Developing a situation analysis requires that needs that exist in the marketplace be identified. How do you identify market needs? How do people come up with ideas that people don’t know they need until they see them?
As we have discussed, a simple step-by-step process to create a marketing strategy begins with the identification of market needs. After deciding on the objective, it is necessary to create the guiding principles of the organization. This is best demonstrated by the following exercise. For this exercise, assume that you have decided that you would like to open a bar or pub.
1. Create a vision and mission statement for the business:
Your mission statement might be:
• To provide a place (in a geographic ...