ting Process:
i. Analyzing marketing opportunities
businessdictionary.com (2013) "define as An application of forecasting techniques to the market factors that may influence the demand for a product identified as a market opportunity."
For every organization, this is the first step of the marketing process to analyze their market opportunities and use them to satisfy the customer's requirements to have a competitive advantage over other companies in similar operations. This is very important for every organization in the marketing planning process. Any marketing manager must analyze the long-run opportunities in the market to improve the business unit's performance. To evaluate its opportunities, firms need to operate a reliable marketing information system.
Philip Kotler (1997) This is important for any organization to succeed in today's competitive marketplace; companies must be customer-centered. They must win customers from competitors and keep them by delivering greater value. Excellent marketing requires a careful, deliberate analysis of consumers. Since companies cannot satisfy all consumers in a given market, they must divide up the total market (market segmentation), choose the best segments (market targeting), and design strategies for profitably serving chosen segments better than the competition (market positioning).
According to Philip Kotler (1997), "Market Segmentation is the subdividing of a market into homogeneous sub-set of customers, where any subset may conceivably be selected as a market target to be reached with distinct Marketing Mix. While According to William Stanton yr, "Market Segmentation consists of taking the total heterogeneous market for a product and dividing it into several sub-markets or segments, each of which tends to be homogeneous in full significant aspects.
Dividing the multitude of marketing variables or mix into four distinct categories makes it much easier to formulate a marketin...