Marketing Process Overview

Overview of the Marketing Process

Marketing Process: a systematic method of undertaking activities by businesses for effective branding and selling of products.

• Essential for structuring efforts to understand customer needs.
• Maximises resource deployment to achieve business objectives.

Detailed Explanation of Key Stages

• Market Research: Organised collection and analysis of data regarding customer preferences to guide product development and marketing strategies.

• Product Development: Procedure for designing products to satisfy identified needs, ensuring offerings remain pertinent.

• Pricing Strategies: Formulation of pricing tactics to attract customers while ensuring profitability.

• Communication: Strategic promotion of products through various channels such as advertising, public relations, and digital marketing.

• Evaluation: Assessing the effectiveness of marketing efforts to improve strategies.

Importance of Identifying Target Markets

Target Market Identification: a crucial stage for creating marketing strategies that effectively engage specific consumer groups.

• Directs marketing efforts towards those most likely to buy.

Definition of Target Market

• Target Market: A defined group of consumers for whom a business directs its products or services.

Significance

• Efficiency: Focuses resources for improved conversion rates.

• Real-world Data: Example: Brand Y tailored products based on insights, leading to a 40% increase in engagement.

Segmentation, Targeting, and Positioning (STP) Model

STP Model: A vital milestone in marketing that enables businesses to efficiently reach potential customers.

• Segmentation: Dividing the market into distinct groups.
• Targeting: Selecting specific segments for engagement.
• Positioning: Developing a compelling offer for each segment.

Practical Example

• Example - Local Coffee Shop:
  • Conduct feedback surveys.
  • Develop products based on input.
  • Evaluate success using metrics such as foot traffic.

Introduction to Demographic Factors

Demographic Factors: Traits used to segment a population such as age and lifestyle.

• Importance: Critical for personalised and effective marketing.

Collection and Analysis of Demographic Data

• Methods:
  • Surveys: To obtain direct feedback.
  • Census Data: To gather comprehensive statistics.

Psychological and Cultural Influences on Consumer Behaviour

• Psychological Factors:

  • Affect perception and motivation.

• Cultural Factors:

  • Influence behaviour through shared values and cultural norms.

Niche Markets: Definition and Relevance

• Niche Markets: Specific market segments characterised by limited competition and a focused customer base.

• Importance: Enhances customer loyalty and profitability.

Competitor Analysis

• SWOT Analysis: Evaluate strengths, weaknesses, opportunities, and threats.

Conclusion

• Regular monitoring maintains competitive focus.