MARKETING PROCESS OVERVIEW Unit 1: Marketing MARKETING PROCESS OVERVIEW 20/05/2018

Introduction The marketing process is about strategy and planning and covers many topics and areas. 20/05/2018

Contents Marketing audits Integrated marketing Environmental analysis SWOT analysis Marketing objectives Constraints/options Target markets and the marketing mix Scope of marketing 20/05/2018

Marketing audit Looks at the internal environment: the strengths and weaknesses within the business regarding structure and personnel Considers marketing capabilities: looking specifically at the marketing function within the business Performance evaluation: is the marketing function achieving as expected? Competitive effectiveness: what does the business understand about its competitors? 20/05/2018

Integrated marketing Brings together all organisation’s marketing strategies to a single vision Enterprise becomes a cohesive unit with a single overall goal based on maximising awareness among the target audience Provides organisations with a competitive edge Stops parts of organisation working in isolation 20/05/2018

ENVIRONMENTAL ANALYSIS Sometimes called ‘environmental scanning’ - keeping eyes and ears open to what is happening in the market place Sources of information include trade journals, newspapers, exhibitions, feedback, competition Market Intelligence: the result of environmental scanning, ie: the market data Competitor intelligence: as above, purely for competitiors 20/05/2018

SWOT ANALYSIS One way in which a business can formulate a strategy is though SWOT, which helps identify strategic direction Sets focus on; STRENGTHS WEAKNESSES OPPORTUNITIES THREATS INTERNAL EXTERNAL 20/05/2018

EXAMPLE OF SWOT Strengths Weaknesses Opportunities Threats Specialised mortgage supplier Weaknesses Relatively new advisory/sales team in place, still undergoing some training Opportunities Moving in to international markets within next 12 months Threats High borrowing rates and economic downturn 20/05/2018

Exercise 1 If you were carrying out a SWOT analysis on Stephenson College, what kind of things would you put in to it? Have a go! Other strategy formulations are competitive strategies and growth strategies – see final slide 20/05/2018

MARKETING OBJECTIVES Provide direction for activities to follow Marketing objectives should be; Achievable: based on practical analysis of an organisations capabilities Understandable: need to be clear Challenging: everyone should have to strive Measurable: quantification makes it possible to record progress and make adjustments if needed 20/05/2018

CONSTRAINTS ON MARKETING ACTIVITIES There are certain constraints that organisations need to overcome; Internal constraints External constraints Consumers Competitors Economy The law 20/05/2018

OPTIONS After carryout out the various activities described within the marketing audit a number of options are presented to organisations; Type of market Competitive environment Groups it serves Whether the organisation is a risk taker or not 20/05/2018

PLANNING TARGET MARKETS AND MARKETING MIX Need to decide on a target market and then the correct marketing mix can be established The basic Marketing Mix is also known as the 4 P’s 20/05/2018

THE MARKETING MIX (4 P’S) 20/05/2018

Scope of the marketing mix Marketing activities help business organisations to generate profit and income, the life blood of an economy Enhances customer awareness Marketing costs absorb about half of what the consumer spends Marketing affects everyone in one way or another 20/05/2018

The Marketing Plan Combines all data, information, objectives into a plan which will compliment the overall business strategic plan Includes: sales targets; budgets; pricing decisions; forecasts; locations/outlets; time periods; methods of promotion 20/05/2018

Further research BPP book Chapter 2 Topics contained within this presentation, including competitive and growth strategies in marketing 20/05/2018