Every mortgage firm in today's world has an information system which records the new customers acquired, transactions, products sold, etc. This huge data dump makes no sense to the senior management of the mortgage firm unless it is converted into presentable information.
Let us put ourselves into the shoes of a senior manager in a mortgage firm for a moment. Now, what would I like to see from the point of improving the sales of the products? First, I would like to see the current position of the firm in the market. Then I would like to identify the open spaces in the market where the firm can move and can make use of first-mover advantage. And so onů
The action plans in the above paragraph are a part of strategic marketing. One of the most significant steps in strategic marketing is Environment Scanning. The firm should be analyzed with respect to its competitors in terms of pricing, distribution, promotion, advertising and market segmentation. For an internal appraisal the firm's primary data from its information system can be used. Secondary data from outside agencies can be availed of to see how the firm is doing with respect to other players in the market.