Marketing Essentials Report: Environmental Audit and Segmentation

This report provides a comprehensive overview of marketing essentials, focusing on key concepts and practical applications. It begins with an introduction to marketing and then delves into environmental audits, utilizing SWOT and PESTLE analyses to assess internal and external factors affecting a business. The report then explores market segmentation, detailing geographic, demographic, psychographic, and behavioral segmentation strategies. Furthermore, it examines the Boston Consulting Group (BCG) matrix as a tool for classifying products and services based on market growth rate and relative market share. The report concludes with a summary of the key findings and a discussion of how these concepts can be applied to real-world business scenarios, using the Knock-out restaurant as a case study to illustrate the concepts. References are provided to support the information presented.

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).