The Marketing Process
Under the Marketing Concept, the firm must find a way to discover unfulfilled customer needs and bring to market products that satisfy those needs. The strategic plan defines the company's overall mission and objectives. Within each business unit, marketing plays a role in helping to accomplish the overall strategic objectives. Marketing's role and activities in the organization are shown in Diagram, which summarizes the entire marketing process and the forces influencing company marketing strategy.
Target consumers stand in the center. The goal is to build strong and profitable connections with these consumers. The company first identifies the total market, then divides it into smaller segments, selects the most promising segments, and focuses on serving and satisfying these segments. It designs a marketing mix made up of factors under its control—product, price, place, and promotion. To find the best marketing mix and put it into action, the company engages in marketing analysis, planning, implementation, and control. Through these activities, the company watches and adapts to the marketing environment. We will now look briefly at each element in the marketing process.
To be successful, the company must do a better job than its competitors of satisfying target consumers. Thus, marketing strategies must be geared to the needs of consumers and also to the strategies of competitors.
The process of doing so can be modeled in a sequence of steps:
The situation is analyzed to identify opportunities i.e (Marketing Analysis or Situation Analysis ...)
then the strategy is formulated for a value proposition i.e (Marketing Strategy ...)
then tactical decisions are made i.e (Marketing Mix ...)
then the plan is implemented i.e (Marketing Implementation ...)
and then the results are monitored i.e (Marketing Control ...)
Through these activities, the company watches and adapts to the (Marketing Environment...)
Just click on the links above to find out each element of Marketing Process in detail ...
Under the Marketing Concept, the firm must find a way to discover unfulfilled customer needs and bring to market products that satisfy those needs. The strategic plan defines the company's overall mission and objectives. Within each business unit, marketing plays a role in helping to accomplish the overall strategic objectives. Marketing's role and activities in the organization are shown in Diagram, which summarizes the entire marketing process and the forces influencing company marketing strategy.Target consumers stand in the center. The goal is to build strong and profitable connections with these consumers. The company first identifies the total market, then divides it into smaller segments, selects the most promising segments, and focuses on serving and satisfying these segments. It designs a marketing mix made up of factors under its control—product, price, place, and promotion. To find the best marketing mix and put it into action, the company engages in marketing analysis, planning, implementation, and control. Through these activities, the company watches and adapts to the marketing environment. We will now look briefly at each element in the marketing process.
To be successful, the company must do a better job than its competitors of satisfying target consumers. Thus, marketing strategies must be geared to the needs of consumers and also to the strategies of competitors.
The process of doing so can be modeled in a sequence of steps:
then the strategy is formulated for a value proposition i.e (Marketing Strategy ...)
then tactical decisions are made i.e (Marketing Mix ...)
then the plan is implemented i.e (Marketing Implementation ...)
and then the results are monitored i.e (Marketing Control ...)
Through these activities, the company watches and adapts to the (Marketing Environment...)
Just click on the links above to find out each element of Marketing Process in detail ...
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