1. MARKETING PROCESS OVERVIEW
Unit 1: Marketing
MARKETING PROCESS OVERVIEW
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2. Introduction
The marketing process is about strategy and planning and covers many topics and areas.
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3. Contents Marketing audits Integrated marketing Environmental analysis
SWOT analysis
Marketing objectives
Constraints/options
Target markets and the marketing mix
Scope of marketing
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4. 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?
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5. 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
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6. 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
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7. 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
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8. 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
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9. 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
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10. 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
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11. CONSTRAINTS ON MARKETING ACTIVITIES
There are certain constraints that organisations need to overcome;
Internal constraints
External constraints
Consumers
Competitors
Economy
The law
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12. 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
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13. 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
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14. THE MARKETING MIX (4 P’S)
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15. 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
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16. 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
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17. Further research BPP book Chapter 2
Topics contained within this presentation, including competitive and growth strategies in marketing
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