Business Environment Hnd

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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, targeting and positioning the product within the target market. Marketing Mix Decisions at this stage detailed decisions are being made such as the development of the specific product, designing and producing the first pieces of the product and also pricing decisions Implementation and Control is the final stage of the marketing process the results of the marketing progress should be monitored when the market changes the market mix can also change to adapt to the consumer needs as time goes on a new product can even be produced although this is the last stage of the marketing process changes will always occur to satisfy different consumer needs Companies continue to exist by achieving their long-term goals.

Market orientation helps to achieve the business goals and objectives a business which adopts market orientation thinks that it’s most important resource are its customers. The benefits of adopting market orientation for ‘Hair Today’ is that through market research the hair salon will have a strong understanding of the needs of the customer. Customer feedback is vital to the company companies tend to be too involved with the product that they forget about the general customer satisfaction for example hair salons have a wide variety of market reach and also a great deal of competition. The costs of adopting marketing orientation for ‘Hair Today’ would be the high costs for the market research this the constant internal change as needs of the customers are met.

Macro environment are the outside uncontrollable factors that may affect a managers decisions this can have an effect on the company the PESTEL model framework is used. Political factors such as government policies and the economy also new laws on small businesses Political factors can have a huge effect on many areas for business like education and the quality of health care. The hairdressing industry is having difficulties recruiting although some government funding policy has helped it has a vacancy rate...
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