a little help for business students :)

1. MARKETING STRATEGY PROCESS &
FUNCTION
PRINCIPLES OF MARKETING
SUBMITTED TO: DR. SHER AKBAR
November 9, 2014
CREATED by: M FARHAN ALI RANA SP13 –BBA- 055

2. MARKETING STRATEGY PROCESS & FUNCTION | 11/9/2014
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MARKETING STRATEGY PROCESS &
FUNCTION
PRINCIPLES OF MARKETING
INTRODUCTION
As a successful marketer you need a good marketing plan & process to provide direction and
focus for your brand, product, or even build sales for existing products. With a Detailed plan &
process any business will be better prepared to launch a new product or increase the sales of an
existing product rapidly.
Marketing process is not created in a vacuum. To develop a successful strategic plan and action
programs, marketers need to up to date information about the environment, the competition
and the marketing segments to be served
Marketing research helps marketers learn more about their customer’s requirements,
expectations, perceptions and satisfaction.
Having a strong marketing strategy process in place helps to ensure that your marketing
activities remain aligned with your business goals, maximizing the business return from your
marketing efforts.
These are the steps you should follow to create and execute a winning marketing strategy.
1. Understand Your Customer
Develop a clear picture of your target customer using market research and analysis.
Understand their pain points and the benefits of your solution.

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2. Analyze the Market
Some basic market research should allow you to find market data such as total available
market, market growth (historical numbers and projections), market trends, etc.
3. Analyze the Competition
Ask yourself what other choices your target customers have to solve their pain point.
Research and assess the strengths and weaknesses of each.
4. Analyze the Market
Some basic market research should allow you to find market data such as total available
market, market growth (historical numbers and projections), market trends, etc.
5. Analyze the Competition
 Ask yourself what other choices your target customers have to solve their pain point.
Research and assess the strengths and weaknesses of each.
 Know Your Unique Value
What is your main customer benefit, and what differentiates you from your
competitors. All marketing messages should reinforce this value.
6. Start with a SWOT
Before you start your plan, take a few minutes to write down your Strengths,
Weaknesses, Opportunities and Threats with a marketing SWOT analysis.
7. Research Distribution Channels
What is the best way to deliver your product or service to your target customers? This
will impact your sales strategy and your financials, as well as your marketing mix.
8. Define Your Marketing Mix
 Define your marketing mix: Product, Price, Place and Promotion. For example, if you
sell a product to a niche market, make sure that,
 The Product really is targeted towards the need of that market,
 your Price is within the budget of that market,
 You are distributing your product in Places where it will be seen by customers in that
market.
 Your Promotion communicates how your product solves the pain points of those
target customers.

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These four components are the essential elements of your marketing plan. You can
produce different results from your marketing efforts by altering your strategy for
each of these ingredients in the mix.
9. Analyze the Financials
Put together your marketing budget and evaluate projected marketing ROI, customer
acquisition costs, etc.
10. Review and Revise
Continuously evaluate the effectiveness of your marketing strategy, and revise or extend as
needed.
REFERENCES:
Principles of Marketing by Philip Kotler/Arstrong
http://www.easy-marketing-strategies.com/marketing-research-plan.html
http://smallbusiness.chron.com/5step-strategic-marketing-process-15753.html