Summary of CHAPTER 7 - MARKETING Gr 12 Business Studies IEB

CHAPTER 7 - MARKETING


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.


1. ROLE OF MARKETING AS PART OF BUSINESS
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.



Strategic Planning - Vision
(drives overall - Mission
performance)
- Formulating marketing strategy



- Identifying marketing scope (env.
Marketing Strategy
scan)
(brand image)
- Determining USP
- Determine marketing budget




Implementing - Marketing of p/s (7 Ps)
marketing strategy - Evaluating effectiveness of
strategy and implementation




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