study
Marketing process
Marketing is the process of building profitable customer relationship. It is a two way process- firm create value for customers and build long term relationship and in return consumer also pay value to the firm. So Iceland as a fast growing supermarket should facilitate the marketing activities by managing profitable customer relationship.
Elements of marketing process: To establish marketing facilities Iceland have to consider some sequential stages. The stages are shown in a diagram:
Figure: Elements of Marketing Process. Source: (Assael et. al, 1995)
Corporate Objectives: Corporate objective is the direction by organizational level based on which further steps will be taken. It may also include goal, mission, tactics, purpose and overall policies of the firm. Iceland Supermarket should set specific, measurable, attainable and time-specified objective for its success.
Marketing Audit: Marketing audit is the statement about marketing activities, past and present performance and possible future course of actions on the basis on structured analysis and review. Iceland can analyze its product, competitors, market share, profit margin, distribution methods etc. in this step.
Market and Environment Analysis: Market analysis is determining the effect of market on the firm. It includes market growth, market trend, market profitability, cost structure etc.
Environment analysis determines the effect of environmental changes on the firm. It includes political, social, legal, economic, technological and cultural environment.
SWOT Analysis: SWOT analysis is the process of determining internal factors (strength, weakness) and external factors (opportunity and treats) that controls the organization directly or indirectly. Iceland should identify these factors so that is can focus on the weakness and treats to gain success.
Marketing objectives and Strategies: Marketing objective should be relevant to the corporate objective and it
Marketing is the process of building profitable customer relationship. It is a two way process- firm create value for customers and build long term relationship and in return consumer also pay value to the firm. So Iceland as a fast growing supermarket should facilitate the marketing activities by managing profitable customer relationship.
Elements of marketing process: To establish marketing facilities Iceland have to consider some sequential stages. The stages are shown in a diagram:
Figure: Elements of Marketing Process. Source: (Assael et. al, 1995)
Corporate Objectives: Corporate objective is the direction by organizational level based on which further steps will be taken. It may also include goal, mission, tactics, purpose and overall policies of the firm. Iceland Supermarket should set specific, measurable, attainable and time-specified objective for its success.
Marketing Audit: Marketing audit is the statement about marketing activities, past and present performance and possible future course of actions on the basis on structured analysis and review. Iceland can analyze its product, competitors, market share, profit margin, distribution methods etc. in this step.
Market and Environment Analysis: Market analysis is determining the effect of market on the firm. It includes market growth, market trend, market profitability, cost structure etc.
Environment analysis determines the effect of environmental changes on the firm. It includes political, social, legal, economic, technological and cultural environment.
SWOT Analysis: SWOT analysis is the process of determining internal factors (strength, weakness) and external factors (opportunity and treats) that controls the organization directly or indirectly. Iceland should identify these factors so that is can focus on the weakness and treats to gain success.
Marketing objectives and Strategies: Marketing objective should be relevant to the corporate objective and it