COMMERCE 2MA3 Lecture Notes - Lecture 5: Pest Analysis, Swot Analysis, Market Segmentation

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Bharat L Sud

Document Summary

Step 1 involves figuring out what the business will do and how it will do it. Step 2 includes situational analysis using swot analysis. Many companies do a pestel analysis as well. Most new brands use pestel analysis since they are new to the market. This is the planning phase of marketing plan. The market will be subdivided into segments which are group of customers who have similar needs and wants and react in similar ways. It does not specify that it was picked by the company to cater to those customers therefore it is not a target market. Relate each of the four ps back to the target market and make sure they are synced. Online presence, value delivered to customers and the brand name is necessary to attract customers. Pricing is closely related to the value of a product. Value is in the eye of the holder.