Marketing Management 3(2+1)

Lesson 07 : Marketing Process

Marketing process

Every firm must find or discover the needs of the customer that are unfulfilled and try to satisfy such needs by offering products. To do this the marketing process is modeled in a sequence of steps:

• The situation is analyzed to identify opportunities - Situation analysis
• The strategy is formulated for a value proposition- Marketing Strategy
• Tactical decisions are made - Marketing Mix Decisions
• The plan is implemented and the results are monitored – Implementation and control

Situation analysis

Helps the firm in identifying opportunities to satisfy customer needs

The firm should also understand its own capabilities and environment in which it is functioning

The situation analysis views both micro and macro environmental factors of the firm with emphasis on past, present & future aspects.

It reveals the gap of what is available & what is required for customers in the market.

The situation analysis yield problems and opportunities which make the firm to compare the capabilities and opportunities for better competition.

Good forecasting facilitates to bring the product into market with shorter time.

• Methods of analysis