M1 Define Marketing and explain the elements of the marketing process

The marketing process is the process in which goods and services move from the concept to the customer, some of the elements of the steps are continuous such as monitoring the marketing environment, whereas some are done annually such as the annual development of a marketing communications plan. Furthermore if all of this is done correctly it should last for decades such as segmentation, targeting and positioning.

There are various elements of the marketing process such as scanning the marketing environment, marketing strategy (targeting), marketing strategy (segmentation), marketing strategy (positioning).  

Scanning the marketing environment, this can be done using the swot analysis which requires strengths, weaknesses, opportunities and threats. The strengths consist of; skilled employees, location of your business, good training &development. The weaknesses consist of; lack of marketing expertise, undifferentiated products or services (i.e. in relation to your competitors). Opportunities; developing market such as the internet, new international market, a market vacated by the ineffective competitor. Finally threats; a new competitor in the same market, price wars with the competitors, competitor has a new innovative product or service and taxation is introduced on your product or service.

Marketing strategy (targeting) consists of economic factors, demographic elements, technological trends, political/legal events, social/cultural environment and competition. The economic factors include the economic growth, interest rates, inflation rates, and unemployment policy and consumer confidence. The demographic elements include;3 main demographic process which are birth, migration and ageing including death. Technological trends which include; Phones/TV, computers, Changes in IT and government research spending. Political factors which involve; tax policy, employment laws/new laws,...