Preview

Marketing Process

Powerful Essays
Open Document
Open Document
1948 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Marketing Process
Principles Of Marketing _ MGT 301 Lesson – 8 Lesson overview and learning objectives: In last Lesson we tried to understand the concept of Portfolio in detail and had a brief concept regarding the marketing process. The marketing process consists of four steps: analyzing market opportunities; developing marketing strategies; planning marketing programs, which entails choosing the marketing mix (the four Ps of product, price, place, and promotion); and organizing, implementing, and controlling the marketing effort. Today we will be covering Marketing process in more detail: A. MARKETING PROCESS The Marketing Process Once the strategic plan has defined the company’s overall mission and objectives, marketing plays a role in carrying out these objectives. The marketing process is the process of analyzing market opportunities, selecting target markets, developing the marketing mix, and managing the marketing effort. Target customers stand at the center of the marketing process. There are following steps in Marketing Process: 1. Analyzing marketing opportunities 2. Selecting target markets 3. Developing the marketing Mix 4. Managing the marketing effort a. Analyzing marketing opportunities First step of the marketing process is analyzing market opportunities and availing these opportunities to satisfy the customer’s requirements to have competitive advantage. The marketing function of analyzing market opportunities is important in the marketing planning process. Any marketing manager must analyses the long-run opportunities in the market to improve the business unit's performance. To evaluate its opportunities firms needs to operate a reliable marketing information system. Marketing research is an indispensable marketing tool for this purpose. 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
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Powerful Essays

    Marketing Management
    • 2448 Words
    • 10 Pages

    Marketing Management

    Masters Home Improvement is one of Australian home improvement and hardware store which only have two years’ experience. The beginning of Masters Home Improvement was established under the program of joint venture between Australian retailer, Woolworths Limited and American home improvement and appliance stores, Lowe’s. The very first store opened on 1 September 2011 in Braybrook, Melbourne. Now there are 33 stores in Australia. In 2012, the transactional website was launched that made Masters Home Improvement win the title of Australia's first online hardware and home improvement retailer. Masters Home Improvement strives to provide marvellous shopping experience that consumer have never experienced before via marketing strategies. This essay will outline the marketing environment analysis of Masters Home Improvement in terms of macro and micro factors. Then, it will discuss the marketing approach. In the end, some recommends will be given to Masters Home Improvement.…

    • 2448 Words
    • 10 Pages
    Powerful Essays
    Read More
  • Good Essays

    Marketing Management
    • 662 Words
    • 3 Pages

    Marketing Management

    Kotler, P., & Keller, K. L. (2012). Marketing management (14th ed.). Upper Saddle River, N.J:…

    • 662 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    BTEC L3 Unit 3 Assignment
    • 1831 Words
    • 11 Pages

    BTEC L3 Unit 3 Assignment

    This assignment gives you the opportunity to demonstrate your understanding of the basic purpose of marketing in different contexts, and to show how marketing principles and concepts can be applied in the business environment. Moreover, how marketing research can help a business to understand its markets, customers and plan effective marketing strategies. Furthermore, you will need to select two carefully structured analytical techniques that can be applied to support marketing decisions. Finally, you will demonstrate that you understand how marketing techniques are applied in practice to generate demand and assess and evaluate the effectiveness of marketing techniques, followed by making recommendations for improvements.…

    • 1831 Words
    • 11 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    marketing management
    • 630 Words
    • 3 Pages

    marketing management

    (Key Question) Assume that the five residents of Econoville receive incomes of $50, $75, $125, $250, and $500. Present the resulting personal distribution of income as a graph similar to Figure 4.2. Compare the incomes of the lowest and highest fifth of the income receivers.…

    • 630 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    Marketing Strategy
    • 2075 Words
    • 6 Pages

    Marketing Strategy

    It seems ambiguous whether the Kindle Fire can be categorized as a tablet or e-reader. Nowadays, these two terms are looking and performing quite similarly thus making it difficult to tell them apart. There are some important differences between the two that will prove useful in making this distinction. The first is screen size as the Kindle Fire has a 7-ich screen, which is consistent with most other e-readers. In contrast, tablets come in a range of sizes but some of the more popular ones such as the i-Pad can have 10-iche screens. Another key differentiator is the software in each product; the i-Pad runs on the iOS, which has extensive online stores that have thousands of apps. They allow for a lot of options when you can have the option to download a second web browser outside of the one pre-installed. The Kindle Fire runs a special proprietary version of Android owned by Amazon with fewer features and available apps.…

    • 2075 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Strategic Marketing
    • 1109 Words
    • 5 Pages

    Strategic Marketing

    A successful strategic marketing process must be thoroughly developed prior to implementation. A strategic marketing plan according to Vega & Rojas (2010) is “to assign and to coordinate effectively the marketing activities and resources in order to achieve the company’s goals or strategic mission" (p. 3). The strategic plan must include target goals consistent with the company's mission statement, a plan for implementation, and a process for controlling and correcting deviations. Target goals are met by identifying marketing segmentation, which is targeting a specific market for a particular service or line of products (Weinstein, 2004). Quality and customer satisfaction are built into the program. "Quality – the best guarantee of consumer loyalty, the strongest measure for defense and competitiveness, the only way that helps to hold the continuous economic growth and high income" (Sliziene & Vaitkenen, 2003). Decentralizing management control will engage the employees, empowering them to take accountability and control over individual, team, and organizational goals (Daft, 2009). Decentralization leads to a customer-driven organizational culture that provides high quality goods and services.…

