Marketing & Business Environment
Marketing Planning: An Overview of Marketing
6 main questions to ask in order to create your marketing plan: 1. Where are we now? (Business Mission, Marketing audit, SWOT analysis) 2. How did we get here? (Business Mission, Marketing audit, SWOT analysis) 3. Where are we heading? (Marketing audit, SWOT Analysis)
4. Where would we like to be? (Marketing objectives)
5. How do we get there? (Core Strategy, Marketing mix decisions, Organization, Implementation Plan is vital!!) 6. Are we on course? (Control)
A. Business Mission
A business always has a Mission, Vision and Values. IDENTIFY THEM What is the business mission? The purpose of the business Vision? The future (direction) of the business
Values? The company needs to have its own culture
Mission + Vision + Values = Strategic Intent
B. Marketing Audit
A PESTEL Analysis.
C. SWOT Analysis - Situation analysis
Construction through internal and external analysis
Strength + WEAKNESS Internal Analysis = (resource analysis (financial, human, capital, raw material and products), skill analysis…) Opportunities + Threats External Analysis (PESTEL Analysis) (No details needed for SWOT Analysis, bullet points)
How attractive is the market?
Porter’s 5 forces (barriers to new entries, bargaining power of suppliers/buyers, threats of substitutes, rivalry in the industry = Industrial analysis) is the market attractive or not? The scale of the Porter’s 5 forces can be (High-Low-Medium) [USE MARKET LINE WEBSITE] Sometimes, rivalry can be more than competition and vise versa.
D. Marketing Objectives
How do marketers write down their objectives?
Strategic Thrust is a strategic approach based on 5 strategic drivers (thrusts) by Wiseman, Rackoff and Ulrich ('85) to analyse the role of new information technologies at a business strategy level. The 5 thrusts are: Differentiation, Cost, Innovation, Growth and Alliance. The thrusts are reviewed and analysed in relation to 3 major strategic targets: Suppliers, Customers and Competitors.
Build – Hold – Harvest – Divest.
Strategic objectives are, in general, externally focused and (according to the management guru Peter Drucker) fall into eight major classifications: (1) Market standing: desired share of the present and new markets; (2) Innovation: development of new goods and services, and of skills and methods required to supply them; (3) Human resources: selection and development of employees; (4) Financial resources: identification of the sources of capital and their use; (5) Physical resources: equipment and facilities and their use; (6) Productivity: efficient use of the resources relative to the output; (7) Social responsibility: awareness and responsiveness to the effects on the wider community of the stakeholders; (8) Profit requirements: achievement of measurable financial well-being and growth.
Comparative analysis is done through benchmarking. There are 3 types of benchmarking: External, internal and best in class benchmarking
A core strategy in a marketing plan is a way of deciding on what elements to buy more, which ones to hold on to, and which ones to sell. Most marketing plans face a number of frustrations and the core relationship strategy is a great way of solving some of the problems.
Marketing Mix Decisions
The marketing mix is a set of controllable tools that the organisation blends in order to produce the response it wants in the target market. It consists of everything that the firm can do to influence the demand for its product (Kotler and Armstrong, 2004). The marketing mix strategy of any organisation can have one major function, that is, strategic communication of the organisation with its customers (Proctor, 2000).
When considering your marketing mix/marketing strategy, these are some of the key questions to answer.
1. Who are...
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