Unit 3 Introduction to Marketing P4
Marketing planning is the plan that helps meeting goals and objectives within the plan of action, trying new things also evaluating the performance against marketing targets
The marketing planning process includes… A pestle audit A swot analysis Setting smart objectives Determining strategy and tactics Evaluating the effectiveness of marketing activity
Marketing planning process model -PESTLE and SWOT
Pestle stands for political, economic, social technological, legal and environmental influences. Businesses use this as part of their marketing plan procedure.
Political: what is happening politically with regards to tax policies employment laws, trade restrictions, tariffs Economic: what is happening within the economy i.e. economic growth/ decline, minimum wage, unemployment, credit availability, cost of living, etc. Sociological: what is occurring socially i.e. cultural norms and expectations, health consciousness, population growth rate, career attitudes. Technological: new technologies are continually being developed. There are also changes to barriers to entry in given markets Legal: changes to legislation. This may impact employment, access to materials, resources, imports/ exports, taxation etc. Environmental: what is happening with respect to ecological and environmental aspects. A PESTLE analysis is used in business to assess the industry which an organisation is in. The PESTLE analysis looks specifically at factors which are external to the organisation which will impact on the business. This is with a view to determining the current role and status of the organisation in relation to its competitors and can be used as a marketing tool.
SWOT Analysis.
A tool that identifies the strengths, weaknesses, opportunities and threats of a business. SWOT is a straightforward model that assesses what a business can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to
The marketing planning process includes… A pestle audit A swot analysis Setting smart objectives Determining strategy and tactics Evaluating the effectiveness of marketing activity
Marketing planning process model -PESTLE and SWOT
Pestle stands for political, economic, social technological, legal and environmental influences. Businesses use this as part of their marketing plan procedure.
Political: what is happening politically with regards to tax policies employment laws, trade restrictions, tariffs Economic: what is happening within the economy i.e. economic growth/ decline, minimum wage, unemployment, credit availability, cost of living, etc. Sociological: what is occurring socially i.e. cultural norms and expectations, health consciousness, population growth rate, career attitudes. Technological: new technologies are continually being developed. There are also changes to barriers to entry in given markets Legal: changes to legislation. This may impact employment, access to materials, resources, imports/ exports, taxation etc. Environmental: what is happening with respect to ecological and environmental aspects. A PESTLE analysis is used in business to assess the industry which an organisation is in. The PESTLE analysis looks specifically at factors which are external to the organisation which will impact on the business. This is with a view to determining the current role and status of the organisation in relation to its competitors and can be used as a marketing tool.
SWOT Analysis.
A tool that identifies the strengths, weaknesses, opportunities and threats of a business. SWOT is a straightforward model that assesses what a business can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to