Get to Know About Marketing Process

I am going to explain you simply about marketing and the marketing process. This article will be helpful for you to understand the 4 steps in marketing process and get a basic idea on marketing.

Marketing is the process which is used to attract more customers and to retain existing customers. It is important for a business organization to create customer loyalty which is recognized as the most valuable thing for a business. Marketing process is consist of 4 main steps as follows;

(1) Analyzing marketing environment

(2) Choose target market

(3) Create market mix

(4) Manage market efforts

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Analyzing Market environment

As the first step, the market should be studied analyzed to recognize threats and opportunities. Those opportunities are beneficial when launching a new product to the market. In this step, customer behaviors, traditional competitors, substitute products, trends and patterns are studied with the help of big data.

Choose Target Market

After analyzing the market, next step is to choose the target market to launch the product. This is the most important step as the success of marketing process is mainly rely on choosing the target market. When choosing the target market there are three steps to be followed. They are segmentation, targeting and positioning. Segmentation is split the market into segments considering common facts of customers. Targeting is analyze and evaluate the segments carefully to one or more segments which should be addressed to gain business value. Positioning is delivering the product into consumers’ minds to create a positive perception on the brand or product.

Create Market Mix

A market mix is created by four factors called 4 Ps to position the product to the targeted customers and gain value in order to achieve success. Creating a market mix by having a better combination of these 4 factors, is highly contributed in increasing the demand of the product. Those four factors are product, price, place and promotion. Product means to the goods and services which is offering to customers. Price refers to the cost of the product and place is the market where the product is launched. Last one is promotion and it is about advertising the product by highlighting its unique features and advantages. These 4 factors are managed by the marketers as they affects for the profit directly in marketing process.

Manage Market Efforts

This step is about managing the whole marketing activities like information gathering analyzing and creating marketing mix etc. There are some major functions which are used to manage marketing efforts. They are;

(1) Analyzing the market,

(2) Planning,

(3) Implementation and

(4) Market control.

In this step data plays a major role in managing marketing activities. In analyzing market, the strengths, weaknesses. Opportunities and threats can be identified. In the second step marketers create a market strategic plans to cover all the objectives and it is called market planning. Implementation refers to activating the plans created, in order to achieve objectives. In market control step, the results are evaluated and analyzed to see whether all the objectives are covered and then take necessary actions.

I think you got a clear idea about the steps of marketing process after reading. I hope to share more interesting facts on marketing in future.

Thank you for reading…

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