The Four Steps Marketing Process
Simply stated, the marketing concept involves identifying a need, and satisfying it. The process of accomplishing that can be modeled in a sequence of steps: analyze the situation to identify opportunities, formulate a strategy for a value proposition, make tactical decisions, implement the plan and monitor the results.[ad#ad-4]
The Four Step Marketing Process
- Situation Analysis
- Marketing Strategy
- Marketing Mix Decisions
- Implementation & Control
1. Situation Analysis
The first step is for the organization to perform a thorough analysis of its position, with an eye toward identifying opportunities to satisfy customer needs and wants. The organization must also analyze its own capabilities within its operating environment.
This is a two-pronged analysis, the first of which will focus upon the external environment. This will include all elements outside the company that might aid or hinder its achievement of the goals. The second is an internal analysis of capabilities, capacity and sustainability. The situation analysis should not focus only on the present, but should take heed of past issues, and potential future issues, as well. Good forecasting will come into play at this point.
A good situation analysis can often detect opportunities to fulfill an unsatisfied demand, giving the company an advantage over its competition
2. Marketing Strategy
Having identified the customer needs to be addressed, the next step is to develop a strategic plan to pursue the opportunity. Specific market information can be obtained via market research, to allow you to select your target market segment and best tailor your offering. The result will be a value proposition for the target market. The marketing strategy will involve:
- Product positioning within the target market
- Value proposition for the target market
3. Marketing Mix Decisions
Tactical decisions can be made, utilizing the 7P’s Extended Marketing Mix (Product, Price, Place, Promotion, People, Process, Physical Evidence).
4. Implementation and Control
Upon launching the product or service being offered, constant monitoring should be maintained. As the market undergoes changes, adjustments can be made to compensate. The marketing process doesn’t end with product launch… monitoring and adjusting must be a continuous process, in order to fulfill varying consumer needs over the long term.
Written by: Matt
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