Marketing process includes ways in which value can be created for the customers to satisfy their requirements. It is an endless series of actions and reactions between the customers and the companies making attempt to create value for and satisfy the needs of customers.
In marketing process, the situation is examined to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are taken, plan is executed, and results are monitored.
The following four steps are involved in the marketing process −
Analysis of the situation in which the company finds itself serves as the basis for identifying chances to satisfy unfulfilled customer needs.
Situational and environmental analysis is done to identify the marketing options, to understand the company’s own capabilities and to understand the surroundings in which the company is operating.
After identifying the marketing options available, a strategic plan is developed to pursue the identified options. An analysis is done and the best available option is chosen; a plan or strategy is made for that option.
At this step, elaborated tactical decisions are made for the controllable parameters of the marketing mix. It includes decisions related to product development, product pricing, product distribution and product promotion.
Finally, the marketing plan is executed and the outputs of marketing efforts are monitored to adjust the marketing mix according to the market changes.
This being the final step, it transforms the written or planned strategy into action and the product is presented according to this process.