P4: Use marketing research for marketing planning
Firstly marketing planning is a business document which is written for the purpose of describing the current market position of a business and its marketing strategy for the period covered by the marketing plan. Marketing planning is concerned with meeting objectives and goals, allocating resources to meet these and setting out a clear plan of action. In this phase it also involves setting out ways of evaluating performances against it marketing targets. The marketing planning is involved with many processes which are: * A PESTLE audit
* A SWOT analysis
* Setting SMART objectives
* Determining strategy and tactics
* Evaluating effectiveness of marketing activity
I will now describe each of the stages into detail and relate to the organisation which I have chosen, RIVER ISLAND. A PESTLE audit
A SWOT analysis
An important part of the planning process is looking at the existing position of the business and trying to decide how factors external to the business may affect the business. SWOT stands for:
* Strengths (E.g. Highly effective IT systems) - INTERNAL * Weaknesses (E.g. Staff not trained) - INTERNAL
* Opportunities (E.g. New markets for a product) - EXTERNAL * Threats (E.g. Increase in Corporation tax) - EXTERNAL
Strengths and Weaknesses
| The internal environment which controls the situation inside the company or the organisation. For example the factors relating to products, pricing, costs, profitability, performance, quality, people, skills, adaptability, brands, services, reputation, processes, infrastructure, etc.
| Opportunities and Threats
| The external environment which controls the situation outside the company or the organisation. For example the factors relating to marketing, sectors, audience, fashion, seasonality, tends, competition, economics, politics, society, culture, technology, environmental, media, law etc..
| Conducting a SWOT...
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