Marketing Process

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Marketing Process

SMEIDI

* Situational Analysis

* Market Research

* Establish Market Objectives

* Identify Target Markets

* Develop marketing strategies

* Implementation, monitoring and controlling

Situational Analysis

Provides a precise understanding of the businesses current position and where it is heading. SWOT ANALYSIS - Involes the identification and analysis of the internal strengths and weaknesses of the business, and the opportunities in, and threats from the external environment. It also outlines the businesses position compared with its competitors.

Internal- Strengths and weaknesses

External- Opportunities and threats

Product life cycle

Consists of the stages a product passes through; introduction, growth, maturity and decline. At each stage of a product's life cycle a different marketing strategy is necessary.

Introduction stage- business tries to increase consumer awareness and build a market share for the new product

Growth Stage- Brand acceptance and market share are actively persued by the producers of the product

Maturity (saturation) stage- Sales plateau as the market becomes saturated

Decline Stage- Sales begin to decline as the business faces options/challenges

Market Research

Is the process of systematically collecting, recording and analysing information concerning a specific marketing problem. To obtain reliable and accurate information, marketers follow a three-step approach.

Step 1- Determining information needs- The problem is clearly and accurately stated to determine what needs to be measured and the issues involved.

Step 2- Collecting date from primary and secondary sources- Plans are made to gather missing data. Info is collected from mail, telephones, personal surverys as well as personal observation/private data sources.

Step 3- Analysing and interpreting data- Facts are analysed and determined to determine meaning. Statistics are processed to determine if responses show trends or patterns that can be used in the business.

Data- Facts and figures relevant to the marketing problem (marketing data- refers to the information relevant to the defined marketing problem)