What is the primary purpose of conducting a situational analysis in marketing?

Conducting a situational analysis in marketing primarily serves to predict how environmental factors will influence the target market. This analysis encompasses an examination of both internal and external environments that affect an organization, including economic, social, technological, political, and competitive conditions. Understanding these elements is crucial for identifying opportunities and threats within the marketplace.

By analyzing these factors, marketers can gain insights into consumer behavior, market trends, and potential shifts that may impact their target audience. This knowledge allows businesses to craft effective strategies to address the needs and preferences of consumers and adapt to changing market dynamics.

While the other options touch on important aspects of marketing, such as product development, understanding the competitive landscape, and assessing customer satisfaction, these are more specific outcomes or focus areas that may arise as a result of a comprehensive situational analysis rather than its primary purpose.