3.

MARKETING PROCESS
1. Situational Analysis
a) SWOT b) Product Life Cycle
2. Market Research
3. Establishing Market Objectives
4. Identifying Target Markets
5. Developing Marketing Strategies
6. a) Implementation of the marketing plan Monitoring and Controlling
6. b) Developing a Financial Forecast
6. c) Comparing Actual and Planned Results
7. Revising the marketing strategy
 3. MARKETING PROCESS
1. Situational Analysis
a) SWOT

Strengths
Internal
e.g. Having a unique product

Weaknesses (some control over)

e.g. Using old technology

Opportunities
e.g. Competitor is struggling
External
Threats
(little control over)

FROM GOV: e.g. Mining tax

FROM OTHER BUS’s: Cheaper substitutes
 3. MARKETING PROCESS
1. Situational Analysis
a) SWOT

WHY DO
So the business can…

IT?
Build on
STRENGTHS
Target
WEAKNESSES
Take advantage of
OPPORTUNITIES
Prepare for
THREATS
 3. MARKETING PROCESS
1. Situational Analysis
b) Product Life Cycle

Sales ($)

Time
R&D Launch Growth Maturity Saturation Decline/
Extend
 3. MARKETING PROCESS
1. Situational Analysis
b) Product Life Cycle
Sales ($)

Time
R&D Launch Growth Maturity Saturation Decline/
Extend

WHY DOES THIS MATTER?

Different STAGES need
different STRATEGIES
 3. MARKETING PROCESS
1. Situational Analysis
b) Product Life Cycle
Sales ($)

Time

R&D
Marketing is involved in the DESIGN and the PRODUCT REQUIREMENTS
 3. MARKETING PROCESS
1. Situational Analysis
b) Product Life Cycle
Sales ($)

Time

Launch
HEAVY PROMOTION is needed (build awareness)
 3. MARKETING PROCESS
1. Situational Analysis
b) Product Life Cycle
Sales ($)

Time

Growth
Sales are up – marketing is needed to get NEW GROUPS of customers.
 3. MARKETING PROCESS
1. Situational Analysis
b) Product Life Cycle
Sales ($)

Time

Maturity
High profits – LESS PROMOTION is needed
 3. MARKETING PROCESS
1. Situational Analysis
b) Product Life Cycle
Sales ($)

Time

Saturation
Sales start to fall.

A choice has to be made as to where the

product will go from here…
 3. MARKETING PROCESS
1. Situational Analysis
b) Product Life Cycle
Sales ($)

Time

Decline/
Extend
CHOICE: a) DECLINE (take it off the market)
b) EXTEND (try to prolong the life)
NOT an
Make minor changes Find other markets EASY decision
(the business might be better
off working on a new product
instead).