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Marketing Process plays a key role in carrying out a company's overall mission and objectives. A firm must find a way to discover unfulfilled customer needs and bring to market products that satisfy those needs. Marketing Process can be modeled in a sequence of steps: the situation is analyzed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are made, the plan is implemented and the results are monitored.
Marketing Process plays a key role in carrying out a company's overall mission and objectives. A firm must find a way to discover unfulfilled customer needs and bring to market products that satisfy those needs. Marketing Process can be modeled in a sequence of steps: the situation is analyzed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are made, the plan is implemented and the results are monitored.
Marketing Process plays a key role in carrying out a company's overall mission and objectives. A firm must find a way to discover unfulfilled customer needs and bring to market products that satisfy those needs. Marketing Process can be modeled in a sequence of steps: the situation is analyzed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are made, the plan is implemented and the results are monitored.
1.0 Introduction 1.1. Origin of the report This study and the term paper was conducted and submitted as a partial requirement for the Principles of Marketing (MKT 502) course .The term paper was authorized by Mr. Syed Abul Kalam Azad, course instructor of MKT 502, and Professor Department of Marketing, University of Dhaka. 1.2 Objective The objective of this term paper is to address a basic marketing concept which is the marketing process. Another real challenge towards to make this study is to the task given by our honorable course instructor that no specific topic was selected by him but we have to select a topic ourselves from the chapter 2 named Strategic Planning and The marketing Process. So we have selected Marketing Process as the topic of the term paper as once a strategic plan has defined a company's overall mission and objectives, marketing process plays a key role in carrying out these objectives. 1.3. Scopes and methodology Throughout this work many things regarding Marketing process was learnt and this term paper has been prepared on following bases. Secondary study was conducted to identify the steps in Marketing process. Consequently, this term paper is grounded in observation data obtained from recipients of articles, statements and some research paper from different countries and different authors.
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1.4. Restrictions To complete this term paper we found some limitations and restrains. The main limitation of the study is the unavailability of all information Another significant limitation was time constrain. It was difficult to analyze all the key aspect about marketing process within a shorter period of time. 2.0 Marketing Process and its elements Under the marketing concept, a firm must find a way to discover unfulfilled customer needs and bring to market products that satisfy those needs. The process of doing so can be modeled in a sequence of steps: the situation is analyzed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are made, the plan is implemented and the results are monitored. The continuous process of identifying customer needs through analysis of internal/external influences and marketing research, setting objectives, and developing a marketing mix is called Marketing Process. In other words, Marketing process is a model where the firm should discover a way to realize discontented customer needs and bring to market products that satisfy those needs. Target customers stand at the center of the marketing process. There are following steps or elements in Marketing Process: 1. Analyzing marketing opportunities 2. Selecting target markets 3. Developing the marketing Mix 4. Managing the marketing effor
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Figure 1.1:The Marketing Process Target Customers are central to the marketing process. Marketing starts by identifying the needs of customers. A business then seeks to meet those needs by making the right products available when customers want to purchase and at prices they are prepared to pay. The whole marketing process is influenced by the micro and macro environmental factors. The actors close to the company (the company/firm, suppliers, intermediaries, customers, competitors) that affect its ability to serve its customers consist the Microenvironment. The larger soceital forces (Demographic-Economic, Political-Legal, Social-Cultural, Technological-Natural Environment) that affect the whole microenvironment. A Study on The marketing Process Page 4