WHAT IS MARKETING?
Marketing is a process which involves the everything from the manufacturing of the raw material to the sale of the products and also includes after sale services of the products. It also consists of the consideration of the needs and requirements of the customers. There are certain activities related to marketing in the business. Sale and purchase of the products is a part of the marketing process. The marketers also have to think about attracting customers for their products. There is the similar topic of 4 stages of the consumer buying process that involves the study of the process.
Let’s study the definition of the marketing process
The marketing process involves the working of certain steps. There is the analysis of the certain opportunities in the market for the better establishment of the product. Then, the marketers have to look for the target market so that they can increase the customers in the market. Then it involves developing the marketing mix, and at the end of all, there is the last step of management of marketing efforts. But the process of marketing does not end here. It further involves working for the satisfaction of the employees by delivering the best after-sale services.
Here are the Steps of the marketing process
- Analyse the market opportunities
It is the first and foremost step in the process of marketing. We have to analyse the entire market to analyse the new opportunities that are available and can be availed at the right time. The marketing opportunities are concerned with the requirements and needs of the consumers and the customers, and they have to satisfy these needs for the contentment of the customers. The identification of these opportunities is quite important for the company in the long run as they can increase and hamper the production with the prediction of the customer needs. The companies also consider it for the better performance and efficiency improvement.
The research is also conducted in the market to know some important factors that affect the market such as the nature of customers and consumers, changing trends in the market, rising competitors in the market. From this research, there is the identification of the opportunities that can help the marketers to split the market into different segments. Different segments of the market depend upon the certain demographic factors such as age, gender, location, religion etc. Then, there is the evaluation of the different segments that are helpful for the identification of the strength and weakness of the company.
- Identification of the targeted markets
The selection of the target audience is the most important step of this process. There is the analysis of the different market's options available to the marketers so that they can choose the best one among them. It is not practically possible for the company to satisfy the needs and wants of the whole market and for that purpose, they divide the whole market into different segments so that they work on a particular segment of the market for the better satisfaction of the customers. The selection of the segment should be very careful so that you can satisfy the needs. It involves certain steps in it:
- Segmentation of the market
There are different segments of the market which has different units of consumers, and each unit has similar wants, features and behaviour of the consumers. It also requires different marketing strategies and mixes.
- Target markets
There is the analysis of the target market for the evaluation of the attractive segments so that the marketers can decide the potential of the segments. The identification of the target markets is quite essential so that the companies can decide which market to target for the better sales of their products. It is important to satisfy the needs and wants of the customers. Thus the selection of the market should be as per the potential of the company. The company has to work on their niche doe the better performance and sales. For the better performance, one should focus on one or two segments and focus on their success.
- Positioning in the market
It is related to the positioning of the product in the market and its impact on the minds of the customers. The main focus of the marketers is to maintain a good image of their product in front of the customers. It also involves the identification of the competitive advantage for the better positioning of the product.
- Marketing mix
The marketing mix is the composition of some variables that help the company for the better positioning and enhanced sales of the products.
Here are four variables involved in it:
It is the study of the product, and it defines the various specifications of the product. The company has to identify the various things that can make the products better and also enhance its features. You have to decide what is the final product you will deal with and what would be the size, colour or shape of the product.
Then, there is the decision on the price of the product. The company has to decide the price as per the target audience so that they would be able to pay that much price. But they also have to consider the cost incurred on it. It is the tough decision, and the study of its alternatives and substitutes also have to be there so that you put the price that is close to the one which is already prevalent.
Then, they have to study the place of the product so that they can choose a place that is best suitable for the product and the company can attract more customers. The decision of the location is difficult, and it also requires study of it so that you do not go for a location that is not apt for the positioning of the product.
Then, there is the promotion of the product after deciding the location. You need to find out the ways that can help to enhance the popularity of the products and help in the better positioning in the market. This incurs some cost in the advertisements but helps to provide benefits to the manufacturers.
- Managing the efforts of marketing
This is the step that involves the actions in the marketing program, and It involves the identification of the suitable market. There is the involvement of four main steps in this process.
- Market analysis
In this step, there is a proper SWOT analysis of the product. The company has to identify the strength and the opportunities of the product by studying the weaknesses and the threats.
- Planning of the market
It specifies the plans of the marketing for the overall attainment of the objectives.
- Implementation of the market
There is the involvement of the plans and strategies for the achievement of the market objectives.
- Proper control in the market
To follow the plans and strategies for the further implementation of the goals in the market.
Therefore, the whole marketing process involves various tools and strategies for the better implementation of the plans.