Understanding Marketing and Marketing Process

Understanding grocery and merchandise treat merchandise Is the organisational function charged with defining customer designates and the best way to satiate guides and wants matchedly and profitably. Since consumers and business as buyers face an abundance of suppliers seeking to satisfy their every ingest, companies and nope FLT organizations assholenot survive today by simply doing a goodish job. They must(prenominal) do an excellent Job if they argon to wait in the increasingly competitive global marketplace.M any studies nurture demonstrated that the headstone to profitable performance is to know and satisfy target customers with imitatively superior offers. This execute undertakes place today in an increasingly global, technical, and competitive environment. The selling Process The merchandise process is the process of analyzing market opportunities, selecting target markets, break uping the merchandising mix, and managing the selling effort. Target custo mers stand at the center of the market process. in that location atomic number 18 follo lucreg steps in Marketing Process l.Analyzing merchandising opportunities II. Selecting target markets Ill. Developing the trade Mix IV. Managing the merchandising effort l. Analyzing trade opportunities First step of the merchandising process is analyzing market opportunities and availing these opportunities to satisfy the customers requirements to induct competitive advantage. The marketing function of analyzing market opportunities is important in the marketing prep process. Any marketing manager must analyses the long-run opportunities In the market to improve the business units performance.To evaluate its opportunities firms privations to operate a reliable marketing Information system. Marketing research is an indispensable marketing tool for this purpose. Researching the market allows the company to gather intimation ab aside their customers, cope y environmental changes to pict ure the market opportunities. II. Selecting the target Market To keep abreast in todays competitive marketplace, companies must be customer centered. They must titers and an win customers from competitors and keep them by delivering greater value. &1026 Sound marketing requires a careful, upset analysis of consumers. Since companies crappernot satisfy all consumers in a given market, they must divide up the total market (market segmentation), choose the best segments (market targeting), and characteristic strategies for profitably serving chosen segments burst than the competition (market positioning). Ill. Developing the Marketing Mix Once the company has decided on its overall competitive marketing dodging, it is ready to begin planning the details of the marketing mix.The marketing mix is the set of control lovable marketing variables that the firm blends to uncover the response it wants in the target market. The marketing mix consists of everything that the firm can do t o influence the demand for its harvest-feast. These variables are often referred to as the quadruplet AS. 1). harvest-feast stands for the goods-and- Irvine combination the company offers to the target market. 2). Price stands for the amount of bullion customers have to pay to obtain the product 3). Place stands for company activities that keep the product available to target cons mummers. ). Promotion stands for activities that communicate the merits of the product and diverge target consumers to buy it. An effective marketing program blends all of the marketing mix elements into a coordinated program chassised to action the companys marketing objectives by delivering value to consumers. Some critics feel that the intravenous feeding As extinguish or underestimate certain important activities. 1. Where are serve? they ask. 2). Where is advancement? 3). The 4 As seems to take the sellers view rather than the buyers view. 4).Perhaps a better classification would be the 4 CSS a). Product = customer Solution. B). Price = Customer Cost. C). Place = Convenience. D). Promotion = Communication V. Managing the Marketing Effort The company wants to design and put into action the marketing mix that will best achieve its objectives in target markets. This involves four marketing management functions. The four functions are analysis, planning, writ of execution, and control a. Marketing Analysis Marketing analysis involves a terminated analysis to the companys situation.The company performs analysis by seting environmental opportunities and threats. Analyzing company strengths and weaknesses to determine which opportunities the company can best pursue. Feeding schooling and other inputs to all(prenominal) of the other marketing management functions b. Marketing Planning Within to each one business unit, functional plans must be prepared, including marketing Pl mans. Such plans involve marketing plans which are aggregate plans consisting of plans for product lines, brands and markets.Marketing planning involves deciding on marketing strategies that will stand by the company to attain its overall strategical objectives. A detailed plan is needed for each business, product, or brand. A product or brand plan should contain the following sections executive director summary, current marketing situation ,threats and hazard analysis, objectives and issues , marketing strategies, action programs, budgets, and controls. C. Marketing Implementation Marketing Implementation is the process that turns marketing plans into marketing a actions in order to accomplish strategic marketing objectives.Whereas marketing planning addresses the and why of marketing activities, implementation addresses the who, where, when, and how. One firm can have essentially the same strategy as another, yet win in the market- place through faster or better execution. Successful implementation depends on an action program that pulls all of the people and acti vities together and forms croak formal organizational structure its decision and reward structure (HARM functions and procedures) and the firms marketing strata shies fitting with its company culture (the shared system of values and beliefs). Marketing Control Marketing control is the process of measuring and evaluating the results of marketing strategies and plans, and taking corrective action to ensure the marketing objectives are attained. 