While there is lot of focus on the substance of marketing, particularly the marketing mix, an equally important aspect of marketing is the marketing process – how marketers do their job.
While there is lot
of focus on the substance of marketing, particularly the marketing mix, an
equally important aspect of marketing is the marketing process – how marketers
do their job. The process is equal in importance to the substance
because the process determines the nature and quality of the decisions made. A
good process is likely to lead to a good decision. On the other hand, a faulty
process will produce a good decision only on a random or accidental basis.
The marketing process can be divided in several different ways. One popular
conceptualization of marketing tasks is:
formulation – the development of the broadest marketing/business strategies
with the longest term impact.
Marketing planning –
the development of longer-term plans which have generally stronger impact than
the short-term programs.
programming, allocating and budgeting – the development of short-term programs
which generally focus on integrated approaches for a given product and on the
allocation of scarce resources.
implementation – the actual task of getting the marketing job done.
auditing – the review and analysis of programs, plans and strategies to assess
their success and to determine what changes must be made
research – the deliberate and careful acquisition and examination of
qualitative and quantitative data to improve decision making
Though implied and
considered as part of the overall corporate planning, the importance of
situation analysis can never be undermined during marketing strategy
formulation. Especially under product policies, but throughout the marketing
mix elements, the company, customer and competitive scanning is so essential to
marketing success. Situation analysis describes the process by which
environmental assessment, marketing research and market size/growth estimates
get done. It pays particular attention to environment scanning skills useful in
forecasting and modeling consumer behavior.
It is important to note that each part of the
process is intimately related to the other parts of the process. Figure 1.3.1
is an attempt to capture the more important relationships. The dividing lines
between any two parts of the process are vague and unclear. This is
particularly true of those elements of the processes which are clearly
connected. For example, the distinction between a marketing plan and a
marketing program is very unclear for many. But the precise boundaries are not
as important as the general concept. Each element can be divided into smaller
sub elements. For example, marketing planning includes market assessment which
is the evaluation and selection to serve specific customer markets. Product
line planning is another sub element of marketing planning.
Tags : MARKETING MANAGEMENT - Marketing Process
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