Discuss the Steps Involved in the Marketing Process
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Marketing is the process through which organizations engage their customers in order to construct strong customer relationships, create customer value, and in return capture value from them. Ferrel and Hartline (2011) on the other hand define marketing as a set of processes an organization uses to create, communicate, and deliver value to customers as well as manage customer relationships in such a manner that benefits both the organization and stakeholders. For a product or service to sell easily, marketers have to efficiently engage consumers by understanding their needs and developing products that provide superior value. They must also price, distribute, and promote organizational products or services effectively
The purpose of any company’s marketing strategy is to improve and fulfill the needs and wants of customers and make a profit in the process. Currently, consumers seek high quality, lower prices, and better services. On top of that, competitors are always seeking to grow their market share in the highly competitive environment through innovation, product improvement, and effectively satisfying customer needs and desires. For new and established businesses to survive, it is essential to not only invest in marketing but adapt their marketing strategies to keep up with today’s volatile market. Marketing involves several activities that enhance an organization’s ability to effectively satisfy the needs and desires of its customers, thereby strengthening its position within the market.
The marketing process includes developing, pricing, promoting, and distributing products/ services tailored to a given market. It includes all activities that create value and methodically result in increased sales, and establish a good company reputation and relationships with customers for all stakeholders to achieve their objectives.
Using secondary research, the assignment discusses the steps that are involved in a marketing process. Questions addressed in this assignment include; what are the steps involved in the marketing process? What is the most important step in the marketing process?
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Discuss the Steps Involved in the Marketing Process a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the importance of market research in creating effective marketing campaigns and know how to develop a product or service that meets the needs of the target audience
- Understand how to set a price that is competitive and profitable also understand how to create marketing campaigns that raise awareness and generate interest in the product or service
- Understand how to get the product or service to the target audience through various distribution channels.
1.0 INTRODUCTION
Marketing is the process through which organizations engage their customers in order to construct strong customer relationships, create customer value, and in return capture value from them. Ferrel and Hartline (2011) on the other hand define marketing as a set of processes an organization uses to create, communicate, and deliver value to customers as well as manage customer relationships in such a manner that benefits both the organization and stakeholders. For a product or service to sell easily, marketers have to efficiently engage consumers by understanding their needs and developing products that provide superior value. They must also price, distribute, and promote organizational products or services effectively
The marketing process involves a series of steps that organizations follow to promote their products or services to potential customers. The following are the steps involved in the marketing process:
Collect information about the market: To begin with, an organization must understand its market, this involves identifying the needs and preferences of the customers, analyzing the competition, and identifying the trends in the market.
Conduct conclusive market research: The organization should conduct a conclusive market research, this involves collecting and analyzing data about the market, customers, and competitors. This helps organizations identify opportunities and challenges in the market.
Develop a strategic market plan: here an organization sets goals and objectives, identifies target customers, develops a marketing mix strategy (product, price, promotion, and place), and sets a budget to be used by the business.
Implement the marketing plan: This involves executing the marketing mix strategy, creating marketing materials, and launching the marketing campaign.
Monitor effectively and evaluate the marketing plan: This step involves tracking the performance of the marketing campaign, measuring the effectiveness of the marketing mix strategy, and making necessary adjustments to the plan.
Improve the marketing plan: The final step involves using the feedback from the evaluation process to improve the marketing plan and make it more effective in the future.
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