Question

What strategy will you use to ensure that you can understand the needs of the consumer in the New Shoes case? Ensure that you apply the steps of the Marketing process in your response. In addition, address how you will plan for Marketing myopia when Marketing your shoes as well.

Answer 1

marketing process:- Marketing process may be defined as the way trough which a product or services bought into the market by which a company or person makes profit.The following are the steps included in marketing process:-

Analysis of opportunities in the market:-

The first element in marketing process is analyze the market and to know whether there are opportunities for a new product or service. The opportunities must be related to meet the needs and wants of customers. The opportunities must be focused on the long term objectives of the company. Analysis of the market also involves research on the market conditions of competitors. The research of market should take into account the factors like market trend competitors positions etc.

Selection of the target market:-

This is one of the vital steps in the marketing process. The selection of the market is based on factors like market segmentation, target market, positioning of the market.

Segmentation of the market:-

It is a process in which entire market in divided into small parts based on taste and preference of customers, characteristics and buying behaviors of consumers is called segmentation of market.

Market targeting:-

Under this process the segmented market is analyzed to know the worth of segmentation. Under this the companies divide the segments into small segments called niches.it is better to focus on e one or two market segments after which it should be expand to all segments.

Positioning of the market:-

It involves taking product or service in to customers by promoting the product. The company is responsible for creating the perception of the product in the minds of the customers and need to differentiate the product from customers. It should follow the strategy of positioning.

Development of marketing mix:-

The marketing mix of a product can be developed by 4 p’s like product, price, promotion and place.

• Product indicates the solution to the customers
• Price indicates the cost of the product which should be paid by customer
• Place indicates that convenience of selling the product
• Promotion indication the communication of the product.

Management of efforts of marketing:-

The management includes the plan of the marketing, analyzing and implementation of the marketing plan.