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Summary Business Studies Marketing Essay
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This is an essay example for IEB Business Studies. It is based on the marketing chapter of the business textbook.
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To: The Marketing Manager of CheckersFrom: Herschel Walcott
Date: 25 October 2022
Re: Utilising the marketing strategy to impact on buying decisions for current and
potential customers
The market environment remains incredibly volatile for the retail industry. Marketing
strategies constantly need to be adapted and modified to remain influential in the
market environment. It is vital for all companies in the industry to employ tactics such
as bulk discounts and promotions to maintain a competitive advantage.
The 7P’s of marketing can be utilised with regards to the Checkers marketing
strategy to improve all marketing efforts.
The 7P’s of marketing
The 7P’s of marketing are price, place, product, promotion, physical evidence,
process, people.
Price – All products need to be priced according to the needs and wants on
the target market.
o One can look at employing an LSM of 4-10 as a guideline for Checkers
pricing strategies.
o The exchange rate is currently R18,47 to the US dollar. This means
that the economy is particularly weak, thus Checkers should employ
pricing strategies such as promotional discounts in order to attract
customers.
Place – Place is all about choosing the best location for the target market
o Checkers already has multiple stores; however, they can look at further
expansion into new areas to make it easier for consumers to access
stores.
o Checkers must ensure that they keep their online store (Checkers 60)
running efficiently as this draws in even more consumers.
o South Africa ranks 19th in the world for the penetration of organised
crime
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