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Managing The Market Process 2
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  • 1. Managing the Market Process Dr. Anil Mishra [email_address] 9937635059, 09425452065 Asian School of Business Mgt.
  • 2. Definition
    • The Marketing Process consist of analyzing marketing opportunities, researching and selecting target markets, designing marketing strategies, planning marketing programs, and organizing, implementing and controlling the marketing effort.
  • 3. Marketing Management Process Analyzing Marketing Opportunities Researching And Selecting Target Market Designing Marketing Strategies Planning Marketing Program Organizing Implementing Controlling Marketing effort
  • 4. Analyzing Market Opportunities
    • Analyze long run opportunities in the market for improving performance as a business division.
    • To identify and evaluate its opportunities company need to build and operate a reliable marketing information system. marketing research is an indispensable ingredient of the modern marketing concept.
    • Collecting information about customer, competitor, dealers, and so on. And also secondary data has to be collected.
  • 5.
    • Also gather significant and continuous information about marketing environment i.e. micro environment and macro environment.
    • Finally company has to collect information about consumer and business market.
  • 6. Researching and selecting target market and positioning the offer
    • To select target market company need to know how to measure and forecast the attractiveness of any given market. This requires estimating the market’s overall size, growth and profitability.
    • Company must know techniques for measuring market potential and forecasting future demand.
    • Divide the market into major segments, evaluate them, and selecting and targeting those market segments that the company can best serve.
  • 7. Designing Marketing Strategies
    • Marketing Strategies comprises the Broad principles by which marketing management expects to achieve its business and marketing objectives in a target market.
    • Company can develop differentiating and Positioning strategy for the target market.
  • 8. Planning Marketing Program
    • It consists of basic decision on marketing expenditures, marketing mix and marketing allocation.
    • Marketing management must decide what level of marketing expenditures is necessary to achieve its market objectives.
    • Marketing Mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market.
    • Finally marketers must decide on the allocation of the marketing dollars to the various products, channels, promotion media and sales areas.
  • 9.
    • Marketing department’s effectiveness depends not only on how it is structured but also on how well its personnel are selected, trained, directed, motivated, and evaluated.
    • Managers must meet their subordinates periodically to review their performance, praise their strengths, point out their weaknesses and suggest ways to improve.
  • 10. Organizing, implementing and controlling the marketing effort
    • Final step in the marketing management process is organizing the marketing resource and implementing and controlling the marketing plan.
    • A plan is nothing “unless it degenerates into work”
    • Therefore the company must build a marketing organization that is capable of implementing the marketing plan.
    • Marketing organization are typically headed by a marketing vice-president, who performs two task
    • First is to coordinate the work of all of the marketing personnel
    • Second is to work closely to other departmental heads.
  • 11. Three types of marketing control
    • Annual plan control: it is the task of making sure that the company is achieving the sales, profits and other goals that it established in its annual plan.
    • Profitability control: companies need to analyze periodically the actual profitability of their various products, customer groups, trade channels and order sizes. “Marketing profitability analysis is the tool used to measure the profitability of different marketing activities”
  • 12.
    • Strategic control: Company has to work on overall marketing game plan along with good objectives, policies, strategies and programs. For attaining this goal one of the important tool is marketing audit.
  • 13. Thank You