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Use examples to demonstrate your ability Define you topics e. G. Pestle but most marks will be In ability to apply knowledge Look at the brand republic for people doing the resist paper Mind tools and business balls and strategic models good books to look at Key topics: Why would a business internationalist? International marketing strategies e. G.
Anions growth strategies and think global, act local Culture, what is it and what are typologies and their use to marketers( the application of culture and understanding and how that helps marketers) Environmental analysis for international marketing Market entry strategies Environmental analysis: Development of environmental analysis, The analysis is there to help you understand the current situation of the organization. By understanding the current situation it will help inform and Justify the marketing decisions you go on to develop through a marketing plan.
COSTA Is a planning process: situation analysis: this is your audit in marketing terms objectives: this Is your marketing objectives strategy: this is your international marketing strategy tactics: this is your marketing mix and looking at ways in which you can implement oh marketing mix actions: this is essentially your Implementation plan control: your control is looking at budgeter and resource implication to allow you to implement that plan and then allow you to evaluate that plan which then feeds back Into your situation analysis.
If you want to go into more detail, everything from a marketing plan should reflect the company’s mission statement and corporate objectives but you still look at a marketing audit or a situation analysis. So Its really important you have a key understanding of the current situation of the business, that current situation allows oh to summaries In a SOOT analysis, strengths and weaknesses come from Internal factors, opportunities and threats come from external factors.
By developing a SOOT analysis it will allow you to identify the key issues that your marketing plan going forward needs to address. That’s why you do a environmental analysis, that’s why it’s so key because you cannot develop a marketing strategy without understanding the current situation of the business as it Is currently, so for me (a resister) this is based you would go on to look at marketing objectives which would be SMART, but in this duel we look more at the strategy compared to the specific SMART objectives. ND from that strategy you would then develop your marketing mix Marketing audit should be made of three parts, you should be analyzing the macro environment: which is the (pestle) political, environmental, social, technology, legal and economic. Micro environment- who your key stakeholders are, who your competitors are, your suppliers, intermediaries, consumers internal environment (analysis): employees, cash flow, capital assets, materials and structure.
Most of the internal analysis relates o what does a business currently do in terms of its marketing, what’s its current strategies, what’s its current marketing mix. Those are the key things you need to understand in order to be able to answer the strategic question MACRO environment: What political, environmental, social, technological, legal and economic factors exist either globally or in the market you are looking at that will impact on the organization, primarily what opportunities will it provide and what threats will it provide.
Identify the pestle factors as high medium or low or rank them 1-5 Political: Environmental: e. G. Heather has an impact, seasonality of tourism has an impact, CEO friendliness Social: Technological: Legal: e. G. Employee, customer and labor policies, intellectual property rights, protecting electronically stored data, changes in regulations, employment law, consumer law and health and safety law.
Economic: Make sure you are able to summaries you PESTLE once you have done it as it is key when it come back to linking you question to your analysis. State which factors will have the most impact on your company and which of those factors are going to influence the company going forward. Pestle is really important because it informs he opportunities and threats of an organization and it influences the decision a company might make about its future marketing strategy based on those opportunities and threats.
Micro environmental factors that will influence opportunities and threats( so what market opportunities there are and threats there are to your company: Porters 5 forces Competition and competitive performance: analyzing the competition Market attractiveness: which market offer the best opportunities These are the key things you need to know and to be able to demonstrate but also talk about these factors as being key areas that have an influence on marketing
It helps you analyses the level of competition or the intensity of competition within a market place Threat of new entry: Supplier power: Buyer power: Competitor rivalry: Threat of substitutes: Again summaries your analysis once you have done it. Look at Market attractiveness and competitiveness: so what markets your company can go into and what competition will it come up against there.
Internal Environment Current market strategy Current product portfolio Current marketing mix Value chain analysis Current market: look at what the company’s current Segmenting targeting consisting is, what its current competitive strategy is, Insofar growth matrix, the level of internationalization. Current marketing mix: look at the current marketing mix (either the APS/ APS whatever is most relevant to the company) Current product portfolio and performance: BCC matrix, Brand Audit Value chain analysis: how value is created, how it gains competitive advantage, value is generated with a combination of benefits plus price.
But where does value originate from within an organization e. G. Firms infrastructure, H. R. Management, technology development, procurement. Internal factors are all linked to Strengths and Weaknesses, so what a business does to capabilities on its strengths and how it can overcome its weaknesses. Below On the right is value chain, bottom left is marketing mix and top left is BCC matrix.