Marketing Management Process
Marketing management process as follows
1. Setting Marketing Objectives
The process of marketing management starts with the activity of setting objectives. The organizational mission provides the priorities for scanning the environment and finding out the opportunities.
2. Analyzing Marketing Opportunities
This involves analysis of opportunities in the light of company strength and weakness-both internal and external. The task may be to analyse long-run opportunities or short run opportunities or even medium term. To identify and evaluate its opportunities there is the requirements of a reliable market information system. This helps the companies know the needs and wants of their customer,their locations,buying and social practices and so on.
3. Researching and Selecting Target Markets
Now the firm is ready to research the selected markets. It needs to know how to measure attractiveness of any given market. Marketing people must understand the major techniques for measuring market potential and forecasting future demand. These become the key inputs in deciding which markets and new products to focus on. Modern marketing concept cares for dividing the markets into smaller segments,evaluating them,selecting and targeting certain ones and deciding on the company’s positioning on each market.
4. Designing Market Strategies
The marketing strategy spells out the game plan for attaining the business’s objectives or product/market objective. Marketing strategy may be defined as “Marketing strategy defines the broad principles by which the business unit expects to achieve its marketing objectives in a target market. It consists of basic decisions on total marketing expenditure,marketing mix,and marketing allocation”.
5. Planning Marketing Programmes
It is not enough to formulate only the broad strategies by which the business expects to achieve its marketing objective but also plan the supporting marketing mix programmes. Without such programmes even the best conceived marketing strategies may fail. Decisions have taking regarding the features,packing,branding,servicing,policies,etc.,
6. Organising,Implementing and Controlling the Market Effort
The final stage in the marketing management process is organising the marketing resources and implementing and controlling the marketing plan. The company is required to design a marketing organization that will be able to degenerate the marketing plan upto work. Marketing control process is one that establishes performance standards evaluates actual performance and reduces the difference between desired and actual performance. Control involves measurement,evaluation,and monitoring.