    • 1109 Words
    • 5 Pages
    Powerful Essays
    Read More
  • Good Essays

    Marketing Strategy
    • 3180 Words
    • 13 Pages

    Marketing Strategy

    When Quiksilver announced the start of its women line Roxy in 1990, they defined the brand as a “fun, bold, athletic, daring and classy” brand for young women. Market segmentation is a crucial marketing strategy and Roxy utilizes the four bases that are commonly used for segmenting consumer markets including geographic, demographic, psychographic, and benefits sought segmentation. The geographic segmentation is ideally unlimited for the Roxy target market because the brand offers clothes for both warm and cold weather, however, it focuses mainly on the “beach lifestyle” and is generally more popular in beach towns. The demographic segmentation of the Roxy brand, is aimed to attract young women between the ages of 13-23. However, Roxy has added additional lines including the Roxy Girl line which is aimed to women between the ages of 7-16 and the Teenie Wahine line, for girls under the age of 7. This large age range has caused Roxy to become a brand appealing to girls everywhere, including those who don’t surf or snowboard, and has a mass-market appeal that doesn’t lose its core audience of women that lead active lives. This leads into the psychographic segmentation, Roxy is a brand that appeals to girls who are fearless, active and fashion conscious. Lastly, the benefit segmentation of Roxy groups the customers into market segments according to the benefits they seek from the product; these segments can be broken down into three groups: those who surf and live in warm weather, those who ski or snowboard and live in cold weather, and lastly those who look to Roxy for everyday fashion. From this, it can be seen that Roxy utilizes a concentrated targeting strategy, a strategy used to select one segment of a market for targeting marketing efforts. Within the larger surfing and activewear market is Roxy’s target market, the customers of specialty stores that are willing to pay more for quality products and is distinguished as a family…

    • 3180 Words
    • 13 Pages
    Good Essays
    Read More
  • Best Essays

    Marketing Planning
    • 2960 Words
    • 12 Pages

    Marketing Planning

    The purpose of this article is to analyze and explore the characteristics of the marketing plan. Firstly, it will identify the role and nature of marketing plan. Secondly, it will outlines the structure of the marketing plan. Moreover, the paper will determines the each elements in the marketing plan and the linkage between these elements. Additionally, the two misconceptions will be examined. Last, it will conclude the marketing plan is indispensable to the organizations.…

    • 2960 Words
    • 12 Pages
    Best Essays
    Read More
  • Good Essays

    Marketing Techniques
    • 1225 Words
    • 5 Pages

    Marketing Techniques

    Advantages: The advantage of market penetration is that it promotes the business to the public and allows it to be widely recognised by a variety of people. Paignton Zoo promotes its business on sites which are widely used every day by the public such as the radio, television. This means that every day there is a chance that a member of the public will hear about the business on the radio or see what they have to offer on the television adverts. By advertising the business on the radio and television, it is important that they do this at peak times where members of the public are most likely to hear or see it. If Paignton Zoo advertised their business when members of the public were less likely to see it, such as 4ᵒ’clock in the morning or very late at night, more people will be unaware of the business and what it has to offer and therefore would have less people visiting.…

    • 1225 Words
    • 5 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Developing Marketing Plan
    • 1634 Words
    • 17 Pages

    Developing Marketing Plan

    Marketing Planning Process 1)Mission 2) Corporate Objectives 3) Marketing Audit 4) SWOT Analysis 5)…

    • 1634 Words
    • 17 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Organization Marketing Process
    • 1209 Words
    • 5 Pages

    Organization Marketing Process

    While research and discussion are an essential part of an assignment, the deliberate copying of someone else’s work or unacknowledged copying from printed or electronic sources is NOT permitted. You may be subject to disciplinary procedure if you do this. You should sign this sheet to show that you comply with these regulations.…

    • 1209 Words
    • 5 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    marketing process
    • 841 Words
    • 4 Pages

    marketing process

    In this process, this is the first step for organisation to set-up or analyse the market environment where in this step it is crucial for organisation to determine the potential to market and produce the most suitable product toward customer in order to gain profit.…

    • 841 Words
    • 4 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Marketing Strategy
    • 7617 Words
    • 31 Pages

    Marketing Strategy

    (Project plan of work submitted to SURENDRANATH EVENING COLLEGE under CALCUTTA UNIVERSITY in partial fulfilment for the degree of B. COM HONS. in accounting and Finance /Management/ Taxation.) Session:2012/13 Name of students: P. RAKESH KUMAR RAO Class:B.COM 3RD YR(HONS) Roll no: 45 Sec.:A University Registration No. : 117-1121-0534-10 Roll No.: 1117-61-0044 Address with Phone no :85/2 NASKAR PARA ROAD GHUSURI HOWRAH-711107. PH-9007373726…

    • 7617 Words
    • 31 Pages
    Powerful Essays
    Read More
  • Good Essays

    Literature Review
    • 1203 Words
    • 4 Pages

    Literature Review

    Strategic marketing can be seen like a process consisting of: analyzing environmental, other competitors, and business factors affecting to the firm and its business units, placing market opportunities, and focus on the future trend in business. Selecting market target strategies for the product-markets in each business unit, and try to managing the marketing program in order to meet market target needs (Drucker, 1973)…

    • 1203 Words
    • 4 Pages
    Good Essays
    Read More
  • Best Essays

    Marketing Strategy
    • 4404 Words
    • 18 Pages

    Marketing Strategy

    According to Kotler and Armstrong (2004), marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating as well as exchanging products and values with other people. However, marketing strategy is defined as a process that can allow a corporation to essence its resources on the best business opportunities. The organization has goals and objectives to increase sales and achieve a certain supportable competitive advantage. (Kotler, 2004)…

    • 4404 Words
    • 18 Pages
    Best Essays
    Read More

Related Topics