Analysing Marketing Opportunities:

Strategic marketing planning has the following five-step process:-

• Conducting a situation analysis
• Developing marketing objectives
• Determination of positioning and differential advantage

• Selecting target markets and measuring market demand
• Designing a strategic marketing mix for the marketing operation

What is a Market

A market simply means people or organizations with needs and wants to satisfy. They have money to spend in satisfying their needs and wants by buying benefits of products and services. They must have the willingness to spend their money in buying the satisfying benefits.

For example, many people in Nairobi need and want transportation service, and they are willing to pay for it. However, they are in a large group. Some of them want low-cost and efficient transportation. Others want luxury and privacy. A firm can satisfy all groups with different needs. This is done through the process of target market segmentation strategy.