Summary Grade 12: Marketing

Marketing

, MARKETING
Definition
- Ongoing activities of the business
- reach the target market
- the methods the business utilises to connect and engage with its target market
- purpose of engagement = convince market of value of product/service
- Aim to sell product/service for a profit

Role of Marketing as part of the overall bus. strategy
STRATEGIC ROLE OF MARKETING
- Drives overall performance of business
- It involves:
Formulating a vision
Translating vision -> mission statement = achieve vision
Setting of objectives, strategies & their implementation
- creating & supporting a strong & positive brand identity in market through a well
planned and well implemented marketing strategy
MARKETING IS OF STRATEGIC IMPORTANCE AS A FUNCTION OF BUSINESS
- build brand in minds of consumer -> uses to remind consumer of business
- remind consumers about business's products/services
- create "marketing buzz" = consumers want to talk about product/service.
- customers via marketing = opportunity to listen to customer's feedback


Marketing Diagram
- Vision
STRATEGIC - Mission
PLANNING - Formulating Marketing
Strategy

- Identify overall market scope (scan)
MARKETING - Determine USP (Unique Selling
STRATEGY Proposition)
- Determine marketing budget

IMPLEMENTING - Marketing Mix (Policies)
MARKETING - Evaluate effecitveness of strategy
STRATEGY and implementation


Formulating the marketing strategy
- STEPS TO BE FOLLOWED
1. Perform an environmental scan
2. Define target market and USP
3. Determine Marketing budget
4. Implement marketing mix to achieve aims of marketing strategy
5. Evaluate the effectiveness pf process & take corrective measures