Agriculture Reference
In-Depth Information
Key
Small customer < $10,000
Mid-size customer $10,001-$100,000
Large customer $100,001 plus
Figure 8.4
Market map
least two children and family income of $60,000, and so on. Then, these data can be overlaid
with store locations or competitor locations to get a graphic picture of the market situation.
Once this mapping has been completed, visual observation provides a great deal of infor-
mation about weak and strong areas. When this mapping technique is fi rst used, it is often a
real revelation for marketing and management people. The market map suggests areas in
which sales efforts should be targeted. When effort is concentrated in a new area and new
customers are obtained, it may be possible to expand the fi rm's presence in that area rapidly.
Summary
Planning a marketing strategy requires a variety of techniques and tools to analyze markets
and make decisions. Some tools are simple applications of logic, while others are highly
sophisticated analytical models.
A marketing audit is a thorough and objective examination of a fi rm's marketing
program. In a marketing audit, the fi rm's market performance and potential for each product
