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Marketing Tools in Market Planning

   

Added on  2020-12-09

9 Pages2761 Words76 Views
Marketing Tools

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Evaluate the use of PESTLE and SWOT analysis in market planning.................................11.2 Discuss the importance of the promotional mix in production of promotional material.....22.1 Analyse the stages of new product development..................................................................22.2 Conduct a product portfolio analysis incorporating the product life cycle..........................3TASK 2............................................................................................................................................33.1 Evaluate three types of marketing/distribution channels for consumer used by company...33.2 Analyse the role of two intermediaries use by organisation.................................................43.3 Discuss reasons for the growth of direct marketing..............................................................4TASK 3............................................................................................................................................54.1 Evaluate three methods of promotion and the media used...................................................54.2 Discuss the key characteristics of price competition...........................................................54.3 Evaluate the effectiveness of three pricing strategies..........................................................6CONCLUSION................................................................................................................................6REFRENCES...................................................................................................................................1

INTRODUCTIONMarketing tools are instrument that are used by companies in order to promote anddevelop their goods and services (Armstrong and et. al., 2015). It can be in form of directmarketing, social media, advertisement and others. It is used for communicating information,motive action and stimulate consumer interest of business. The given assignment is based onMarks and Spencer which was founded in 1884 at London that deals in retail sector. Theindividual is appointed as team leader in marketing department in order to understand impact ofmarketing in business. It highlights use of PESTLE, SWOT analysis for market planning. It alsoincludes promotion mix, product development life cycle, distribution channels and use ofdifferent media. TASK 11.1 Evaluate the use of PESTLE and SWOT analysis in market planningMarketing planning is procedure for organising and defining aim of marketing ofcompany and gathering tactics and strategies for achieving them. It consists the value propositionof organisation and information regarding target market (Guerassimoff and Thomas, 2015).While doing market planning, it is important for team leader to analyse PESTLE and SWOT forbusiness so that better decision can be made. The use of PESTLE and SWOT analysis in marketplanning in context of Marks and Spencer are as follows:Use of PESTLE analysis in Market PlanningPESTLE analysis is an instrument used for determining external marketing factors whichhas effect on organisation. This is applied while making marketing planning for business wherecompany is targeting particular audience, product is manufactured, potential partnership andopportunity of investment is enabled. It helps in knowing external events taking place outsideorganisation. PESTLE analysis requires good understanding of methodologies which need tomaintain sustainable view of enterprise. It includes various factors such as political, economic,social, technological, legal and environmental (Where and How to Apply PESTLE Analysis in aMarketing Plan, 2019)Use of SWOT analysis in Marketing Planning SWOT analysis is model used for analysing strengths, weaknesses, opportunities, threatsfor creating foundation of marketing strategy. It helps in knowing what business can and cannot

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