LO.1: Explain the role of marketing and how it interrelates with other functional units of an organisation.
1.1: Definitions and the marketing concept:
1.2: The role of marketing:
1.3: The interrelationships of functional units (Video):
Compare ways in which organisations use elements of the marketing mix (7PS)to achieveve overal business objectives.
- Product: Differences between products and services, importance of brands, product development and product lifestyle.
- Price: Pricing context, pricing strategies and tactics.
- Place: Channel management, supply chain management and logistics.
- Promotion: Integrated communication mix and promotional tools.
- People: The different roles of ‘people’ in marketing, including customer interfacing and support personnel. The different skills, attitudes and behaviour of people delivering the product or service to customers.
- Physical evidence: The tangible aspects of service delivery − visual, aural and olfactory elements.
- Process: Systems and processes involved in delivering a consistent service. Different types of processes used to expedite the marketing function.
Achieving overall business objectives:
- The shift from the 4Ps to the 7Ps and the significance of the extended marketing mix.
- An overview of the marketing planning process (Analysis, Planning, Implementation and Control) and marketing strategy.
Develop and evaluate a baisic marketing plan.
Marketing planning:
- The importance and value of marketing plans.
- The links between marketing plans, marketing objectives and marketing strategies.
- Evaluating and monitoring marketing plans using appropriate control and evaluation techniques such as sales analysis, market-share analysis, efficiency ratios and cost-profitability analysis.
Structure and development of marketing plans:
- Market segmentation and target market selection.
- Setting goals and objectives, situational analysis tools and techniques, creating a marketing strategy and allocation of resources and monitoring and control measures.