Management in any business or company is one of the top most requirements. If not followed well then it can result in a huge loss or it can even lead a business to its failure, and nobody would want that to happen. So, in order to make a smooth business one has to follow the marketing management wisely, and this marketing management includes some process. Here, we shall discuss the different processes of the marketing management.
These processes go through a number of stages to ensure the success of the product in an organization. It also ensures that whatever happens in the market, the product will be given its best chance to survive and flourish in the market.
The various processes are as follows:
- Situation Analysis or Conducting a Market Research-This is termed as the very first step in the marketing management process. This step analyzes the market growth, market competition, markets environment, and all those factors that can affect the company’s product, has to be researched. If not done, then the product will be a failure in the market.
- Developing a complete marketing strategy- After analyzing the market comes to the market strategy. This step takes several points together, such as positioning, targeting, and segmentation. It is like after identifying the marketing options from the analysis, a strategic plan is to be developed to chase the identified option.
- Making a marketing plan-A written marketing is to be made, and evaluate where the company is and where it has to reach in a period of time.It includes decisions like product development, pricing, distribution, and promotion. It also includes some important points:
- Situation analysis
- Strategic plan
- Implementation and Control-The final step, it transforms the written or planned strategy into action and the product is launched in the market according to these processes.