1 Understand the contribution of marketing to the achievement of organisational objectives
1.1 Analyse how a marketing orientation by an organisation supports the achievement of its objectives
1.2 Evaluate the contribution of marketing principles to the achievement of organisational objectives
1.3 Discuss the reasons for integrating the marketing function with other functional activities
2 Understand how to make marketing mix proposals that exploit marketing opportunities
2.1 Discuss how to structure a marketing mix for an organisation’s products/services
2.2 Evaluate the role of market segmentation in providing insights about the structure of target markets for an organisation
2.3 Develop a marketing mix for a selected product/service proposal to meet the needs of a defined segment in a target market
3 Understand how to develop a marketing strategy
3.1 Discuss how to identify the objectives of marketing strategies
3.2 Analyse the resources required to develop a marketing strategy
3.3 Explore how to implement a marketing strategy to ensure that it contributes to the achievement of organisational objectives
3.4 Discuss the purposes of reviewing marketing strategies
1 Understand the contribution of marketing to the achievement of organisational objectives
Marketing orientation: market orientated company organises its activities, products and services around the wants and needs of its customers; customer focus is the responsibility of the whole organisation; effectiveness of marketing orientations; customer and competitor orientation; how marketing strategies and objectives emanate from the organisational mission statement; advantages, disadvantages of marketing orientation
Principles: market analysis e.g. use of macro-market analysis techniques such as SWOT (strengths, weaknesses, opportunities, threats) and PESTLE (political, economic, social, technological, legal, environmental); consideration of microenvironment factors such as stakeholder pressures and the influence of direct and indirect competitors; buyer behaviour analysis; selecting target markets e.g. segmenting consumer markets, segmentation of industrial markets; designing marketing strategies e.g. setting marketing objectives linked to organisational goals; positioning, new product strategies; planning marketing programmes e.g. marketing campaigns, advertising campaigns, designing sales promotions; organising, implementing and controlling the marketing effort e.g. customer relationship management (CRM); use of information technology and CRM effort; organising resources; controlling the budget
Integration of marketing activities: strategies impact on other departments, e.g. finance, production, operations, sales, human resources, administration, research and development; emphasis on communication and collaboration between functions; research and development, driven by the marketing concept, needs of consumers central to any new research and development; operations such as warehousing, logistic, transport and production working together to ensure that advertised products are available; human resources will recruit staff with relevant marketing skills and expertise
2 Understand how to make marketing mix proposals that exploit marketing opportunities
Marketing mix: combination of 4Ps, product, price, place, promotion; role of market research; buyer behaviour; the 7Ps, include the 4 original plus people, physical evidence and process
Product or service: brand name, identity, image, awareness; life cycle; features, benefits, accessories, packaging, warranty or support; new product development
Price: pricing strategies, introduction price; discounting; demand elasticity
Place: distribution to customers; supply chain; warehousing; logistics and transportation; getting the products in the right place at the right time
Promotion: introduction to the market, advertising and marketing, sales promotions; promotional mix; advertising, above and below the line, public relations, sponsorship, branding, direct marketing, online methods
Market segmentation: segments geographic, demographic, behavioural, psychographic; knowledge of target markets needs and expectations; tailor marketing mix to target market
3 Understand how to develop a marketing strategy
Objectives: difference between marketing objectives and marketing strategies; marketing objectives derived from organisational objectives; marketing objectives linked to organisational goals; defines what needs to be achieved through marketing activities; provide direction for employees; different objectives for different size businesses; reflect current corporate and marketing situation; key market factors; SMART objectives; identify opportunities; potential for key market segments; objectives such as increase product awareness, highlighting product benefits, improve or increase advertising, introduce promotional activities; respond to competition in the market place; the use of the marketing mix; marketing objectives supports organisational corporate social responsibility and ethics policies
Resource requirements: finance e.g. investment to introduce new products, promotional activities; people with relevant skills, knowledge and expertise; marketing budget
Strategies: the process to achieve marketing objectives; coordination of different functional departments and activities across the organisation; marketing strategies which align and support organisational goals and objectives e.g. increase market share, improve customer base; organisation objectives defines the marketing goals; issuing of tasks and setting timeframes; awareness of current corporate and marketing situation; knowledge on market changes and market activity; aware of competitor activity and any growth; supporting organisational ethics and corporate social responsibility
Reviewing strategies: monitoring, review and control mechanisms; marketing control systems; measures of marketing performance; tracking of progress; review to see if activities are successful; revise strategies to meet changes in the market and customer needs; implications of not reviewing strategies, missed opportunities, new competitors, improved products introduced into the market place; risks, issues if marketing strategy fails
