Marketing Process Essay: This page essay provides Information about the Marketing Process. To begin is important to understand the meaning of Marketing. The American Marketing Association defines marketing as “The Process of planning and executing the conception, pricing, promotion, and distribution of Ideas, good, and services to create exchanges that satisfy Individual and organizational objective”. The Marketing process is the method of evaluating openings, choosing the proposed customer, addressing the consumer needs and wants, describing the price, product, place and rumination and addressing the marketing campaign.
Marketing process takes major responsibility to control overall marketing strategy. In marketing process, you need to decide which customers you will serve in your target audience by segmenting the market and then you have to position your products to that targeted customers. Nevertheless, for ascertaining the most effective and most advantageous marketing process you should slot In marketing study, designing, ways of carrying out and assuring. The marketing process has 4 key steps that lead to a successful advertising campaign.
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These steps are: Analyzing marketing opportunities: The first step on the marketing process Is analyze the market opportunities and availing these opportunities to satisfy the customer’s requirements to have competitive advantage. The Marketing research is an indispensable marketing tool. Researching the market allows the company to gather information about their customers, competitors and any environmental changes to determine the market opportunities.
Once the market opportunities have been analyzed then modern racketing practice calls for dividing the market into major market segments, evaluating each segment, and selecting and targeting those market segments that the company can best serve. Selecting Target Markets: Since companies cannot satisfy all consumers In a given market, they must divide up the total market (market segmentation), choose the best segments (market targeting), and design strategies for profitably serving chosen segments better than the competition (market positioning).
Market segmentation Is the process of delving a racket into distinct groups of buyers with different needs, characteristics, or behavior who might require separate products or marketing mixes. Market targeting is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter. A company should target segments in which it can generate the greatest customer value and sustain it over time. Market positioning is an effort to influence consumer perception of a brand or product relative to the perception of competing brands or products.
Its objective is to occupy a clear, unique, and advantageous position in the consumer’s mind. Developing the Marketing Mix: The marketing mix Is the set of controllable marketing variables that the firm blends to produce the response It wants in the target market. The marketing mix consists of everything that the firm can do to Influence the demand for Its product. These variables are often referred to as the “four AS” (Product (or Service), Place, Price and new offer to market. It can also be used to test your existing marketing strategy.
Whether you are considering a new or existing offer, follow the steps below help you fine and improve your marketing mix. Managing the Marketing Effort: During this step, the company wants to design and put into action the marketing mix that will best achieve its objectives in target markets. This involves four marketing management functions (analysis, planning, implementation, and control). Analysis- the Company must analyze its markets and marketing environment to find attractive opportunities and avoid environmental threats.
It must analyze company strengths and weaknesses as well as current and possible marketing actions to determine which opportunities it can best pursue. Planning- Through strategic planning, the company decides what it wants to do with each business unit. Marketing planning involves deciding on marketing strategies that will help the company attains its overall strategic objectives. A detailed marketing plan is needed for each business, product or brand. Implementation- is the process that turns marketing plans into marketing actions in order to accomplish strategic marketing objectives.
Implementation involves day-to-day, month-to-month activities that effectively put the racketing plan to work. Control- is the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved. From my standpoint the Marketing process is a good tool that helps the companies to better understand the market place, customers’ needs and wants. This allows the companies to create a strategy to bring to market products that satisfy those needs, build a marketing program that deliver superior value, build profitable relationship and creates customer delight.