CIMA E1 Syllabus E2. Marketing - The Marketing Planning Process - Notes ^{2 / 11}

The marketing process includes 6 steps:

1. Situation analysis - A business will analyse its situation internally and externally. 

   It will use tools such as a PESTEL analysis to analyse the external environment and SWOT analysis to analyse the internal environment,

   PESTEL - Political, Economic, Social, Technological, Environmental, Legal

   SWOT - Strengths, Weaknesses, Opportunities, and Threats

2. Review existing missions and objectives

3. Determining marketing objectives - these should be consistent with the organisation's overall mission and objectives.

   Also, they should follow the SMART pneuominc to ensure that they are solid objectives. 

   SMART - Specific, Measurable, Achievable, Relevant, Timely

4. Devising an appropriate marketing strategy with the following:

   Market research

   Segmentation (based on age, income, stage in the family life cycle, gender etc)

   Targeting the most profitable segments

   Positioning

   Using the marketing mix

5. Implementation of the strategy

6. Review and make improvements where needed