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Marketing Process

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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
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