Summary Business Studies The Marketing Function Notes

THE MARKETING FUNCTION


MARKETING IN THE OVERALL BUSINESS STRATEGY

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 planning:
- Vision
- Mission
- Formulating market strategy

• Marketing helps remind the customers about the business’ product / services so when they need to buy a specific
product or service, it jumps to mind.


FORMULATING THE MARKETING STRATEGY
Three different approaches:
I. Marketing the overall brand of the business
II. Marketing the product or service offering
III. Placing emphasis on Bothe the business and the individual product/ service offerings


Five step process of formulating a Marketing Strategy:
1. Perform and environmental scan
2. Define the target market and Unique Selling Proposition (USP)
3. Determine the marketing budget
4. Implement the marketing mix to achieve the aims of the marketing strategy
5. Evaluate the effectiveness of the process and take corrective measures where necessary


ONE: Environmental scan; EXTERNAL
• Industry analysis
- Scanning the sector that the business operates in
- Identifying opportunities and threats by using PESTLE analysis
• Competitor analysis
- Gives the business an overall image of the competitors in the market
- Competitors strengths and weaknesses must be evaluated in order to determine the effects it could have in the
performance of the business and then to adapt accordingly.
- PORTER’S six forces model


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