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Essay: The Role of Situational Analysis and Market Research in Meeting Market Objectives

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  • Published: 1 February 2018*
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  • Words: 926 (approx)
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The role of a situational analysis and market research in meeting market objectives are important as they work together in meeting the businesses goals within the time frame given.  Situational analysis is in the form of the strengths, weaknesses, opportunities and threats of a business which is also known as a SWOT analysis while market research is the collection of data about consumer needs and wants. Both these market process help determine the product innovation and analysing the business's internal and external features. Apple is a well-known, global company that uses marketing processes in a different way to help sell their products as well as grow their company.

Situational Analysis gives the business a chance to examine their placement in the market they compete in. as previously mentioned the process of SWOT analysis evaluates the company’s strength, weaknesses, market opportunities and potential threats to provide competitive insight into the potential and critical issues that impact the success of the business. Strengths and weaknesses of a business are attributes that are controlled from inside the business; opportunity factors arise from the external business environment that including opportunities within the marketplace that has a beneficial impact, this can include market growth lifestyle changes and promotion for a demand of product and services, timing is important to cater for the opportunity. Threats are factors that are beyond the organisations' control which is introduced externally. Some competitors’ performance is sufficient enough to place the business or the marketing strategy at risk. The SWOT analysis may help the business identify a strategic plan that will empower the business to resolve these issues if they arise. Apple is a company that has adopted the use of the SWOT analysis to help its business identify a strategic plan to help further the company in resolving any arising issues. Apple is one of the most esteemed and strongest brands in the world which is why it is capable of introducing new products due to its rapid innovation that is accepted by the society which also ensures the companies competitive advantage. Apple has a limited distribution network which restrictions the business’ market reach, another weakness of Apple is having most of its sale revenues from the high-end of the market which is mainly customers from the middle and upper class whereas the lower class have difficulty affording Apple products due to their relatively high prices. The company Apple is able to expand its distribution network which would help Apple to reach more customers globally, an additional opportunity that Apple has is its ability to explore other product lines due to the brand's image as its current products are highly successful, this has already been done with the Apple Watch. Apple is in the technology industry because of this though competition which can be due to the aggressiveness of the firms, another way that Apple can be threatened is through the imitation of its products: this is a significant threat since there are many firms that can easily imitate Apple products. Through the use of the situational analysis, the business is able to meet its marketing objectives to further achieve its long-term goals.

Market research is a valuable tool for all businesses, using market research helps businesses understand potential customers and all their needs, as well as what competing businesses are doing. Market research comes in two forms: primary data and secondary data; primary data are facts and figures collected from original sources for the specific research problem while secondary data is the information that has already been collected by another source.  Apple is one of many companies that use market research to help further their business, they do this by conducting surveys for iPhone buyers. The company conducts these surveys to reveal what drives consumers to buy Apple products rather than other competing products such as Android products made by Samsung.  Apple holds a lot of data on its customers from iTunes, iBooks, and "bricks and mortar" Apple stores, the business uses this information to keep its customers updated about new products to further build a stronger customer-based relationship. In addition to the ways, Apple uses market research mentioned, the business is always ahead of the trends in society which also helps the business become more successful, another way Apple uses this marketing process is through the use of continual customer involvement, the company spending large amounts of time observing customers that utilise Apple technology as well as other competing companies'. Through the use of market research, businesses such as Apple are able to gain knowledge about their current and potential customers through the use of primary and secondary data to understand their needs and wants in future products and what they want more or less of in them.

Marketing Objectives are the realistic and measurable goals that a business can achieve, the objectives of the business implement the framework for the business to establish a series of steps that aim to acquire the set objectives. Business generally adopts a SMART approach; Specific, Measurable, Achievable, Realistic and Time to setting objectives, this approach allows the businesses objectives to be goals the business can reach with a plan implemented. The roles of the situational analysis; to provide knowledge of internal (strengths and weaknesses) and external (opportunities and threats) features of the business and the marketing research which allow the business to understand potential customers and all their needs, as well as what competing businesses are accomplishing. These two processes give information about the business that the company can then base their objectives off.

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