Assignment:
Situation based marketing strategy can be developed by implementing on following points -
- Identifying the business goals for what a company is operating which could be promoting their product or services or reaching more customers.
- Researching your market in terms of size, growth, social trends, demographics so that the company remains targeted to relevant market and customers only.
- Profile your potential customers - Market research can be used to develop a profile customer that can be targeted and their needs could be met.
- Use of 7 P's of marketing - analyse all the P's of marketing with regard to your product and choose the best mix of these. If this is done successfully then the marketing strategy is more likely to be a success.
If you were CEO of McDonald's, how would you utilize situation-based strategy in your marketing?