The marketing process is a framework that encompasses all the activities and strategies a company uses to create value for customers and build lasting customer relationships. It involves analyzing market opportunities, identifying target customers, and creating a multifaceted marketing strategy to interact with those customers and qualify potential customers for the sales team. The marketing process typically includes mission statement, market analysis, research, marketing planning, strategy formulation, budgeting, monitoring, and auditing. After selecting a target customer group, it is essential to position and differentiate the product.
Marketers must also understand that they cannot build customer relationships or create value for customers on their own. The marketing planning process allows a company to plan the various activities and tasks needed to achieve general business objectives. After implementing the marketing strategy, it is important to analyze the results, take note of the progress, and make necessary changes. The five-step process marketers use to create customer value and build lasting customer relationships includes market research, mission statement, market analysis, strategy formulation, and budgeting.
Market research is the process of collecting, analyzing, and using data to make effective marketing decisions. This will provide real information about the market and help determine how to position marketing efforts for success. A marketing mix is a combination of different marketing tools used to practically implement marketing strategies. The same general product marketing approach also applies to service offerings.
To create a successful service mix, the company must choose features that target customers prefer and expect or the service will not be valued in the market. With this analysis, companies can make projections about their future and potentially discover best practices to improve their marketing strategy.