Marketing management process
The marketing management process goes through various stages to ensure the success of a product in an organization. A company is generally in the blind about any new product. In a tough business environment, with a customer who knows everything beforehand because of presence of online portals and websites, it is tough to plan and launch a new product or a marketing strategy. Just like movie stars waiting in anticipation for their movies to be released, companies wait in anticipation when a new product is launched. This new product can rock or it can fail in the market. The marketing management process ensures that whatever happens, the product is given its best chance to survive and thrive in the market.
Conduct market research – The very first step in the marketing management process starts with conducting a market research. As previously mentioned, if a product is a new launch, then the company is likely to be in the blind for the future propects of the product. They do not know what product the market needs, should they go for a new product or do a product extension, what will be the expected turnover increase from the new product, etc. Such questions are answered by market research. Thus, to even start thinking of launching a new product, market research is necessary.
Develop a marketing strategy – Before making a marketing strategy, you need to know the market. As market research has already been done, marketing strategy forms the second step in marketing management process. The marketing strategy takes several points in consideration. Simple things such as segmentation, targeting and positioning are a part of Marketing strategy. However, tough things like deciding the marketing mix as well as getting the positioning strategy right are also involved. Core competencies like financials and production are also to be analysed during the marketing strategy stage. Taking all these things in consideration, a marketing strategy is...