The Strategic Planning Marketing Process An organization must use a strategic marketing process to distribute its marketing mix resources to reach its target markets. The elements of a proper marketing mix are price, product, place, and promotion. They are the four P’s of the marketing process (Goi, 2009) Good understanding of the marketing mix is important for an organization. When a company is developing a marketing plan, it must consider each element. Just as important is an understanding how to use the element in the marketing process.
After closely reviewing the needs of the public in an area or the market and the product or service is revised to accommodate these needs, a marketing plan would be created and executed. Printed Definition “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” (AMA, 2007) • “American Heritage Dictionary's Definition of Marketing The commercial functions involved in transferring goods from producer to consumer.2 • Merriam Webster's Marketing Definition 1 b: the process or technique of promoting, selling, and distributing a product or service 2: an aggregate of functions involved in moving goods from producer to consumer 3 • Marketing Definition From MSN Encarta Dictionary the business activity of presenting products or services to potential customers in such a way as to make them eager to buy. Marketing includes such matters as the pricing and packaging of the product and the creation of demand by advertising and sales campaigns.4 Note the phrasing: "The process", "functions involved", "process or technique", "an aggregate", "the business ... ... middle of paper ... ...packaging has made the difference. I know this plan is working as the scent that I like is always the one that is sold out. While improving packaging is one part of marketing, more importantly is the process and how it is executed.
Therefore, this always remind marketing managers need to do careful research on how long the life cycle of the product is likely to be and focus their attention on different challenges that they are facing when they are developing the product. Secondly, Place (distribution) means that the way in which the product meets customers’ needs, the product should be easy for the consumers to shop. This may be a high street shop, mail order through a catalogue or it may even be doorstep delivery. Various strategies such as intensive distribution, selective distribution, exclusive distribution and franchising can be used by the marketing managers to complement the other aspects of the 4Ps. Thirdly, Price refers to the product should always be seen as representing good value for money.
For this reason, it is very important to know the wants and needs of the target population. The second p in the marketing mix stands for place. “Place is concerned with all the decisions involved in getting the “right” product to the target market’s Place” (Perreault & McCarthy, 2004, Ch 2, Pg 39). This is how an organization gets it product to the customer. There are many different ways of getting a product or service to the customer, so it is important for the organization to know if the customer wants to see or touch it before he or she buys it.
(Boone & Kurtz, 1998) Marketing evolves from the birth of an idea that a customer may want or need and satisfying that customer. In order to satisfy particular customers a company must set up some controlled variables or Marketing Mix. Product, place promotions, and price make up the marketing mix and are know as the four P’s. Marketing is about analyzing the needs of the consumer, predicting the consumer’s wants and estimating how many consumers want the product. Marketing needs to determine the location the goods and services are needed and how will the product get there, decide types of promotion necessary to inform potential consumers about the product, estimate how many competing companies are producing the same type of product and figure out how what type of warranty service may be required.
Marcom plans can be focused at the product level, the product line level, or the company level (for example, company or brand image) — or any combination of the three. The higher the focus, the less specific the elements of the plan. See the following table for more detail. Focus of the marcom plan Target audience profiling Know your customer applies to virtually every marketing activity, and it's doubly true for marcom planning. First, learn about your target audience's specific demographics and psychographics, and then take the time to understand: * How customers prefer to receive information about your type of offerings.
In marketing to make your ideas work it is important to have accurate and in-depth knowledge of the subject. 1.1. Elements of the Marketing Process The aim of marketing process is to make a product and then sell it at a premium. Marketing research is a tool at the hand of the marketing managers that provides them with data and findings and helps them decide future course of action. Marketing research gives an insight to the marketing manager as to which segment to cater to, what product to offer and the kind of association with the target market.
Depending on analysis procedure, qualitative research and quantitative research are used to highlight. Moreover, each method leads to different result. (Malhotra et al 2001) However, marketing research should be qualitative which give researchers a depth data that sufficient for interpretation. This information can be used to determine business plan, company’s strategy and also providing goods or product that market need on time. Market need is uncertainly, to meet customer expectation, company have to learn what their want and provide it on time.
· Product (including range of pack sizes, flavours and colours) · Price (pricing strategy and pricing method) · Promotion (branding, advertising, packaging and sales promotion) · Place (distribution channels and seeking shop distribution) Managers look at these areas and decide what marketing actions need to taken. For effective marketing each area needs to be considered. The actions taken must work with each other. A successful mix will achieve marketing objectives and customer satisfaction. The most important element of the mix is the product.
Ø Coordinate its functions to achieve marketing aims Ø Be aware of constraints on marketing activities I will also be considering the importance of developing and maintaining a relationship with its customers, potential customers and other stakeholders. I will look upon on establishing customer needs, methods of analysing marketing opportunities, and the m... ... middle of paper ... ...ons can exert a major influence upon the stores’ accessibility and attractiveness to consumers. Planning the selection process as carefully as possible and using methods described should maximise the success. Marks and Spencer pays particular attention to social and geodemographics, along with consumer spend, before deciding on a location. Own brands are desirable products to offer, as they offer profitable margins and a high level of control over the marketing aspects of management.