Marketing – Chapter 7
Marketing: the on-going activities of business to reach target market (LSM) + methods business utilizes to connect + engage with target
market. Purpose of engagement (target market) convince market of value of products and/or services (of business), aim selling products or
services + making profit
1. Role of marketing as part of the overall business strategy
1.1 Strategic role of marketing
- Understand strategic role of marketing, important recognize strategic planning drives overall performance of business.
Strategic planning involves:
o Formulating vision for business
o Translating vision (expectations of what business may become) into mission statement describe what needs be done TODAY, achieve vision for
FUTURE. Setting of objectives, strategies + implementation are set out below:
- Strategic role marketing summarized: creating + supporting strong and positive brand identity in market through a well-planned + well-
implemented marketing strategy
, Marketing is of strategic important as a function of business
- Marketing reminds consumers about business’ products / services so when need buy particular product or service, jumps to mind. Marketing used gain
+ retain customers
- Create “marketing buzz” around product/service. Means business wants consumers talk about product/service. Stronger awareness of product/service
in mind of consumer, more likely that brand name used for future reference + hopefully will translate into more sales.
- Engaging with customers via marketing gives business opportunity listen to customer’s feedback (both good + bad) and helps business build stronger
brand (product/service)
Appreciate importance of marketing + fulfilling customers’ needs, let us translate concepts into everyday statistics sill clarify importance as
business strategies
1.2 Formulating the Marketing strategy:
When planning marketing strategy, three basic, but different approaches emerge:
1. Some businesses focus all energy on marketing overall brand of business, spending little time + effort on marketing individual products/services.
2. Other business chooses focus marketing efforts on marketing the product/service offering, not spending too much time on overall brand of business
3. Third approach entail emphasis on both business + individual product/service offerings
In order to formulate a Marketing Strategy, a five-step process has to be followed:
Step 1: Perform environmental scan - External Analysis (Industry, Competitor, Consumer); Internal Analysis (SWOT, Value chain, Resource
based, USP)
Step 2: Define target market – Unique Selling Proposition (USP)
Based on factors such as:
o Costs
o Brand identity
o Utilization / incorporation of technology in use of product/service
o Quality
Step 3: Determine marketing budget
Marketing: the on-going activities of business to reach target market (LSM) + methods business utilizes to connect + engage with target
market. Purpose of engagement (target market) convince market of value of products and/or services (of business), aim selling products or
services + making profit
1. Role of marketing as part of the overall business strategy
1.1 Strategic role of marketing
- Understand strategic role of marketing, important recognize strategic planning drives overall performance of business.
Strategic planning involves:
o Formulating vision for business
o Translating vision (expectations of what business may become) into mission statement describe what needs be done TODAY, achieve vision for
FUTURE. Setting of objectives, strategies + implementation are set out below:
- Strategic role marketing summarized: creating + supporting strong and positive brand identity in market through a well-planned + well-
implemented marketing strategy
, Marketing is of strategic important as a function of business
- Marketing reminds consumers about business’ products / services so when need buy particular product or service, jumps to mind. Marketing used gain
+ retain customers
- Create “marketing buzz” around product/service. Means business wants consumers talk about product/service. Stronger awareness of product/service
in mind of consumer, more likely that brand name used for future reference + hopefully will translate into more sales.
- Engaging with customers via marketing gives business opportunity listen to customer’s feedback (both good + bad) and helps business build stronger
brand (product/service)
Appreciate importance of marketing + fulfilling customers’ needs, let us translate concepts into everyday statistics sill clarify importance as
business strategies
1.2 Formulating the Marketing strategy:
When planning marketing strategy, three basic, but different approaches emerge:
1. Some businesses focus all energy on marketing overall brand of business, spending little time + effort on marketing individual products/services.
2. Other business chooses focus marketing efforts on marketing the product/service offering, not spending too much time on overall brand of business
3. Third approach entail emphasis on both business + individual product/service offerings
In order to formulate a Marketing Strategy, a five-step process has to be followed:
Step 1: Perform environmental scan - External Analysis (Industry, Competitor, Consumer); Internal Analysis (SWOT, Value chain, Resource
based, USP)
Step 2: Define target market – Unique Selling Proposition (USP)
Based on factors such as:
o Costs
o Brand identity
o Utilization / incorporation of technology in use of product/service
o Quality
Step 3: Determine marketing budget
