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Conducting Situational Analysis - Assignment Example

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High school
Assignment
Marketing
Pages 7 (1757 words)

Summary

Richer sounds: Company Situational Analysis (Instructor) Executive summary Every company strives to operate effectively in the industry considering intensity of competition available in the market. Understanding therefore the core competencies and capabilities of the company is essential in formulation of strategies that will help attain a competitive advantage over the rest of the competitors…

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Conducting Situational Analysis

It involves understanding the main competitors of the firm and has a detailed analysis on how innovative they are, factors that affect them, how their products are perceive relative to your own and finding the niche markets that are not served. Segmenting the market is useful when a company needs to serve its customers efficiently since it enables pooling of needs of customers and finding the best way to satisfy them. Market segments can be identified based on demographic, psychographic, behavioral or geographical factors. It will therefore be easy for a company to formulate and implement position strategies that will help sell the product to potential customers. Table of Contents Executive summary 2 Table of Contents 3 Background 4 Company products 4 Situation analysis 4 Strength 5 Weakness 5 Opportunity 6 Threats 7 Customers 7 Main competitors 8 Market segments 8 Position strategies for the market segments 9 Reference List 11 Background Richer Sounds was established in 1978 by Julian Richer at a tender age of 19 years. ...
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