Marketing Process and the Steps involved in Marketing Process.

Marketing Process and the Steps involved in Marketing Process.

Definitions and steps involved in marketing activities: - The marketing process is a goal of analyzing market opportunities, selecting target markets, and developing marketing mix and management of marketing efforts. Below are 4 marketing process steps that involve targeting the right audience in the market.

Marketing process steps

1. Market opportunity analysis.
2. Target market selection.
3. Development of marketing mix.
4. Manage marketing efforts.

1. Analyze market opportunities

The first element of the marketing process is to analyze the market to get opportunities. These opportunities relate to the needs and wants of customers who are not duly satisfied by market competitors. Starting a marketing process focuses on opportunities that can be beneficial to an organization's long-term success in order to effectively improve its effectiveness. For this purpose, the company gets the support of Marketing Information System (MIS), which plays an important role in providing useful information about the market.

Marketing Environment - Micro and Macro Environment

The company also conducts effective market research that tells it about customers, competitors, general trends and any extraordinary changes in the market that may be effective for the company. These categories are based on a number of factors such as age field, geographical location, etc. The company evaluates each department separately to test the potential of the department in light of its strengths and weaknesses. Finally, it selects the target market segment to go further.

2. Target market selection

This is the most important step in the marketing process where the target customers are selected. To this end, the company conducts a careful analysis of the target markets in order to select the final customers. As it is clear that the company does not meet the needs of the whole market and therefore the whole market has to be divided into different sections and choose the segment that will best meet its strengths and opportunities. In the case of this honor, there are a few steps you need to follow.

Market Segmentation

In the process that the whole market is divided into different units of consumers, each unit has the same kind of needs, characteristics and behavior of consumers, which requires a mix of different marketing and strategies.

Market targeting

In this process the target segments of the total market are evaluated to determine the attractiveness of each segment so that one or two of the most suitable and possible segments can be selected and entered. The simple rule of thumb for selecting a target unit or department is to give the company the opportunity to create potential customer value in the long run. Another important rule is that a particular organization has the option of meeting the needs of one or two departments and asking for its alternatives. In this case the company focuses on the relevant departments and develops its products and strategies only for them. These small parts are called "niches". The company has one more option to divide the whole market into different segments and provides a mix of different products and marketing in each segment of the market. However, the most effective method is to focus on one or two sections and after success in those sections, more new sections should be targeted.

Market positioning

This concept is related to the product position of an organization in the minds of the customers rather than the products of the competitors. In other words the company tries to maintain a clear and specific idea among the customers about its products. When an organization wants to position its product, it first specifies the competitive edge for which it gives its target customers a competitive advantage. The entire marketing program of the company should focus on its identified positioning strategy. The position is effective when the company offers its customers truly efficient, competitive offers to pay the highest price compared to what the competitors offer.

3. Development of marketing mix

Once a company has determined its complete marketing strategy, it is ready to start planning its marketing mix.

Marketing mix

A marketing mix consists of a number of market hazards that are mixed by companies to generate specific desired responses to targets.

In fact the demand for the product is influenced by the specific activities of the marketing mix. The marketing mix consists of the following four P's.

01- Product: Any offer (product or service) in the market by the finance company.

02- Price: The money paid by the customer to acquire the product.

03- Location/Place: means the effort that ensures the availability of the product in the market to the customers.

04- Promotion: This means all the efforts of the company which ensures the sale of the product to the customers through better provision about the benefits of the product.

An organization develops an effective marketing program that blends an appropriate combination of marketing mixes so that they are efficiently integrated into an effective program to deliver greater customer value to accomplish the organization’s objectives.

4P’s marketing mix from a seller’s perspective. In some cases 4C is replaced by 4P

1. Product means customer solution
2. Price means customer spending
3. The place means convenience
4. Publicity means communication

4. Manage marketing efforts

This is actually the action phase of the development marketing program which is set to the appropriate marketing mix for a target market. Four functions are adopted to manage the marketing effort which are as follows.

01- Market analysis where the company identifies external strengths and weaknesses as well as external strengths and weaknesses.

02- Marketing plan so that specific marketing plan or strategy is made to accomplish the overall goal of marketing.

03- Implementing marketing where advanced plans and strategies are practically applied to achieve marketing objectives.

04- Marketing control so that the performance results of marketing plans and strategies are evaluated and necessary steps are taken to ensure that the overall marketing objectives of the organization are achieved. 

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