Understanding Marketing and Marketing Process with Developing Marketing Opportunities and Strategy
Understanding Marketing and Marketing Process
Marketing is the organizational function charged with defining customer targets and the best way to satisfy needs and wants competitively and profitably. Since consumers and business buyers face an abundance of suppliers seeking to satisfy their every need, companies and nonprofit organizations cannot survive today by simply doing a good job. They must do an excellent job if they are to remain in the increasingly competitive global marketplace. Many studies have demonstrated that the key to profitable performance is to know and satisfy target customers with competitively superior offers. This process takes place today in an increasingly global, technical, and competitive environment.
The Marketing Process
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:
I. Analyzing marketing opportunities
II. Selecting target markets
III. Developing the marketing Mix
IV. Managing the marketing effort
I. 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.
II. Selecting the
Marketing is the organizational function charged with defining customer targets and the best way to satisfy needs and wants competitively and profitably. Since consumers and business buyers face an abundance of suppliers seeking to satisfy their every need, companies and nonprofit organizations cannot survive today by simply doing a good job. They must do an excellent job if they are to remain in the increasingly competitive global marketplace. Many studies have demonstrated that the key to profitable performance is to know and satisfy target customers with competitively superior offers. This process takes place today in an increasingly global, technical, and competitive environment.
The Marketing Process
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:
I. Analyzing marketing opportunities
II. Selecting target markets
III. Developing the marketing Mix
IV. Managing the marketing effort
I. 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.
II. Selecting the