Sunday, November 8, 2009

Marketing Management Process

This consists of:

analyzing market opportunities,
selecting target markets,
designing marketing strategies,
planning marketing programs,
organizing, implementing and controlling the marketing effort.
Analyzing marketing opportunities

Defining the market

Consumer assessment
Environmental assessment
Company resource assessment
Demand analysis and sales forecast

Identifying Market Segments and Selecting Target Markets

Marketers set priorities for business opportunities, concentrating on market segments within which they expect to achieve the best overall economic return from their product or service. Market segmentation and target marketing are the processes used to isolate these opportunities. Market segmentation is the process of grouping customers based on their similarities

Market segmentation allows a company to:

Understand the different behavioral patterns and decision-making processes of different group of consumers
Select the most attractive segments or customers the company should target

Develop a strategy to target the selected segments based on their behavior