
•
The long-term forecast for interest rates is stable to declining.
Market
conditions
Competitors
Firm
Customers
Figure 6.2
SWOT analysis
