Comprehensive summary of Marketing (Chapter 7), adapted from the Consumo Publishers Business Studies Grade 12 Textbook. Easy to understand with clear headings and sub-headings, diagrams and tables, and important terms highlighted in bold.
Definition: Marketing can be defined as the on-going activities of the business to
reach the target market (LSM) and the methods the business uses to connect and
engage with its target market.
Purpose: of this engagement (with the target market) is to convince the market of
the value of the products and services of the business, with the aim of making a
profit.
Role of marketing as part of business
strategy
STRATEGIC ROLE OF MARKETING:
• Strategic planning drives overall performance of business, involves:
o Formulating a vision for the business
o Translating this vision (expectations of the business) into missionary
statement to describe what needs to be done today, to achieve the
vision of the future
• The “brand” is the perception of the business. Everything the business
does will have an impact on the perception (brand) of the business.
Strategic planning summary: creating/supporting strong/positive brand identity in the
market through well-planned/implemented marketing strategy.
- Marketing of p/s (7 Ps)
Implementing
- Evaluating effectiveness of
marketing strategy
strategy and implementation
, Kayla Humphries
Why marketing is of strategic importance:
• Marketing enables the business to build a brand in the minds of consumers
which continuously reminds the consumers of the brand.
• Marketing helps remind consumers about the business’ products.
• Marketing is used to gain and retain customers.
• Creates ‘marketing buzz’ = when consumers talk about the business’
products in a good light
• Helps business gain feedback improve/enhance the brand
FORMULATING THE MARKETING STRATEGY:
Three basic approaches are used:
• Focus all energy on marketing the overall brand of the business.
• Focus all energy on marketing the p/s.
• Focus on both the individual product and the brand of the business.
5 steps to formulate marketing strategy:
1. Perform an environmental scan
2. Define the target market and USP
3. Determine the market budget
4. Implement the marketing mix to achieve aims of strategy
5. Evaluate the effectiveness/take corrective measures
1. Environmental scan
EXTERNAL ANALYSIS:
- Overall performance of the business
- Threats and opportunities
- Industry (a), Competitor (b) and Customer (c) analyses
a. Industry analysis:
- Assessment of the sector that business operates in.
- Identify opportunities and threats through PESTLE.
b. Competitor analysis:
- Gives an overall picture of the competitors in the market
- Critical to evaluates competitor’s strengths and weaknesses
- Considering Porters 6 Forces Model:
o Level of rivalry in the market
o Threat of new entrants
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