Essay questions Flashcards
Discuss the variables of the micro environment
Business Aim Target Market Marketing Objectives Resources, Skills and abilities Marketing Mix
Business Aim
Mission Statement explains why the business exists.
Declaration of the business’ reason for being.
Mission Statement is always about the customer.
Questions to consider for the mission statement:
Who is the customer? What does the customer buy? Where is the customer based? How does the customer buy? How can the customer be researched? What does the customer regard as value for money?
Target Market
Target Market must be selected.
Target Market must be big enough for the company to meet objectives and ensure long term growth and survival.
All markets have characteristics, marketers should be aware of these to develop a strategy that will ensure the highest possible return.
Marketing Objectives
Stated mission will lead to objectives.
Each functional area has it’s own objectives that together with others help to execute the plan.
Objectives must meet the smart requirements.
- SMART requirements
S- Specific M- Measurable A- Achievable R- Result T- Time
- Types of objectives
Business/ Long term
Functional/ Short term
- Business or Long Term
Market standing Productivity Innovation Profitability Public and Social Responsibilities Worker performance and attitude Manager performance and development Physical and Financial Resources
- Functional or Short Term
Profit Customer Orientation Survival and Growth Increase sales and market share Efficiency Motive Marketing instrument objectives
Resources Skills and Abilities
These are internal elements that is used to take advantage of external opportunities or to counter threats. Capital Skills Structure Knowledge
Marketing Mix
The use of the mix is determined by the target market. Product Place Price Promotion
Product
Best product to meet needs of the market
Price
Must reflect value perceived by customers
Place
Customer buying patterns
Promotion
Best communication method to reach specific target market
