“The Development of Marketing and the Marketing Process”
Brittany D Stewart
Marketing and New Product Development
August 4, 2017
Most businesses know that creating a marketing plan is important in aligning company's course to success. With any marketing plan required a marketing strategy to get consumers to buy a product. An in-depth and detailed approach to laying out a marketing strategy can reveal opportunities from a new audience or potential product line (Martin, 2016). This essay will focus on the analysis of a marketing plan and the steps to the marketing process.
Product development is about the exchange of ideas and concepts as potential production options. It is important for marketing teams to gather collective data from the customer because they are ultimately the ones who will buy the product. Learning insight on the competitive advantage through secondary research can give an organization to generating more open-minded ideas to creating a sound plan to sell products.
Successful marketing is about the capabilities such as understanding, creating, delivering, capturing and sustaining customer value (Kotler & Keller, 2012). In developing a marketing plan, it should serve as a useful tool to grow the business and increase awareness about the product. In order for a marketing plan to be successful, it must be multi-faceted, realistic and implemented consistently over time (Klausner, 2013).
The development of a marketing strategy involves the isolation of a target market segment, set out clear-cut goals, a fair amount of consumer research, and the implementation of initiatives aimed at getting the word out (Morell, 2017). The development of marketing is composed of the following key elements: defining the corporate mission, establishing strategic business units, assigning resources to each strategic business unit, and assessing growth opportunities
The mission for any organization should be one that gives a clear purpose, direction, and opportunity (Kotler & Keller, 2012). But, before any mission statement is complete, the purpose must be described in order to fulfill the mission statement. It's vital to describe the competitive advantage that the company has along with details about the market and type of customers served.
Company culture involves the shared experiences, stories, and beliefs and norms that characterize an organization (Kotler & Keller, 2012). A corporate culture can affect all aspects of the organization depending the behavior and personality of the people within. For a company to achieve success, it takes organic teamwork relationship to successfully implement a new strategy with the expectation of teamwork, growth and profits in return (Kotler & Keller, 2012).
Companies will establish target markets that are deemed to be potential customers. Ranging from age, demographics to geographic location, the factors can determine the target market depending on the product type. Lastly, the company should establish goals that will gauge the success of the marketing strategy.
The Marketing Research Process
Marketing research is a systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company (Kotler & Keller, 2012). In the analysis phase, the organization must determine if the product is marketable. With resourceful tools like forecasting, financial projections, operational costs, the company has to ensure that the product will gain popularity among consumers and be profitable to the company.
The marketing research process involves a set of defined stages in which marketing is collected. These steps include:
• Identifying the research problem, question or opportunity and determining the present situation
• Develop a Research Plan
• Collect the Information
• Collect the Information
• Analyze the Information
• Present Findings
• Make a Decision
Identifying the Problem
The first step in the research process gives that company an opportunity to explore and understand the real nature of the problem and look for possible solutions or new ideas. Some research is descriptive, meaning its seeks to quantify demand, or it can be causal, in which its purpose is to test a cause-and-effect relationship (Kotler & Keller, 2012).
Exploratory research has the goal to formulate problems, clarify concepts, gather explanations and forming hypotheses. Descriptive research seeks to gather more information about the product, or forecast the demand for the product.
Collecting Research Data or Information
The second stage of the marketing plan focuses on various type of approaches to gathering data. Research can be gathered a secondary data, primary data, or both. Secondary data is the data that were collected for another purpose and already exist somewhere (Kotler & Keller, 2012). Primary data is defined as data freshly gathered for a specific purpose (Kotler & Keller, 2012).
Some objective to using different approaches to research can be stated in qualitative or quantitative terms and expressed as research questions, statement of hypothesis (Chand, 2016). Survey research is a common tool that is used to gather consumer data because it assesses the consumer's knowledge, beliefs preferences, and satisfaction to measure the magnitudes of the problem (Kotler & Keller, 2012).
Analyze the Information
In this stage, the marketing strategy can be developed. In the analysis stage, the company can identify where to hit the target areas and where the company's abilities and resources will allow the company to fulfill identified customer needs better than the competitors. In part, a marketing mix can be used a detailed tool to turn the marketing strategy into reality.
Choosing the Best Solution
Now that the marketing mix and data sources have been gathered, it's time to put projected finding into reports that answer specific questions that was asked in the beginning of the research. Research reports are pertinent in answering these questions to aid in the decision making process.
After creating a lucrative plan for the company's product, a plan must be established to market the intended target audience. This step of the process is crucial and essential being that if it does well, the company and the consumer will buy.
Making the Decision
The company can make a decision based on the research finding and analyses that were conducted during the process. After the development and implementation of the product, there is a continuous process that required data collection on consumer opinions, sales, survey etc. However, market trends and consumer environment is constantly changing, and the actual implementation requires a control element.
In conclusion, the marketing mix is the control element that can be adjusted to reflect the factors in the market. If the product line changes with the marketing shift, the marketing strategy will have to change to ensure that initiatives are relevant to the current situation. Therefore, constant analysis and evaluation is necessary to keep a company's product successful and profitable.
Bianca, A (2017). Seven Characteristics of Mission Statement. Chron Small Business. Retrieved from http://smallbusiness.chron.com/seven-characteristics-mission-statement-18444.html
Klausner, A. (2013). Creating a Successful Marketing Strategy. Forbes Business Journal. Retrieved from https://www.forbes.com/sites/advisor/2013/04/17/creating-a-successful-marketing-strategy/#6273740d77e2
Kotler, P., Keller, K. (2012). Marketing Management. Pearson Learning Solutions. Retrieved from https://online.vitalsource.com/#/books/9781256913566/cfi/6/6!/4/2/20/16/18/4/[email protected]:95.1
Marketing Research Process. BusinessDictionary.com. Retrieved August 06, 2017, from BusinessDictionary.com website: http://www.businessdictionary.com/definition/marketing-research-process.html
Martin, M. (2016). How to Create and Effective Marketing Plan”. Business News Daily. Retrieved from http://www.businessnewsdaily.com/4-creating-effective-business-marketing-plan.html
Morello, R. (2017). What is Marketing Strategy Development? Chron Small Business. Retrieved from http://smallbusiness.chron.com/marketing-strategy-development-58521.html
...(download the rest of the essay above)