The first step is to analyze deeply the market you are about to enter to find opportunities that can be availed directly about the needs and wants of customers that are or are not adequately satisfied by the competitors. A company aiming for good marketing needs to find our ways to make its business beneficial in the long run success so that the overall performance can be efficiently improved. For this company may take help from Marketing Information System (MIS), and detailed marketing research. After this, a company can identify and split the market into different segments based on factors like age, group, geographical location, etc. Each part is evaluated to check potential in light of its strengths and weaknesses.
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Selection of the Target Market:
This is a very important step of marketing in which target customers are selected by conducting a careful analysis. As it is evident that a company cannot fulfill the needs and wants of the whole market, therefore, target must be identified in accordance with company’s own strengths and opportunities
In this process, whole market is divided into different segments each having similar wants characteristics and consumer behavior that need marketing mixes and strategies accordingly.
Targeted segments of the total market are evaluated to ascertain the attractiveness of the segments to find most suitable. It must provide an opportunity to the company to create potential customer value overall in the long run.
This means the position of a product by the firm in minds of people in comparison to other competitor products. First, the competitive advantage a product has over other needs to be specified and then the whole marketing program must concentrate on the identified positioning strategy.
Development of Marketing Mix:
Marketing Mix is particular variables of markets that are combined by the company to generate desired response in the targeted segments.
01- Product: means any offering (goods or services) to the market by the company.
02- Price: means the money paid by the customers to obtain the product.
03- Place: means the efforts which ensure the availability of the product in the market to customers.
04- Promotion: means all the efforts by the company that guarantees the sale of goods to customers through the better provision of information about the advantages of the product.
A company must develop an effective marketing program in which a suitable combination of all the variables mentioned above are blended that may help in provided excellent customer value and eventually in achieving company’s objective.
Management of Marketing Efforts:
This is the action phase of development of marketing program in which specific marketing mix is finally chosen for the target market. Four functions are as following.
Analysis of the Market: by SWOT
Marketing Planning: to add value
Marketing Implementation: to achieve objectives set.
Marketing Control evaluates plans and ensures marketing objectives