Analyse the elements of the marketing plan/marketing planning process in achieving business success
A marketing plan is a vital part of achieving business success; it has many elements that assist in achieving this goal. These elements are, a situation analysis, market research, establishing target markets, identifying target markets, developing marketing strategies and implementing, monitoring and controlling. A quintessential businesses that has a quality marketing plan, which has assisted in the success of the business is Qantas.
A situation analysis is the first step of a marketing plan, it involves a SWOT analysis and a product life cycle analysis. Qantas' SWOT analysis made the strengths, weaknesses, opportunities and threats visible. This allowed Qantas to promote their strengths, work on their weaknesses, take advantage of their opportunities and be proactive, to avoid letting threats influence the business. For example, Qantas took advantage of an opportunity by opening Jetstar, which ultimately resulted in increased profits, increased market share and more customer loyalty.
As the prices of fuel were rising, Qantas noticed this and were proactive; they managed to avoid any problems or issues that may have occurred with a sudden price change. As a SWOT analysis does have many upsides, it also has negative implications on a business. It requires an immense cost and a significant amount of labour work to acquire all the necessary information. For a business like Qantas, this negative implication was not as substantial as it would be for a smaller, less profitable business, as Qantas has the funding necessary to conduct a situation analysis, but other, smaller businesses do not. This shows, that using a situation analysis to its full potential is extremely influential in achieving business success.
The next step of the marketing planning process is market research. This step involves collecting, recording and analysing information that...