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Initially companies will analyse the current internal and external situation. In the macro environment companies will study the political-legal, economic, socio-cultural and technological environment (abbreviated as PEST) to ensure there are no issues that might affect marketing and performance. In addition, it is crucial to examine resources, offerings and past results within the organisation to make sure the capabilities are there to create a successful marketing strategy.
A market segment is a proportion of the total market that can be described as homogeneous. Meaning the people in the segment are similar to each other in their attitudes about certain variables...
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