Question

identify the 5 key elements of the model of the marketing process. Explain each element

Answer 1

(1) Situation Analysis

The basis of a marketing plan, called a situational analysis, includes a number of factors that influence the business, such as Swot analysis, Pestle analysis, Porter's five strengths, and stakeholder analysis. What it means is strengths, weaknesses, opportunities and threats. It creates a list of strengths, both internal and external, weaknesses, opportunities and threats to advise on strategic planning decisions. Pestle, which means political, economic, social, technological, legal and environmental, is to determine all external factors that can affect business Situational analysis can lead to a better understanding of the factors that will affect its future. (Lorette, 2014)

2) Market objectives

The goal is the starting point of the marketing plan. Target marketing is the goal for organizations that want to be successful when promoting their products or services to customers. They must always support the mission and goals of the company. They are important because they can demonstrate how companies will benefit from marketing, staff training and management. All effective goals and objectives are determined by SMART criteria.

SMART means

Specific
Measurable
Agree and Achieve
Relevant and realistic
Schedule (class record)

Example:

To increase 50 students per month in 2014
Reduce at least 70% of well-trained students in 2016

3) Marketing strategy

A strategy is a long-term plan to achieve a specific goal. Therefore, a marketing strategy is a marketing plan that is considered to achieve market goals. STP marketing is a three-step approach to target market planning. S is for segmentation, T is for target, and P is for position.

Dividing is an important part of brain formation caused by demographic issues, psychology, lifestyle, beliefs and values, life stages, geography, attitudes and benefits. Targeting allows companies to classify the market segment that fits their product. Hanks (2014) states, "Positioning involves product development that the selected target market segment considers unique compared to similar products in the industry."

4) Marketing mix

Marketing mix is ​​a combination of seven variables under the control of a company that can be used to achieve market goals. Market managers use it to get the best response in the target market. It is important to understand that the principles of marketing mix are manageable.
Market decisions usually fall into the following seven manageable categories: 7P.

Products
Price
Place
Promotion
People
Process
Physical proof

5) Implementation and control

Effective strategic execution can determine the outcome of marketing planning. Implementation efficiency can be enhanced by managing the planning process by establishing commitment and ownership over planning and implementation.

"Strategic management is the final step in the management process, which includes monitoring and evaluating the overall strategic management process to ensure that it operates properly," Na (2008) states. The key to management is measurement ability. He compares what should actually happen to what has happened or is likely to happen.