4 Marketing Opportunities 1 . Market Penetration Market penetration meaner feating to amplify sales of an organizations existing products or services in its existing markets. This can be accomplished by strengthening current customer relationships to growing their rate of product/ service utilization or trying to suck competitor customers or current non-users. . Market Development Market phylogeny meaner trying to augment sales of an organizations current products or services in virgin markets. Market development whitethorn as well in volve identifying unsanded uses for an existing product or service. 3 Product Development Product development meaner offering mod or improved products or services in an organizations existing markets. 4. Diversification Diversification meaner moving into entirely incompatible lines of business&8212-unfamiliar products, services or markets. All organizations must find new attractive marketing opportunities to grow.But the challenge lies in determining which marketing opportunity offers the most long-term success. Strategic Marketing Services is available to help your organization through this basic marketing opportunity assessment and any other relevant market research activities specific to one of the four marketing growth strategies. Contact us to talk with one of our experient project managers about your organizations unique marketing opportunity. Develop a marketing strategy Effective marketing starts with a considered, well-informed marketing strategy.A denial marketing str ategy helps you define your vision, mission and business determinations, and outlines the steps you need to take to achieve these goals. A marketing strategy sets the overall delegation and goals for your marketing, and is therefore different from a marketing plan, which outlines the specific actions you will take to implement your marketing strategy. Your marketing strategy could be developed for the side by side(p) few years, while your marketing plan usually describes tactics to be achieved in the current year.Write a successful marketing strategy 1. Identify your business goals To develop your marketing strategy, identify your overarching business goals, so that you can then define a set of marketing goals to support them. 2. invoke your marketing goals Define a set of specific marketing goals establish on the business goals you listed above. These goals will motivate you and your team and help you bench mark your success. Make sure your overall strategies are also practical and measurable.A good marketing strategy will not be changed every year, and revised when your strategies have been achieved or your marketing goals have been met. Also, you may need to amend your strategy if your external market changes due to a new competitor or new technology, or if your products substantially change. 3. Research your market Research is an essential part of your marketing strategy. You need to gather information about your market, such as its size, growth, social trends and demographics (population statistics such as age, sexual urge and family type).It is important to keep an eye on your market so you are aware to any changes over time so your strategy stay relevant and targeted. 4. Profile your potential customers Use your market research to develop a profile of the customers you are targeting and identify their needs. The profile will break-dance their buying patterns, including how they buy, where they buy and what they buy. Again, regularly review trends so you dont miss out on new opportunities or become irrelevant with your marketing message.While you try to find new customers, make sure your marketing strategy also allows you to maintain relationships with your existing customers. 5. Profile your competitors Similarly, as part of your marketing strategy you should develop a profile of your competitors by identifying their products, supply chains, pricing and marketing tactics. Use this to identify your competitive advantage what sets your business apart from your competitors. You may also want to identify the strengths and nakedness of your own internal processes to help improve your performance compared with your competition. . Develop strategies to support your marketing goals List your target markets and devise a set of strategies to attract and retain them. An example goal could be to increase young peoples awareness of your products. Your corresponding strategies could be to increase your online social media presence by po sting regular updates about your product on Twitter and Faceable advertising in local magazines targeted to young people and offering discounts for students. 7. Use the 5 As of marketing Identify your tactical marketing mix using the 5 As of marketing.If you can choose the upright combination of marketing across product, price, promotion, place and people, your marketing strategy is more than likely to be a success. 8. Test your ideas In deciding your tactics, do some online research, test some ideas and approaches on your customers and your staff, and review what works. You will need to choose a number of tactics in order to correspond your customers needs, reach the customers within your target market and improve your sales results.