MARKETING CONCEPT
 • The marketing concept ensures that the business always focuses on 
  the needs of consumers first, before it develops a good or service.
                               MARKETING
   • Marketing is the business processes that are used to understand, 
      anticipate and satisfy consumer needs and wants both now and 
      in the future.
   • Marketing requires the business to:
      1.   Conduct market research
      2.   Develop a marketing strategy and marketing plan 
      3.   Formulate the marketing mix.
     MARKETING STRATEGY AND MARKETING PLAN
            Marketing Strategy             Marketing Plan 
         • The strategy examines       • The marketing plan is 
           the overall business         used to implement the 
           objectives and               firm’s marketing 
           develops marketing           strategy.
           activities to help the 
           business to achieve 
           these goals.
                            Marketing Plan
   Conduct a SWOT   →Identify its internal strengths 
   Analysis            and weaknesses and examine 
                       its external threats and 
                       opportunities. 
   Market           →Decide on a market at which it 
   Segmentation        will target its product.
   Research the     →Find out the needs and wants of 
   Target Market       consumers in this market.
   Develop a        →This will ensure that it uses the 
   Marketing Mix       most appropriate product, 
                       price, place and promotion to 
                       persuade consumers to buy the 
                       product.
        Role of the Marketing Plan in a Business
                         • The marketing plan helps the business to 
       Business Goals      focus on achieving its goals. This can mean 
                           that the business achieves these goals 
                           more effectively and efficiently.
                         • The marketing plan shows potential 
           Finance         investors that the business has conducted 
                           an in-depth analysis of the market. 
                         • The business can use the marketing plan to 
       Benchmarking        benchmark planned performance against 
                           actual results.