Marketing Essentials

This presentation provides an overview of marketing essentials, including the concept of marketing, environmental audit, segmentation and communication mix, and the Boston Consulting Group (BCG) matrix. It also discusses the importance of understanding market environment and conducting market research. The presentation is relevant for students studying marketing or business-related courses.

Marketing Essentials

Table of Content
• Introduction
• Marketing
• Environmental audit
• Segmentation and communication mix
• Boston Consulting Group (BCG)
• Conclusion
• References

Introduction
Marketing is refer as creating awareness about product and services
offered by company to enhance it sales by building positive
relationship with employees (Pike, 2015). Marketing include
conducting market research to identify needs of customer, promoting
and selling products by providing value to consumers.

Marketing
Marketing is a study which help and manage marketing activities of
business. Main motive of marketing is to attract more customer to
business products and services. Identifying needs of customers and
fulling it is ultimate objective of company. Knock out restaurant is also
based on this objective. This restaurant offers high quality and fresh
food to customer which is able to serve value to consumer.

Environmental audit
To understand market environment in which Knock-out restaurant is
dealing, it is very important to evaluate and analyses internal as well as
external environment. For conducting environmental audit, SWOT can
be used for analysing internal environment of Knock-out and PESTLE
for external environment of business.

Cont...
Internal analysis: Internal market analysis can be conducted by
SWOT analysis (Simkin and Dibb, 2013). This will help in identifying
strengths, weakness, opportunities and threats to company. SWOT
analyses is effective approach for environment audit.
• Strength
• Weakness
• Opportunities
• Threat

Cont...
External analysis: PESTLE is a tool used to analyses and evaluate
external environment of business (Baines, Fill and Page, 2013).
External market has huge impact on business activities of Knock-out
restaurant. PESTLE concept stands for political, economic, social,
technology, legal, environmental. Effect of this on Knock-out is
mentioned below.

Cont...
Factors of External environmental factor are:
• Political
• Economic
• Social
• Technology
• Legal
• Environmental

Segmentation and
communication mix
Segmentation is a process of dividing market into small parts (Clow
and James, 2014). It includes combining smilier group of customers
into one segment. Knock-out restaurant have to understand and identify
customers’ needs and divide potential customers of market into sub
group according to some set basis.

Cont...
• Geographic segmentation- These segmentation is bases on
geographic boundaries to target customers (Baker and Magnini,
2016). Knock-out can divide customers in market and target them on
bases of their geographical location.

Cont...
• Demographic segmentation – Demographic segmentation refers to
selecting and dividing market on bases demographic variables.
These segments includes variables such as age, gender, family size,
income, occupation, religion, race and nationality.

Cont...
• Psycho-graphic segmentation – These segmentation is based on
customers’ personalities, lifestyle, social class etc. Psycho-graphic
segmentation is a method which is used to divide market of
prospective customers by their personality traits, beliefs, values,
attitudes, interest and other factors (Mueller and et.al, 2015).

Cont...
• Behavioural segmentation – This segmentation is refers to the
process of dividing population on bases their behaviour and way
population responds to particular thing. Behavioural segmentation is
done by splitting total market into smaller homogeneous group
based on customer buying behaviour (De Jong, Marston and Roth,
2015).

Boston Consulting Group (BCG)
This matrix is a tool which is used to identify and organize business
products and services based on simple box methods (Desai, 2013).
According to this techniques, Knock-out restaurant can classify its food
products and services as low or high performance depending upon their
market growth rate and relative market share.

Cont...
• Stars
• Question mark
• Cows
• Dogs

Conclusion
Form the above report it can be concluded that in order to start business
in hospitality industry it is very essential to identify marketing
environment audit. This will help in understand various internal and
external factors which affect marketing and business decisions. Before
targeting any market for new business, it is required to divide market in
various segment.

References
• Pike, S., 2015. Destination marketing: essentials. Routledge.
• Simkin, L. and Dibb, S., 2013. Marketing essentials. Cengage
Learning EMEA.
• Baines, P., Fill, C. and Page, K., 2013. Essentials of marketing.
Oxford University Press.

Thank You