Business Environment Hnd

Marketing is a process used to satisfy and consider what products or services are needed by the consumers. There are many alternative definitions of marketing such as the charted institution of marketing “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably”. The American Marketing Association believe that “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organization goals”. Philip Kotlerinterprets that marketing is 'satisfying needs and wants through an exchange process the common interest in all three definitions is fulfilling customer needs and providing benefits
The small business enterprise that I have chosen to discuss is called ‘Hair Today ‘this is a professional hair salon that is situated in the heart of Kentish town for over 30 years. Hair today has a total of 20 employees, including hairstylists, hair washers and administration staff, including a cashier. The salon offers many services such as styling hair, men haircuts, colouring, perming.
The marketing process consists of four elements Situation Analysis, Marketing Strategy, Marketing Mix Decisions and Implementation & Control.
Situation analysis is when through an analysis the company finds the customer needs but in order to do this the company must recognise its own potential and the environment in which it is managing. Situation analysis should look at all the factors of the company such as the past where the company is now and where it should be in future. This analysis provides problems there are frameworks which help the situation analysis such as SWOT and PEST analysis. SWOT analysis refers to the strengths, weaknesses, opportunities and threats facing a business The marketing strategy is to ensure the target market is being pursued. The strategy consists of segmentation,

References: Assael, H., Reed, P. and Patton, M. (1995) Marketing: Principles and Strategy Harcourt-Brace, Sydney Business study guide edexcel marketing principles pp. 479-659 Habia (standard information solutions) Skills Foresight for the Hair and Beauty Sector 2007 http://www.habia.org/uploads/Skills_Foresight_2007_v.4_-_2.07.07_Final.pd Lamb, W., Hair, J., McDaniel, C. (1998), Marketing, (4th), South-Western College Publishing, Cincinatti. Kotler, P., Armstrong, G., Brown, L., Chandler, S. A. (1998), Marketing, (4th), Prentice Hall, Sydney www.businessdictionary.com