Various elements of the marketing process
Definitions of Marketing:
There are a number of different definitions of marketing provided below.
1. ‘Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably’-- The Chartered Institute of Marketing
2. ‘Marketing is a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others--Kotler 1991
3. Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders-- American Marketing Association
Compared to the definitions above I can say that the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives is marketing.
Marketing process is consists of four step i.e. situation Analysis, Marketing strategy, marketing mix decision, implementation and control
I. Situation Analysis Thorough analysis of the situation the firm can find itself serves as the basis for identifying opportunities to satisfy unfulfilled customer needs. Besides identifying the customer needs, the firm must understand its own capabilities and the environment in which it is operating.
The situation analysis can be viewed in terms an analysis of the external environment and an internal analysis of the firm itself. The external environment can be described in terms of macro-environmental factors that broadly affect many firms, and micro-environmental factors closely related to the specific situation of the firm.
The situation analysis should include