Business Report

1999 Words8 Pages
Marketing report “Assess the importance of a situational analysis and marketing strategies to the overall marketing plan and to the success of business” Executive summary The purpose of this report is to outline the importance of marketing and to assess the significance of a situational analysis to the marketing plan, with examples from Qantas, Starbucks and Boost Juice. Marketing is a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers. Importance of Marketing It is important in a business because it is what brings together the products of a business with the customers for those products. Marketing provides an opportunity for the business to satisfy customers, make profits, continue operating and fulfil its goals and objectives. However it is not a standalone function, it interrelates with the three other Key Business Functions (KBF’s) which are operations, Finance and Human Resources (H.R). The marketing process The Marketing Plan plays a crucial role in fulfilling the business objectives and goals. It is a document that lists activities aimed at achieving particular marketing outcomes in relation to goods or services. The marketing plan provides a template for future action aimed at reaching business goals, such as profit maximisation. There are 5 steps involved in developing a marketing plan, these are; Situational analysis, Market research, establishing market objectives, identifying target markets, developing marketing strategies and implementation, monitoring and controlling. However Situational analysis and developing marketing strategies are the sole focus of this report. Situational analysis (SWOT & Product Life Cycle) A situational analysis is a critical review of your current business situation. It serves as a starting point for your marketing plan. SWOT

More about Business Report

Open Document