Explain the Various Elements of Marketing Process?

1122 Words5 Pages
The marketing process consists of four steps. These four steps are all completed with the goal of creating value for your target customers. Some elements of the steps are performed continuously, such as monitoring the marketing environment. Some are done annually, such as the annual development of a marketing communications plan. Lastly, some of the steps, if done correctly, should last for decades, such as segmentation, targeting, and positioning. Scanning the Marketing Environment Marketing Strategy: Targeting This is where you do your homework prior to developing marketing plans. Marketing textbooks speak of the "uncontrollable elements" facing the marketer, and these are the items that you need to study. The number of groups of these uncontrollable elements varies from one marketing textbook to another, but here's a convenient list of the areas with which you need to be familiar: ·Economic factors ·Demographic elements ·Technological trends ·Political/legal events ·Social/cultural environment ·Competition Many m arketers rely upon their marketing intelligence people to monitor and report upon much of this info rmation. Some of the elements, such as competition, are monitored on a daily basis; others, such as social/cultural elements, may be assessed only annually. Good marketing practice call for translating the environmental trends which may impact your business into opportunities and threats for a SWOT (Strengths / Weakness / Opportunities / Threats) analysis. A template for constructing a SWOT analysis is available. Just drop me a note at jhargrave.marketing@gmail.com Marketing Strategy: Segmentation Customers are different; they have different wants/needs. "One size fits all" is not a good approach to marketing because when you try to be everything to everyone, you end up being nothing. There was a time
Open Document