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A Study on The marketing Process Page 1

A Study on The Marketing


Process

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.
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3.0 Analyzing Marketing Opportunities

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