Summary Business Studies Chapter 7: Marketing

MARKETING – CHAPTER 7

The ongoing activities of the business to reach the target market and the methods the
business utilizes to connect and engage with the target market, where they convince the
market of the value of the products



1. STRATEGIC ROLE OF MARKETING

Creating and supporting a strong and positive brand identity in the market through a well-
planned and well implemented marketing strategy



Strategic vision
mission
Planning formulating marketing strategy




Marketing Identify overall market scope (environmental
scan)
strategy : determine the unique selling proposition (USP)

brand image determine marketing budget




Implementing
Marketing of the product
marketing Evaluating effectiveness
strategy


Why marketing is of strategic importance as a function

- Marketing is used to gain and retain customers
- Marketing is used to create a market buzz around the product, getting consumers'
to talk about the product
- Marketing is used to engage with the consumer and listen to customers feedback

, 2. FORMULATING MARKETING STRATEGY


A) Approaches to marketing

1. Focus all energy on marketing the overall brand of the business, spending
little time and effort on marketing individual products
2. Focus all energy on marketing the product/service offering, spending little
time and effort on the overall brand
3. Emphasis on both the business and individual product/service offerings


B) 5 step process to marketing


1)Perform an
envrionmental
scan




2)Define the target
market




3) Determine
marketing budget




4) Implement
marketing mix to
achieve aims



5)Evaluate
effectiveness and
take corrective
measures




STEP 1: the overall market scope in investigated through an environmental scan


External analysis

focuses on relevant external elements that may affect the overall performance of the
business (opportunities and threats)