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    Marketing Process: Analysis of The Opportunities in The Market

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    Cristine Joy Asdulo
    The marketing process involves 4 key steps: 1. Analyzing opportunities in the market through tools like market research and a marketing information system. 2. Segmenting the market based on factors like age and location, then evaluating segments to select the target market. 3. Developing the marketing mix of product, price, place, and promotion strategies tailored to the target market. 4. Managing the overall marketing efforts to implement strategies and meet marketing objectives.

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    Marketing Process: Analysis of The Opportunities in The Market

    Uploaded by

    Cristine Joy Asdulo
    65 views2 pages
    The marketing process involves 4 key steps: 1. Analyzing opportunities in the market through tools like market research and a marketing information system. 2. Segmenting the market based on factors like age and location, then evaluating segments to select the target market. 3. Developing the marketing mix of product, price, place, and promotion strategies tailored to the target market. 4. Managing the overall marketing efforts to implement strategies and meet marketing objectives.

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    this is a marketing process

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    Marketing Process

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    The marketing process involves 4 key steps: 1. Analyzing opportunities in the market through tools like market research and a marketing information system. 2. Segmenting the market based on factors like age and location, then evaluating segments to select the target market. 3. Developing the marketing mix of product, price, place, and promotion strategies tailored to the target market. 4. Managing the overall marketing efforts to implement strategies and meet marketing objectives.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    65 views2 pages

    Marketing Process: Analysis of The Opportunities in The Market

    Uploaded by

    Cristine Joy Asdulo
    The marketing process involves 4 key steps: 1. Analyzing opportunities in the market through tools like market research and a marketing information system. 2. Segmenting the market based on factors like age and location, then evaluating segments to select the target market. 3. Developing the marketing mix of product, price, place, and promotion strategies tailored to the target market. 4. Managing the overall marketing efforts to implement strategies and meet marketing objectives.

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    of 2

    Marketing Process

    The Marketing Process is a process of analyzing the opportunities in the market, selection of targwt
    markets, and development of the Marketing Mix and management of the mrketing efforts. Below the four
    Marketing steps that involved in targeting the right audience in the market.

    The Marketing Process Steps


    1. Analysis of the opportunities in the market.
    2. Selection of the target market.
    3. Development of the marketing mix.
    4. Management of marketing efforts.
     Analysis of the Opportunities in the Market
    The first component of the Marketing Process is ti analyze the market in order to find the
    opportunities that should be availed. These opportunities are related to the needs and wants of the
    custmers that are not properly satisfied by the connectios in the market. A company that is initiating the
    marketing process focuses the opportunities that would beneficial in the long run sucess so that its
    performance would be effectively improved. For this purpose, the company gets help from the
    Marketing Information System (MIS), which palys a significant role in providing useful information
    about the market.

    Marketing Environment-Micro and Macro Environment


    The company also conducts effective market research that would tell him the value able information
    about the customers, competitors, general trends, and any extraordinary change occured in the market that
    can be useful for the company. The company identities the potential from the collected information and
    split the whole market into different segment. These segments are based on some factors like age group,
    geographical loaction etc. The company evaluates each segment separately to chect the potential of the
    segment in the light of its strengths and weaknesses. Finally, it select the target market segmant to
    proceed further.

     Selection of the Target Market


    This is the most important step of the marketing process in which the target customers are selected. For
    this purpose, the company conducts a careful analysis of the target markets in order to choose the final
    customers. As it is obvious that the company do not satisfy the needs and wants of the whole market
    therefore it must divide the whole market into different segments and choose the segment that will best
    meetits strenght and opportunities. In this regards, there are certain step you need to follow.

    a) Market Segmentation- the process in which the whole market is split into different
    units of consumers, each unit having similar wants, characteristics and behavior of
    consumers which need different marketing mixes and strategies.
    b) Market Targeting- in this process the targeted segments of the total market evaluated
    toascertain the attractiveness of each segment so that the one or two most suitable and potential
    and should be selected and entered. The simple rule of selecting the target unit is that it must provide
    the opportunity to the company to create potential customer value in the long run. Another important
    rule is that a certain company has the opinion to satisfy the needs and wants of one or two segments.

    c) Market Positioning- This concept relates to the positioning of the product of a company
    in the minds of the customers as compared to the products of competitors. In other words,
    the company tries to maintain a clear and specific perception in customers about its
    products. When a company wants to position its product, it first specifies the competitive
    edge for which it offers competitive advantages to its target customers. The whole
    marketing program of the company should concentrate its identified positioning strategy.
    d)

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