Marketing Process

There are various activities involved in the marketing process. Broadly defined, they can be classified or categorized into four major elements: (1) Determining the wants and needs of potential customers using market research (2) Analyzing the organization's competitive advantages in order to develop an effective marketing strategy (3) Selecting specific market segments to do business with and in by using target marketing, and (4) Determining how best to satisfy customer wants and needs by developing an appropriate marketing mix. The marketing mix involves product features, pricing, promotional programs, and the channels of distribution the organization will use.

The benefit of creating a good marketing mission statement is that the statement will help the organization to focus on the larket wants and needs as well as the benefits to the customer of the organization's product and service offerings. A marketing mission statement will sometimes include an organization's value proposition which summarizes the unique added value an organization offers customers. The value proposition explains what benefits it offers and who its product or service offerings will help most and why.

There are five steps in the consumer buying decision process. They are: (1) The need identification and recognition phase (2) The information gathering process (3) The evaluation process in which options and alternatives are considered (4) The purchase decision itself, and (5) the post-purchase

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Category: Business - M