What is Marketing Process? Definition of Marketing Process, Marketing Process Meaning and Concept
The marketing process is the action by which a business opportunity is sought in the market, it is analyzed, a segment is chosen and a series of strategies are established to implement them.
This process is the basis of every start when starting to develop a business. When you intend to start up a company, this process is essential to find the type of market to target, establish a detailed analysis to find out if the product or idea would be accepted and, based on that, create a series of actions to reach that market with guarantees of success.
Business process steps
This is the procedure to follow to develop a successful business process:
Search for opportunities in the market
First of all, it is important to look for existing needs and problems in order to create a business that will be profitable in the future. Research, analysis and opportunities are the objective to work on in this first step. For this, it will be very helpful for us to know some concepts of statistics. Analyze data, see trends and check what society is demanding.
Segment the target market
The characteristics of the product to be introduced must be taken into account and, based on that, begin to segment the market to which the brand is directed. The criteria to take into account can be: economic class, educational level, age, gender...
After analyzing all this data and establishing which are the most viable, it is important to target a specific segment. Targeting a segment is the most reasonable when you want to introduce a product on the market and you have to make an economic investment for it.
Detailed market analysis
This step is essential because you have to manage a large amount of data that will later be used to create the strategic actions to be implemented.
Analyzing the competition, the consumers, establishing the strengths of the company itself, the weaknesses and the resources are necessary elements to take into account.
Once the results of this process are available, the next step is to carry out the determination of the necessary strategies.
After the previous steps, it is time to establish the strategies that will serve to introduce the product on the market. For this, the investment that will be needed for it must be taken into account.
Carrying out advertising campaigns to publicize the product is an example of this.
Implementation of strategies
Once the action plan for these strategies has been designed, it is time to implement them through a roadmap. It is necessary to designate those responsible for executing them, for the tasks to be carried out, for the time established to carry them out, as well as for the allocated budget. Finally, once they are carried out, measure the results generated by that implementation.