Write a 2-page essay reflecting on the three stages of forming a marketing strategy. I am looking for self awareness and assessment on what you've learned and what still remains unclear. Review the...

WRITTEN ASSIGNMENT        5
WRITTEN ASSIGNMENT
Table of contents
Discussion    3
References    5
Discussion
Reflecting on the three stages of forming a marketing strategy, I have come to understand that a successful marketing strategy requires a deep understanding of the market and the customers it serves (Khan, 2019). The three stages - Situation Analysis, STP, and Marketing Mix - provide a framework that helps businesses make informed decisions about their marketing strategy.
The first stage, Situation Analysis, is about understanding the environment in which a business operates. This involves analyzing the five Cs - Company, Customers, Competitors, Collaborators, and Context. I found this stage to be particularly interesting as it provides a comprehensive overview of the market landscape. Through Porter's Five Forces, one can understand the competitive dynamics of the industry, which is essential in developing a marketing strategy that can withstand the competition (Elsayed, 2019). Furthermore, SWOT analysis helps businesses identify their strengths, weaknesses, opportunities, and threats, which are critical factors in developing a successful marketing strategy.
The second stage, STP, focuses on segmentation, targeting, and positioning. This stage involves dividing the market into smaller segments based on customer needs and characteristics. This allows businesses to target specific groups of...