How to Understand the definition and Meaning of 'Review of Current Marketing Situation'?

• You have heard the term marketing several times and particularly with online businesses having its presence on Internet,  the term Internet marketing is much more significant.

Let's first see the lexicon meaning of the term 'marketing.'

"the action or business of promoting and selling products or services, including market research and advertising."

Now, let's see the definition of the term 'marketing.'

"Marketing is the study and management of exchange relationships. It is the business process of creating relationships with and satisfying customers. Because marketing is used to attract customers, it is one of the primary components of business management and commerce." (Source: Wikipedia)

There are basically five marketing concepts. These are:

1. Production 

2. Product

3. Selling

4. Marketing

5. Societal marketing

There are also seven principles of marketing. These are:

1. Product

2. Price

3. Promotion

4. Place

5. Packaging

6. Positioning

7.  People

Which each of these concepts and principles is a vast subject area, what we can understand here is that marketing is unlimited in its sphere.

Much can be extended and a lot can be achieved.

Every business works on its own marketing strategies while some develop unique marketing strategies to build its brand and campaigns.

Also, the whole benefit or benefits of marketing greatly contribute to the success of its strategy.

This is why there's is more emphasis on both marketing and strategy.

Especially with Internet marketing, there are many other models such as social media, video, inbound marketing and content marketing.

However it requires specialized skill and indepth knowledge to understand how these would work to the expected results.

While there are many terms in marketing glossary, in this blog post there are two terms which are discussed.

1. Review of current marketing situation (definition)

"The market situation section of your plan includes research and analysis of your target market, competitors, business challenges, and your company's competitive differentiators. It should contain your best and most clear description of the current state of the marketplace."

(Source: The Hartford)

2. Review of current marketing situation (meaning)

The meaning of review of current marketing situation - 

In a specific business - 

- how the current market is, 

- how the product selling is taking place, 

- how is the overall market perspective for a product,

-  what is the view of consumer, 

- what are the views of other competitors and how their product is doing

- what are the differentiations

- an overall view and perception of the market

- how is the sales performance,

- what are the positive views

- what are the negative views

- what is the scope for improvement

Conclusion

Assessing marketing situation is a periodic process and it must be taken care of in order to review and set the marketing strategy in order.