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Hnd Business Level 5

In: Business and Management

Submitted By hashkamz94
Words 1321
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LO1: Be able to compile marketing audits
Task 1: The internal and external marketing environment for Hiscox Ltd (LO 1.2, 1.3, 1.4, 2.1, 2.2)
Introduction: The case study I have chosen for this assignment would be Hiscox Ltd. is a Bermuda-incorporated insurance provider, listed on the London Stock Exchange. An underwriter at Lloyd's of London, the company largely specializes in niche areas of the market, offering property and casualty insurance aimed at companies and high-net-worth individuals. According to Hiscox Ltd they states marketing planning is a plan involves designing activities relating to marketing objectives and attach with the capability of changing marketing environment. It contains with the issues of product lines, distribution channels, marketing communications and pricing.

1.3 Hatton’s marketing planning process is the marketing audit (Hiscox Ltd)

Examination of techniques for organizational auditing and for analyzing external factors that affect marketing planning Hatton marketing planning is the well-defined procedures or process which has been used for mainly the improvement of the company’s product or the service development. The steps of the Hatton marketing planning have been described in the below: At first the Hiscox Ltd has to understand the customers of their locality. They need to analyse the market portfolio, has to analyse the competition, carry out research distribution, define marketing mix , carry out the financial analysis, at last review and revise There are three portfolio tools for the organization to make the marketing planning fruitful. They have been described in the below: BCG matrix: The Boston Consulting group’s item portfolio lattice (BCG) is intended to help with long haul key arranging, to help a business consider development opportunities by auditing its Hiscox’s product portfolio
As a specialist

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