Marketing Process

Marketing Process

—Marketing is an ongoing dynamic process involving a set of interacting activities dealing with a market offering by the producers to consumers.
—Marketing process involves the sales and demand forecasts methodology and application of marketing mix. The entire marketing process differs from company to company, product to product, but always it confined to the company’s corporate goals and corporate capabilities.
—The marketing process brings together producers and consumers – the two participants in exchange. The marketing process involves three major activities; the same is known as heart of marketing.

The marketing process involves three major activities; the same is known as heart of marketing.

1. —Concentration 
2. —Dispersion 
3. —Equalization 

Marketing research is the starting point in the marketing process to ascertain and identify consumer needs and desires through market analysis and investigation.
— —Marketing Process Model

The marketing process model can be used to help you to decide how to take a new offer to market. It can also be used to test your existing marketing strategy. Whether you are considering a new or existing offer, following steps will help,

1. Start by identifying the product or service that you want to analyze.

2. Try asking "why" and "what if" questions too, to challenge your offer e.g ask why your target audience needs a particular feature. What if you drop your price by 5%? What if you offer more colors? Why sell through wholesalers rather than direct channels? What if you improve PR rather than rely on TV advertising?

—3. Now go through and answers the 4 Ps questions.

4. Once you have a well-defined marketing mix, try "testing" the overall offer from the customer's perspective, by asking customer focused questions:
—Does it meet their needs? (product)
—Will they find it where they shop? (place)
—Will they consider it's priced favorably? (price)
—And will the marketing communications reach them? (promotion)
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 5. Keep on asking questions and making changes to your mix until you are satisfied that you have optimized your marketing mix, given the information and facts and figures you have available.

6. Review you marketing mix regularly, as some elements will need to change as the product or service, and its market, grow, mature and adapt in an ever-changing competitive environment.
—Thus marketing process is nothing but Concentration, Dispersion and Equalization to meet the customers demand and have better share of the market.

—*** Marketing Process ***

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