6 Steps of Marketing Management Process [Explained in Detail]
The process of marketing management is the application of the principles and practices of marketing to the planning and execution of marketing programs.
It involves the analysis of customer needs and wants, the development of marketing strategies and plans to meet those needs, and the implementation and control of marketing programs.
In order to be successful, businesses must understand each step of the marketing management process and how they all work together.
What Is Marketing Management?
Marketing management refers to the process of overseeing and planning marketing activities in order to achieve specific goals.
Marketing management includes setting objectives, developing strategies, and implementation and control.
The goal of marketing management is to maximize profits by increasing sales and market share while also achieving other objectives such as brand recognition or customer loyalty.
To be successful, marketing managers must have a deep understanding of their target market and the various factors that influence consumer behavior.
They must also be skilled in market research, strategic planning, and product development. With a solid understanding of these concepts, marketing managers can develop effective plans for reaching their target audiences and achieving their desired results
Steps Of The Marketing Management Process
Now we will have a look at the 6 steps in the marketing management process and will explain each step in detail to you!
Step1: Setting Marketing Objectives
Setting marketing objectives is the first step in the marketing management process. Marketing objectives are specific, measurable, attainable, relevant, and time-bound goals that are designed to meet the needs and wants of the target market.
They should be based on an analysis of the current situation, including an assessment of the company’s strengths and weaknesses, the opportunities and threats faced by the company, and the needs and wants of the target market.
Marketing objectives are essential for any organization that wants to promote its products or services.
Without clear objectives, it can be difficult to create an effective marketing plan. Furthermore, objectives provide a way to measure progress and determine whether or not the plan is working.
Step 2: Analyzing Marketing Opportunities
After the marketing objectives have been set, the next step is to analyze the marketing opportunities.
This involves an assessment of the internal and external factors that will impact the achievement of the marketing objectives.
The internal factors include the company’s strengths and weaknesses, as well as its resources and capabilities.
The external factors include the macroenvironmental factors that will impact the company, such as economic, political, social, and technological trends.
Step 3: Researching And Selecting Target Markets
The third step in the marketing management process is to research and select target markets. This involves the identification of the segments of the market that are most likely to purchase the company’s products or services.
The selection of target markets should be based on an analysis of the needs and wants of the target market, the company’s strengths and weaknesses, and the opportunities and threats faced by the company.
Step 4: Developing Marketing Strategies And Plans
After the target markets have been selected, the next step is to develop marketing strategies and plans.
This involves the development of a marketing mix that includes the 4Ps of marketing (product, price, place, and promotion).
The marketing mix should be designed to meet the needs and wants of the target market while also taking into account the company’s strengths and weaknesses, as well as the opportunities and threats faced by the company.
Step 5: Planning Marketing Programmes
The fifth step in the marketing management process is to plan marketing programmes.
This involves the development of a detailed plan that outlines the specific activities that will be undertaken to achieve the marketing objectives. The plan should include a timetable, budget, and performance targets.
Step 6: Organizing, Implementing And Controlling Marketing Efforts
The final step in the marketing management process is to organize, implement, and control the marketing efforts.
This involves the coordination of all of the activities related to the marketing mix. It also includes the monitoring and control of the marketing programmes to ensure that they are achieving the desired results.
Wrapping Up!
The marketing management process is a crucial part of any business’s success.
By understanding each step of the marketing management process and how they all work together, you can create more effective marketing campaigns that will help you achieve your business goals.
