Chapter 7 business summary

Marketing definition: The on-going business activities to reach the target market (LSM) and
methods the business utilises to connect and engage with its target market

To engage with target market aiming to sell + convince of quality of product to sell and make
a profit




Role of marketing as part of the overall
business strategy Perception of
the business
Chapter 7: Marketing Function




Strategic role of marketing: creating and supporting a strong and positive brand
identity in the market through a well-planned + well-implemented marketing strategy

Strategic planning:
Strategic planning: -vision -mission -form marketing
Marketing strategy: Brand Image = -identifying market scope(ES) -determine USP
-determine marketing budget

Implement marketing strategy: -Marketing of product/service -evaluate effectiveness



Importance of marketing
#1: Build brand image / reputation =reminds customers of purchase
#2:Customer reminded product/service = consumer retention
#3:”market buzz” consumer talk, creates awareness of product/service=more sales


Forming the Marketing Strategy:

Market
Marketing overall brand
product/service, (not BOTH business and
of business (little time on
spending time on individual
individual
overall brand)such as service/product such
product/service) such as
Debonairs as Revlon
LG



5 steps of marketing strategy: 1.Environmental Scan 2.Target Market+USP 3.Marketing budget
4.Marketing Mix 5.Evaluate effectiveness




External Analysis (Industry, Competitor,
STEP 1: Environmental Scan= Customer, OT)
Internal Analysis (SWOT, Value chain, Resource
based, USP)