MARKETING PLANNING & ENVIRONMENT - CH. 2 & 14 (pages 477-85)
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7 terms
Terms | Definitions |
|---|---|
 Marketing planning | Is an ongoing process that combines organisational objectives and situational analyses to formulate and maintain a marketing plan that moves the organisation from where it currently is to where it wants to be. |
| Marketing environment | The marketing environment refers to all the internal and external forces that affect a marketers ability to create, communicate, deliver and exchange offerings of value |
| Situational analysis / SWOT analysis | planning exercise used to analyze strategic possibilities; The manager who employs it reviews internal Strengths and Weaknesses and external Opportunities and Threats |
| Macro-environmental forces | The macro environment are the factors out side of the industry that influences the survival of the business • Political • Economic • Socio cultural • Technology • legal |
| Micro-environmental forces | The micro environment consists of customers, clients, partners and competitors. The business has some control of the micro-environment |
| Marketing environmental analysis | Environmental analysis is used to break the market down into smaller pieces to make it easier for marketers to understand. Eg swot |
| SMART marketing objectives | SMART objectives are simple and quick to learn. The objective is the starting point of the marketing plan. Once environmental analyses (such as SWOT, Five Forces Analysis, and PEST) and marketing audit have been conducted, their results will inform SMART objectives. SMART objectives should seek to answer the question 'Where do we want to go? |
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