Business- How Key Elements of Marketting Achieve Success

Topics: Marketing, Strategic management, Marketing plan Pages: 3 (1105 words) Published: August 1, 2010
“Our success is a direct result of knowing how to market a brand and having the right people representing the brand” (Norman, 2009). Marketing is a key element in the success of any business. The elements of marketing incorporate: situational analysis, market objectives, the target market and marketing strategies. Most marketing plans begin with an executive summary, providing a brief summary of the current issues affecting a business. It is crucial in identifying key features of a marketing plan. Following the executive summary a business finds out its current position in the market using a situational analysis. A situational analysis is an exceptional way to open the marketing plan as covers four components in a market analysis, a product analysis, competitor analysis and SWOT analysis. A market analysis is fundamental in determining the internal and external factors that impact any business positively or negatively. For example economic activity, an economic downturn will affect a business such as OrotonGroup due to its high pricing strategies. This linking back to a plunge their overall success. A product analysis is essential in examining a business’s current position of goods or services within a marketplace environment. It is essential a business knows when a products time is up and needs renewing or replacing. OrotonGroup during the maturity stage (1990’s) of its fashion designs failed to recognise trends and were viewed as an old demographic. This limited its appeal to the younger demographics which impacted on the success of their overall sales. Businesses also need to keep an eye on competitors. In doing so they must investigate the marketing objectives and strategies of major competitors and assess how successful their operations are. This is called a competitor analysis. It helps a business to catch up in area where competitors may be seen as stronger. In the case of OrotonGroup its competitor analysis linked directly with its product analysis....
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