Elements and Performance Criteria
- Analyse market information
- Markets for existing or new products or services are identified, researched and analysed for possible entry or development.
- Past trends and developments are analysed to determine market variability and associated risks.
- Market environment is continually monitored in a consistent manner to ensure information is current and reliable.
- The legal, ethical and environmental constraints of the market(s) and their effect on the enterprise are identified.
- Product mix that suits market requirements/price advantage at the time is adopted.
- Develop a marketing plan
- Alternative marketing strategies and techniques are assessed and interpreted to identify marketing targets and methods.
- Marketing strategies are based on reliable data, market environment and substantiated trends.
- Marketing options incorporate suitable advice from marketing professionals.
- A measurable cost-effective marketing plan is developed incorporating a reasoned analysis of market research and business plan objectives.
- Implement marketing activities
- Planned marketing activities are scheduled within appropriate timeframes.
- Measurable performance targets are developed and meet business plan objectives.
- Distribution channels are organised, and product and service information is accurate and readily available to clients.
- Marketing activities are implemented within budgetary constraints to meet legal, ethical and enterprise requirements.
- Evaluate marketing performance
- Product, pricing and distribution policies are monitored in relation to market changes, marketing objectives and enterprise requirements.
- Areas of positive performance are identified and corrective action is taken to remedy poor performance areas.
- An objective assessment of the marketing plan and implementation is made by a comparison of valid and reliable data against performance targets.
- Relevant information is documented for continual analysis and effective planning management.