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(Student Name) (Instructor’s name) (Course name) 20th March 2013 Problems – questions Section A Question 1 SWOT analysis is a planning method that is used to evaluate strengths, weaknesses, opportunities and threats that are faced by a business. Being undertaken also to evaluate a product, industry or business location, SWOT is used to identify internal and external factors that affect a business.
Being focused at advertising a product or a service, marketing is imperative in creating customer loyalty. Additionally, it ensures long term positive relationship between a product and a consumer. Two key companies that have succeeded based on their effective marketing strategies are Coca-Cola and Nokia. Through their extensive advertising strategies Coca-Cola and Nokia have emerged as world leaders in the soft drink and telecommunication industries respectively. Section B Question 1 Market segmentation entails dividing the wide target market into group of consumers who have similar requirements. After dividing the large target market into subsets, a company then provides products and services that meet the needs of their consumers. Consumers market can be segmented according to geographic aspects, psychographic factors, consumer’s behaviors, occasion as well as benefits derived from the products (Kotler, et al 56). Targeting involves focusing at a particular group of customers and adopting appropriate marketing strategies to sell products on the targeted group. Being part of the market mix, target market is vital in ensuring the success of any product. ...
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