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Marketing Process PPT

The marketing process consists of four key elements: 1) strategic marketing analysis to define market segments, niches, and individual customers as well as product positioning; 2) marketing-mix planning covering the 4 P's of product, price, place, and promotion; 3) marketing implementation; and 4) marketing control including annual planning, profitability, efficiency, and strategic evaluations. The overall process is designed to understand customer needs and deliver satisfying products and services profitably.

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WHAT IS MARKETING PROCESS? The marketing process consists of four elements: 1.Strategic marketing analysis. 2.Marketing-mix planning . 3.Marketing implementation, 4.Marketing control.
1.Strategic marketing analysis. • Market segments The aim of marketing in profit- oriented organizations is to meet needs profitably. Companies must therefore first define which needs— and whose needs—they can satisfy.
• Market niches Segments can be divided into even smaller groups, called subsegments or niches.
• Marketing to individuals A growing number of companies are now trying to serve “segments of one.” They attempt to adapt their offer and communication to each individual customer.
• POSITIONING A key step in marketing strategy, known as positioning, involves creating and communicating a message that clearly establishes the company or brand in relation to competitors.
2.Marketing-Mix Planning . • Product development The first marketing-mix element is the product, which refers to the offering or group of offerings that will be made available to customers.
• Packaging and branding are also substantial components in the marketing of a product. the packaging of merchandise has become a major part of the selling effort, as marketers now specify exactly the types of packaging that will be most appealing to prospective customers.
• Marketing a service product The same general marketing approach about the product applies to the development of service offerings as well.
• PRICE Ordinarily companies determine a price by gauging the quality or performance level of the offer and then selecting a price that reflects how the market values its level of quality.
• PLACE where the product is made available, is the third element of the marketing mix and is most commonly referred to as distribution. When a product moves along its path from producer to consumer, it is said to be following a channel of distribution.
• PROMOTION the fourth marketing-mix element, consists of several methods of communicating with and influencing customers. The major tools are sales force, advertising, sales promotion, and public relations.
• SALES FORCE Sales representatives are the most expensive means of promotion, because they require income, expenses, and supplementary benefits.
• ADVERTISING includes all forms of paid nonpersonal communication and promotion of products, services, or ideas by a specified sponsor.
• SALES PROMOTION While advertising presents a reason to buy a product, sales promotion offers a short-term incentive to purchase.
• PUBLIC RELATION Public relations, in contrast to advertising and sales promotion, generally involves less commercialized modes of communication.
3. Marketing implementation • Companies have typically hired different agencies to help in the development of advertising, sales promotion, and publicity ideas. However, this often results in a lack of coordination between elements of the promotion mix.
4. Marketing control • There are four types of marketing control, each of which has a different purpose: annual-plan control, profitability control, efficiency control, and strategic control.
• Annual-plan control The basis of annual-plan control is managerial objectives—that is to say, specific goals, such as sales and profitability, that are established on a monthly or quarterly basis.
• Profitability control Profitability control and efficiency control allow a company to closely monitor its sales, profits, and expenditures. Profitability control demonstrates the relative profit-earning capacity of a company’s different products and consumer groups.
• Efficiency control Efficiency control involves micro-level analysis of the various elements of the marketing mix, including sales force, advertising, sales promotion, and distribution.
• Strategic control Strategic control processes allow managers to evaluate a company’s marketing program from a critical long-term perspective. This involves a detailed and objective analysis of a company’s organization and its ability to maximize its strengths and market opportunities.
• Marketing audit The second evaluation tool is known as a marketing audit. This is a comprehensive, systematic, independent, and periodic analysis that a company uses to examine its strengths in relation to its current and potential market(s).
REFFERENCES: • https://www.britannica.com/topic/marketing/The-marketing-process • https://cdn.cleverism.com/wp-content/uploads/2015/02/638-The-Strategic-Marketing- Process-A-Complete-Guide.png • https://www.vedia.ai/blog/wp-content/uploads/2019/06/one-to-one-marketing.png • https://conceptboard.com/wp-content/uploads/Product-Development-01-01-1200x840.png • https://keydifferences.com/wp-content/uploads/2018/01/branding-vs-packaging.jpg • https://www.littlehotelier.com/app/uploads/2021/03/triptease-price-check-booking-com-small- hotels.jpg • https://keydifferences.com/wp-content/uploads/2016/11/product-vs-service-marketing.jpg • https://m.economictimes.com/photo/20474308.cms • https://miro.medium.com/max/16670/1*9DHyEDpIiS5t72dx1yxglw.jpeg