Steps in the marketing management process:
1. Setting marketing objectives: the process of the marketing management starts with the activity of setting objectives. The organization mission provides the priorities for scanning the environment and finding out the opportunities.
2. Analyzing marketing opportunities: this involves analysis of the opportunities in the light of company strengths and weakness both internal and external. The task may be to analyze long run opportunities or short run opportunities or even medium term. To identify and evaluate its opportunities there is the requirements of a reliable market information system. This helps in the companies to know the needs and wants of their customer, their location buying and social practises and so on.
3. Research and selecting target markets: now the firm is ready to research the select markets. It needs to know how to measure attractiveness of any given market. Marketing people must understand the major techniques for measuring market potential and forecasting future demand. These become the key inputs in deciding which markets and new products to focus on. Modern marketing concept cares for dividing the market into smaller segments, evaluating them, selecting and targeting certain ones a deciding on the company's positioning on each market.
4. Designing marketing strategies: the marketing strategy spies out the game pain for attaining the business, objectives or product or market tango ejectives .marketing strategy may be defined as ''marketing strategy defines the broad principles by which the business unit expects to achieve its marketing objectives in a target market. It consists of the basic decisions on total marketing expenditure, marketing mix and marketing allocation. The four P's of the marketing product price, promotion and place are these are decided and directed at the consumer's on the basis of proper diagnosis of the firm market system arrived through the process of marketing research. The company has also to decide how to divide the total marketing budget among the various tools of the marketing mix.
5. Planning marketing programmes: it is not enough to formulate only the broad assignment strategies by which the business expects to achieve its marketing objective but also plan the supporting marketing mix programmers. Without such programmes even the best conceived marketing strategies may fail the product. Decision have to be taken regarding the features, packaging, branding, servicing policies, etc. of the product the wholesale and retail prices, discounts, allowances and credit terms, the identification, recruitment and linking of the various marketing facilitates so that its products and services are efficiency supplied to the target market; advertisement, sales promotion, publicity etc.
6. Organizing implementing and controlling the marketing effort: the final stage in the marketing management process is organizing the marketing resources and implanting and will be able to degenerate the marketing plan up to work, implementing its marketing organization is typically headed by marketing vice president, who performs two tasks. First he or she has to work closely with the vic e presidents of the finance, production, R and D, purchasing, personnel to coordinate company efforts to satisfy customers. The marketing vice presidents job is to make sure that all the company departments collaborate to fulfil the company's of the marketing promise to the customers.