Unit – I Lesson 1.3 Marketing Process Objectives In this lesson, we will introduce you to the activities that makeup the marketing process. After you work out this lesson, you should be able to:
Identify the parts of the marketing process Understand the relationships among the parts of the marketing process Explain how the marketing process creates, captures and sustains value for the customer
In this lesson, we will discuss the following:
Formulation of marketing strategy Marketing planning Marketing programming, allocating and budgeting Marketing implementation Monitoring and auditing Analysis and research Schematic of marketing process
Introduction While there is lot of focus on the substance of marketing, particularly the marketing mix, an equally important aspect of marketing is the marketing process – how marketers do their job. The process is equal in importance to the substance because the process determines the nature and quality of the decisions made. A good process is likely to lead to a good decision. On the other hand, a faulty process will produce a good decision only on a random or accidental basis.
The marketing process can be divided in several different ways. One popular conceptualization of marketing tasks is:
1. Strategy formulation – the development of the broadest marketing/business strategies with the longest term impact
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