2 - Marketing Management MARKETNG 7104 Session 2 Marketing...

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6/06/2016 1 Session 2: Marketing planning and strategy in a competitive environment Marketing Management – MARKETNG 7104 Learning Objectives Understand the importance of environmental scanning and the effects of competitive, economic, political, legal and regulatory, technological and sociocultural (PEST) factors on marketing strategies Describe the strategic planning process and how it is affected by organisational resources and opportunities Understand the process of creating a marketing plan Describe the marketing implementation process and the major approaches to marketing implementation Explain how to incorporate ethics and social responsibility into marketing strategy
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6/06/2016 2 THE MARKETING ENVIRONMENT Always dynamic and consists of external forces that directly or indirectly affect how companies serves their customers COMPETITIVE ECONOMIC POLITICAL LEGAL & REGULATORY TECHNOLOGICAL SOCIO CULTURAL ENVIRONMENTAL SCANNING The process of collecting information about forces in the marketing environment Conducted through observation of secondary resources such as: Business, trade, government data Internet resources Marketing research
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6/06/2016 3 ENVIRONMENTAL ANALYSIS The process of assessing and interpreting the information gathered through environmental scanning about forces in the marketing environment. It involves Evaluation for accuracy Resolving inconsistencies Assigning significance to the findings The Strategic Planning Process ‘The process of establishing an organisational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy and a marketing plan’ (Pride 2e, p. 52)
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