The marketing process involves analyzing opportunities, selecting target markets, developing a marketing mix, and managing the effort. It centers around customer needs. Key steps are situational analysis of opportunities; market segmentation; and developing a marketing mix of product, price, place, and promotion. Implementation requires monitoring the market and adjusting the marketing mix as needed to fulfill changing customer needs over time.

1. Vijay Kamboj
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2. » The marketing process is the process of analyzing
market opportunities, selecting target market,
developing the marketing mix, and managing the market
ing effort. Target customers stand at the center of the
marketing process.
» There are the following steps in marketing process.

3. Analyzing Marketing Opportunities
(SITUATIONAL ANALYSIS)
Selecting Target Markets
(MARKETING STRATEGY)
Developing the Marketing Mix
(MARKETING MIX DECISION)
Managing the Marketing Effort
(IMPLEMENTATION & CONTROL)

4. » Identifying opportunities to satisfy unfulfilled customer needs.
» Before identifying customer needs, firms needs to understand its own
capabilities in which its operating.
» Firms need to analyze the external and internal environment.( macro &
micro environment )
» Situation analysis should include past, present and future aspects.
» Framework that can be used to add structure to the situation analysis :
 5C analysis – Company. Customers, competitors, climate.
Company covers internal situation and the rest external
situation
 PEST analysis – political, economic, social and technological
 SWOT analysis – Strength, weaknesses, opportunity and threat

5. » Once you have identified the best opportunity to satisfied unfulfilled customer
needs, a marketing strategy or a strategic plan cen be developed.
» The marketing strategy involves :
1. Market Segmentation
- Identification of the market that are different from one another
- Market segment is important as customers have different needs
and wants and its impossible to serve them all alike.
Requirements of Market Segments :
- Segmentation criteria should be evaluated against the following criteria :
1. Accessible – reachable through communication and distribution channel
2. Identifiable – must be measurable so that they can be identified
3. Substantial - segments should be large to justify resources required to
target them.

6. A. GEOGRAPHIC SEGMENTATION
- Variables include:
 Region : country,state
 Size of area : according to size population
 Population density : urban, surburban, rural
 Climate : according to weather patterns
B. DEMOGRAPHIC SEGMENTATION
- Variables include :
 Age
 Gender
 Occupation
 Family size
 Income
 Religion
 Social Class

7. C.) Psychographic Segmentation ( Group customers according to their lifestyle)
- Variables include:
 Activities
 Interests
 Opinions
 Attitudes
 Values
D.) Behavioralistic Segmentation ( Based on actual customer behaviour toward product)
- Variables include:
 Benefits sought
 Usage rate
 Brand loyalty
 User status: first time, regular
 Readiness to buy
 Occasions: Holidays,events

8. - Industrial Customers are fewer in numbers and purchase in larger quantities.
- Example: Governments, Resellers, Institutions
- Can be segmented on such characteristics such as :
1). Location – customer location may be important for products having a
high bulk in ratio for shipping costs
2.) Company Type – can be classified as follows:
- Company size
- Industry
- Decision making unit
-Purchase criteria
3.) Behavioralistic Characteristics – Usage rate, Buying status ,purchase
procedure

9. 1.) Single-segment
- Known as a concentrated strategy
- For smaller companies with limited resources.
- One Market segment is served with marketing mix.
2.) Selective specialization
- Known as differentiated strategy
- Different marketing mixes are offered to different strategies.
3.) Product specialization
- Specializes in a particular product.
4.) Market specialization
- Firm specialize in a particular market segment and offers an array of
different product
5.) Full Market coverage
- Serve the entire market and achieved via mass market.
- Single undifferentiated marketing mix is offered to the entire market.

10. Marketing Mix
decisions falls into 4 controllable categories
1. Product- Brand name, quality, styling, safety packaging
2. Price – Pricing strategy, flexibility, discrimination
3. Place- distribution channel, centres, members
4. Promotion – Promotional campaign development, advertising, sales promotion.
IMPLEMENTATION & CONTROL.
» At this point we assume that the marketing plan has been developed and the
product has been launched.
» As the market changes, marketing mix can be adjusted to accommodate the
changes either changing the advertising message or redesign the entire product
entirely.
» Implementation is needed to accommodate these changes and continual
monitoring us needed to fulfill customer needs consistently.
» Control makes sure that the marketing programme moves in the direction set for
it.

11. » The company wants to design and put in to action the
marketing mix that will best achieve its objectives in target
markets. This involves four marketing management. At this
point in the process, the marketing plan has been developed
and the product has been launched. The results of marketing
mix should be monitored closely. As the market changes, the
marketing mix can be adjusted to accommodate the change.
Often small changes in consumer wants can addressed by
changing the advertising message. The marketing process
doesn’t end with the implementation- continual monitoring
and adaption is needed to fulfill consumer needs.