Marketing Essentials Assignment.docx - Marketing Essentials...

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Marketing EssentialsP1 Explain the key roles and responsibilities of the marketing functionExplain: to go into detailMarketing: a mutually satisfying exchange at a profit in the long term. (Philosophy of longterm success.)Functions: Activities carried out by an enterprise. The different departments of a companyare called functions.The roles and responsibilities within the marketing functions include: Making sure that thecompany has the right information in order to establish the Mission, Vision and Aims &Objectives of the company and to start the strategic planning process.The Strategic Management Process consists of:1.Establishment of the Mission, Vision and Aims & Objectives2.Internal analysis3.External analysis4.SWOT Analysis and Strategy formulation5.Strategy implementation6.Strategy control1.The establishment of the Mission, Vision and Aims & ObjectivesMission: A mission statement is a direction and purpose of an organisation. It builds thefoundation for any strategic plan and expresses its “reason for being”. A mission statementis the foundation for the entire strategic planning process.Vision: describes the desired future position of the company.Aims & Objectives: These normally flow from the mission statement and are used todevelop suitable organisational objectives.Example:Rolex: A swiss watch manufacturer. Founded in 1905 in Geneva Switzerland. Now sellingaround 500’000 luxury watches a year.(Number Reference: Rolex has it’s movements certified by the official swiss chronometercontrol center & rolex releases their numbers to the public.)/ Wolrd Of Rolex ArticleMISSION To manufacture, distribute and service high-quality wristwatches.
VISION To continue the long tradition of excellence that the Rolex name represents.OBJECTIVES.Educatethe younger market on the value of wristwatches.2. Internal analysisAn internal analysis is done to understand an organisation’s competency. Conducting aninternal analysis provides useful information about your organization’s strengths, weakness,opportunities and threats – a so called SWOT analysis.Meaning, to do your research according to the company balance sheet, to find out wherethe company stands.Balance Sheet: a statement of the assets, liabilities, and capital of an organization at aparticular point in time.For example: does the finance department have the money to do what do you need to do, inorder to achieve the overall aims and objectives.Example:3. External AnalysisAn external analysis is done to understand the outside of an organisation. Analysing theeconomy, the competition and new opportunities, that might affect the business.Working with the framework of PESTEL. (political economical social technologicalenvironmental legal)Including primary and secondary research in order to achieve a precise outcome.

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Term
Fall
Professor
N/A
Tags
Marketing, Blue Ribbon Sports

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